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)
citi mortgage: Conversation with a Citi Negotiator
- 11/12/08 04:45 AM
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)
citi mortgage: Is Citi Mortgage Getting Nice?
- 10/22/08 08:02 AM
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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