Seller wants to SS property. She is not Owner Occupant. Property has been vandalized 3 times including the home being set on fire 2x's in the last year. The amount of money on the insurance payout is way more that property is worth. She was dropped from her HO Ins Carrier due to her Risk Factor.
Here is the problem: if she accepts the Ins Monies and repairs the property, she runs the risk of it being vandalized @ every step in the repair process.
Can she return the check and SS the property in its current damaged state?
Can she force Citi to just take the property back if they do not approve a SS?
Will they approve a SS with her being current on her mortgage?
Can the issues with this property actually be her "Hardship?"
There are Police Reports on file and Lender is aware. it is also being prosecuted. Atlanta is notorious for homes being vandalized as construction is being done on them.
I would appreciate any expertise in this area.
Thanks so much,
Owning property in a high crime area is certainly not a "hardship". A Lender will not want a property that they will then have to protect and manage. As for the Insurance payment - she really needs to speak with an Attorney - as a Broker, I would never advise a client in what will ultimately be a legal matter.
Your Seller is obligated to protect and maintain the property per her loan docs especially since she is current on payments.
If she was delinquent by many months and the property was vacant, Citi would initiate "Property Preservation", board-up the house and go through the FC process.
IMHO, I think the seller is stuck between a rock and a hard place. She obviously can afford the mortgage, she has a claim that is being paid by the insurance company that will cover the damage, she has an obligation to the lender to preserve and protect the property.
Good luck !
You just need to go up the food chain at CITI, or, reach out to the Investor on the loan directly (the lower level negotiators will only read to you from the scripts they are given.....get the people on the phone that WRITE the scripts and you can get this done).
You can email me - [email protected]
for a copy of the letter (QWR) we use for this, have us handle the issue/negotiations for you, Google "CITI corporate numbers or stock symbol", or use any of a number of other resources to get the people you need on the phone!!!
Best of luck, let me know if I can help!!!
Thanks so much Ben. I did email you a request for a copy of the QWR you use for this. Please check your email.