citi short sales: Saxon Approves Short Sale in Santa Rosa Beach Florida - 08/21/09 08:33 AM
This is not your average approval for a short sale property in Santa Rosa Beach Florida. Look below at the letter from Saxon Mortgage. See the amount to the junior lien, Citi Mortgage?Citi is owed about $99,000 as a junior lien and requested $24,000 to release their security interest. "Ha!" You laugh, "$24,000?" That is insane! But Saxon Mortgage agrees to pay Citi 10% of their outstanding balance, or $9,946.Of not happy note, is the statement that any extensions beyond the closing date will result in 1% commission cut. That is fascinating, as I will try to prevent … (15 comments)
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citi short sales: Conversation with a Citi Negotiator - 11/12/08 12:45 PM
I've written a few blog posts about Citi short sales in the past. One, Citi Rep Says Market Didn't Cause Price Decline and another Is Citi Mortgage Getting Nice? Well, I've just had a situation regarding a Santa Rosa Beach FL short sale that I must relay.
First Mortgage: Everhome
Second Mortgage: Citi Mortgage
First Offer: Buyer walked after three months
Second Offer: Buyer gets relocated to another state last week!
Status: Citi had approved the second offer to close within 30 days and Everhome issued approval DAY OF buyer's withdrawal
Update: Wendy gets replacement contract from new buyer, exact terms, within 3 days
Everhome: Delighted! Seeking investor approval … (17 comments)
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citi short sales: Is Citi Mortgage Getting Nice? - 10/22/08 03:02 PM
I have a short sale in process for a Santa Rosa Beach FL home. The offer is around $200,000- fair market value. The first mortgage holder, Everhome- is owed $325,000. The second mortgage, Citi Mortgage, is owed $90,000.
Two months ago, I had another offer on the property. The buyer walked after waiting for approval for three months. The hold-up was Everhome. Citi had granted approval. Their terms at the time were $3000 from the first, and $16,000 paid back from the seller over 84 months at 0 percent interest.
Take Two: I now have a new buyer for this Santa … (19 comments)
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citi short sales: 3 Short Sale Approvals - The Key to Each - 09/21/08 12:12 PM
I've received 3 Short Sales approvals on the Emerald Coast of Florida in past seven days. Here is the summary and the "key" to each approval, presented as "Problem" and "Solution".
Case #1
Destin FL condo
First Mortgage: Countrywide
Second Mortgage: DCS (MI company who bought Countrywide's second)
Problem: Countrywide thinks value is $285,000, offer is $265,000
Solution: Listing agent provides market narrative and market analysis proving the offer is good and "lucky"
Case #2
Niceville FL house
Mortgage: Aurora Loan Services - with Mortgage Insurance
Problem: MI company BPO agent uses incorrect square footage, overvaluing house
Solution: Listing agent catches error … (6 comments)
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citi short sales: Citi Residential-You Want WHAT? - 08/26/08 06:57 PM
Citi Residential is supposedly one of the few lenders who works with the seller at the beginning of the Short Sale process. At least, they used to. In my case, a house listed in Navarre, Florida, where Citi Residential (not Citi Mortgage) was contacted by the seller at inception of the process, had a pro-active appraisal done, and bi-weekly check-in calls by the company to find out how the Short Sale was going. The second was GMAC (worthy of another blog or three). Anyway, I thought "Great! This will make the whole process easy". Not so. We received an offer in … (2 comments)
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citi short sales: Citi Short Sales- Less Forgiveness on Second Mortgage Debt? - 06/10/08 08:28 PM
Is CitiMortgage/CitiFinancial cracking down on Short Sale second mortgage approvals?
Citi Short Sale #1:
First Mortgage: Countrywide- $199,000
Second Mortgage: Citi- $20,000
Offer: $160,000 (fair market valve)
Seller: Divorce situation, no savings, job loss, new job out-of-state, separate households
Citi Says: Will not accept typical nuisance fee from Countrywide. "Don't waste your time unless seller pays $10,000 cash and another $10,000 in a promissory note. Hire someone to do a BPO". Their system shows a value of $215,000" (That is, I am to hire to third party).
Citi Short Sale #2:
First Mortgage: Saxon - $260,000. Saxon offers Citi $1000 and needs to … (18 comments)
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citi short sales: Citi Rep Says "The Market" Didn't Cause Price Decline - 02/05/08 09:26 AM
Today's Mission: To prove to Citi short sale negotiator that market values have declined in my area.
Scenario: House with short sale offer for $225,000.
First Mortgage: Saxon - $258,000
Second Mortgage: Citi - $80,000
What Citi Negotiator Says: "How could value be so low?"
Wendy: "The market"
Citi: "Hmmph... I don't believe that market c*&p. I'll do my research"
Wendy: "There is a six year inventory of houses in the market area"
Citi: "We're not just taking $1000 or $3000 offer. I'll just let it go to foreclosure. I'll make this short and sweet. We'll just walk away and the first won't be able to accept … (17 comments)
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