Attorney for Citi (2nd mortgage) wants Payment plan of $13K paid in 24 Months!

Hey everyone,


I'm working with Citi, 2nd mortgage.  Here is a run down of the situation:

2nd mortgage:  Citi, was in recovery since May of 2010 now its with an attorney.  Principal Balance: $79,380.34, will accept $3,900 for lien release (originally wanted 10%), Chase is offering $3K to the 2nd,  Seller wants her deficiency waived for the 2nd mtg as well.  Attorney wants $16K to waive the deficiency (originally wanted 25%)

So, with the $3K coming from the 1st mortgage, the balance is down to $13K.  Seller offered $13K prom note at $100 per month.  Attorney rejected this.  He states that after any down payment amount, the remaining balance must be paid in 24 months!  That is insane! and would require a monthly payment of over $500 per month!

 

If you guys have any input or ideas on this, please let me know.  Especially if anyone has an escalations number or e-mail, that would be great.  Thanks!

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Replies to This Discussion

Permalink Reply by The Negotiator on August 19, 2011 at 4:21am
Tell the attorney it would be a shame for your client if this went to foreclosure and you passed up on cold hard cash without consulting with your client first.
Permalink Reply by Jeff Payne on August 19, 2011 at 4:30am

So the seller wants their cake and wants to eat it too?    While it is not ideal the second is letting the seller off the hook on an 80K loan for 16K.  Doesn't sound like a bad deal to me since the seller wants something to work to their advantage.

Send me an email at [email protected] and I may have someone at citi that can help.

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