Need Advice on Seller with Citi 1st and 2nd

We need your help with a borrower that has a 1st and purchase money 2nd with Citi. The first is a Conventional Fannie Mae. They are not delinquent on their loans. He has a job transfer out of state and will not be able to continue with paymenst on this home and a rental in the new city. Has anyone handled a short sale like this with Citi? We are wondering if there is a way to go Fannie Mae HAFA . Your advice on how to implement this short sale would be so appreciated! Hope you are all having great successes helping families!!!

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Permalink Reply by Jeff Payne on July 27, 2011 at 8:15am

I had one similar recently. I would NOT bother with HAFA but would contact Citi right away . Citi is one of the better ones and wants to get rid of their short sales. They typically approve very fast too. I am not a fan of HAFA, they take too long and rarely get approved.

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