Citi Short Sale Approval Letter
I have an approval letter that does not have the verbiage that once the pay off is settled, they will release the lien. We have been told that they will not put that verbiage in any of the letters. The title company cannot close without knowing the lien will be released. Is this the case for Citi short sales you have done? If not, do you have a copy of an approval letter you can send me so I can dispute what I am being told?
Replies to This Discussion
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Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on
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My experience is that the letter must say it will be in full satisfaction or similar wording for the title company to give title, unless Citi is holding back and converting it to a personal debt for subsequent collection. I also look for wording that there is a waiver of any deficiency by Citi and mortgage insurer.
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Permalink Reply by Robin Lemmons on
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That has always been my experience as well. Have you ever received an approval from Citi?
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Yes. No deficiency is in the letter.
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@Robbin You mean no deficiency waiver is in the letter?
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A deficiency waiver is in the approval letter
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Permalink Reply by TOP END Properties on
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"Upon receipt of sale proceeds and each of the conditions outlined herein are met, CitiMortgage, Inc. will release its mortgage on the property, will not pursue the customer for the remainer of the debt and will report your mortgage as "paid in full for less than the full balance" to all credit reporting agencies." - Citi Approval Letter (Freddie Mac loan) 10/20/12
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