Blog

Has anyone experienced this?

On August 10, Greentree, as second lien holder, sent conditional approval for $20,0000, with deadline of  Sept. 21. They  were told that CITI as the 1st lien holder will only approve $8,500. Greentree negotiator said to send her CITI approval in writing once received.

CITI grants written approval Sept 5 ---enough time to meet Greentree's deadline...but when Greentree was called to give them CITI's approval, Greentree negotiation said it's too late, that the file was just moved the file to Recovery (next step before collections) . Recover said  they will accept $37K to satisfy the loan/lien. However, because the previous negotiator gave a conditional approval August 9, they will accept the $20K, provided that this is not HAFA. So we have to go back to CITI to make this a non-HAFA short sale.

BUT....has anyone experienced this before? Where in the middle of negotiation with Greentree, and having a deadline to respond by Sept 21, they change gears and write off the loan and send it to Recovery Dept with the threat of submitting the loan to Collections. And that Collection will go after the entire $124K owed?

Need help in finding out how to address beyond getting CITI to re-do the short sale approval, and getting contributions to payoff Greentree.