Hi everyone, I wanted to get some opinions from everyone based on their experience with Citi. I recently closed a deal with Citi where my seller was late and had significant hardships. It was approved in less than 30 days and closed relatively easily. Citi never asked for any financials, just the hardship letter and the standard transaction related paperwork.
Now I have friend who wants me to list his house and has a Citi 1st. His wife recently got laid off, but they still have enough of an income to where Citi loan mod dept just declined a 30yr fixed mod. They want to sell and have no lates, and have assets. The loss to Citi will likely be over $250K which I have heard is the cut-off of whether they ask for financials. Does anyone have experience in working with Citi with a similar profile situation? Also does anyone know if Citi is making borrowers sign deficiency judgements? I am in CA where we are a deed of trust state, not sure if that makes a difference?
Sorry to be so long winded, but really appreciate all your help and insight!
Scott
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I've never had them not ask for financials, so lucky you on the one you did in the past.
But I've got 2 with Citi right now. Both have approvals and have language waiving any further deficiency rights. (These are both first loans). I've had pretty good luck with Citi.
I do think you need to have your clients prepared to complete a full hardship packet with the financial worksheet, pay stubs, bank statements, etc. but call first. Each investor has different requirements. The two I have in right now, both asked for different items. One more than the other. So submit an authorization to communicate first, then just confirm what they need for this loan.
Good luck.
Oh, I'm in California too . They seem pretty well versed in our anti-deficiency laws.
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