Has anyone had a successful Short sale with Citi if the owner is current on their loan?

 

My sellers do NOT want to miss a payment but would like to pursue a short sale. Has anyone had any success with closing a short sale with the seller being current on their loan?

 

 

Thank you for your help :)

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Replies to This Discussion

Permalink Reply by Celeste ODea on January 14, 2013 at 6:50pm

Nope!  They want you to miss 2 payments; otherwise, why should they consider a short sale when the homeowners are current on their payment?  .  I'd be curious to hear comments from others.

Permalink Reply by Laura Eklund on January 14, 2013 at 7:09pm

I was afraid of that answer. My seller is being transferred to another state. He is the bread winner his wife does not work. Currently they can afford to make their payment.

I had a short sale two years ago where GMAC allowed my seller to remain current on their loan in a similar situation, I was hoping Citi bank would be the same.

 

  Thank you for your reply Celeste ODea.

Permalink Reply by Bryant Tutas on January 15, 2013 at 4:28am

Hi Laura. If it's Fannie or Freddie then they do not have to miss payments to do a short sale if they meet one of the qualified hardships. Job relocation so one of them. A brief summary is attached. I would list and sell this short sale with no problem.

Even of it's not Fannie or Freddie I'd list it. Unless your sellers want to become absentee landlords then what other option do they have?

I've completed several short sales where the sellers were current.

Attachments:
Permalink Reply by Laura Eklund on January 17, 2013 at 9:16am

Bryant, thank you so much for the attachment and feedback, I really appreciate it :)  I love this website!!!

 

Permalink Reply by Bryant Tutas on January 15, 2013 at 4:29am

See my response to Laura. I personally never ask or require borrowers to be delinquent. They can make that decision IF the lender comes back and requires it.

Permalink Reply by Jeff Payne on January 15, 2013 at 4:29am

Yes many times with Citi.  Probably depends on the investor.  Who is the investor?

Permalink Reply by Laura Eklund on January 17, 2013 at 9:19am

I just sent in my authorization form yesterday, is there another way to find out who the investor is besides hearing it from the bank?

 

Thank you so much for your reply Jeff!

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