Citi Shortsale With Assets?
hello, i have a condo with a first mortgage with citi. There is no second mortgage. The note is aprox $200,000 and the comp sales have been around the 135k area. We are current on the note. I have several questions I need some advice on:
1. I am partners on the note and my partner because of the economy is closing her business. She will have no income. I don't know what to do. I could use my savings to pay the mortage for both of us or miss the payments and try to qualify for a shortsale. Should I fall behind on the payments?
2. I am afraid to fall behind on the payments and then not qualify for the short sale. I currently have assets in a brokerage account which everyone I speak to says I won't qualify. The problem is that my Partner is losing her income and my income is down from previous years. BUT i do have assets. Should i still try to qualify even though I have assets. Could CITI still approve the short sale or is it not realistic.
3. Should we attempt a shortsale without being behind on our payments?
4. I own the property in Florida. If citi approved my shortsale would they put a lien on my personal assets?
5. Has anyone done a short sale for a property where there were two people on the note?
I would appreciate any advice you could give. Thanks
Replies to This Discussion
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Permalink Reply by Ben Benita on
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Rocco, LOTS to get into so contact me offline for more details. In summary, you will be FINE on the short sale and there is no "qualifying"......We have worked on more than 400 short sales and to date, only 1 bank that would not short sale (it was something like the BOlivian credit Union that had teh note and the Seller was an ambassador to Bolivia). Anyway, having 2 parties, no problem, missing payments, on RARE occaision we have the bank say they will not allow a short sale until payments have been missed.....if they tell US that, we respond with:
"Really, that is GREAT NEWS. I can tell the homeowner to quit paying you guys and stay in his home for FREE while we work on his short sale......the Seller will be so happy"
To which they ALWAYS respond with......."well, I am not saying they HAVE to miss payments".....
Again, no worries, contact me offline with specific questions, or, go get your short sale started so you can move on with your life.
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