litton: Short Sale Gridlock - 1st Mortgage Waiting On The 2nd, The 2nd Waiting On The 1st - 02/27/11 03:54 PM
Litton Loan is the first mortgage, Citi is the second.
Citi won't approve a short sale settlement amount until they get a copy of the payoff to Litton and the amount of losses Litton will incur.
Litton says they won't approve the short sale until Citi approves their settlement amount.
Litton waiting for Citi. Citi waiting for Litton.
We escalate to management.
We wait.
Litton still waiting for Citi. Citi still waiting for Litton.
We escalate to management.
We wait.
Repeat the process.
Then a stroke of luck, someone at Citi is off work that day
We escalate to the same … (1 comments)