Short Sale Roulette - Brought to you by Citi Mortgage

By
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

It doesn't seem possible that the banks are still unable to streamline the short sale process after at least 2 years of doing the higher volume that they claim is slowing them down. 

My latest bank is Citi Mortgage.  After spending over a week trying to fax over my short sale package to their regular short sale faxes I was able to get an agent to feel sorry for me and give me a fax number that actually worked!  Apparently they main fax numbers are handled by some processing company which scans everything into their customer database so all agents have access to the information. 

If volume is such an issue I am sure there are plenty of fax vendors and software companies that can resolve the problem with busy faxes, insufficient memory, etc. by selling them updated equipment able to handle the volume.  Coming from a technical corporate background - the hardware and software are available...stop paying the CEO Millions and invest in the right equipment to handle the volume of short sales or loan modifications currently in the pipeline.

I guess that would make too much sense so instead their customers and those of us that are trying to help get their non-performing assets back into hard money they can use have to suffer with their lack of thinking.

With at least 30 days before a negotiator is even assigned to my short sale package it appears that my latest short sale will be another lesson in patience, patience and even more patience.  You know if they admit to 30 it will probably be even longer. 

With a great 3 bedroom townhome in excellent shape in a bedroom community of Aurora, IL (Montgomery)  I will hopefully be able to keep all the players together through this process. 

So I will keep you posted on my trials and tribulation with this large player in today's housing market.  Will they rise to the challenge or will they fail....to take advantage of the offer!  Stay tuned.....and pray for me :)

 

 

 

Posted by

Evelyn Santiago

Managing Broker/Owner - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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Rainmaker
223,539
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Evelyn,

I always tell buyers that if you want a great deal they take time.  There are plenty of good deals to be found in this market but it you want a great one those take some work and time.

Aug 18, 2009 10:40 AM #1
Rainmaker
322,828
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

 Brian:

Thanks for the comment.  Hopefully the buyer's agent has told their buyer that good bargains can take time.  I do the same thing with my buyer's...tell them the truth - there is nothing "short" about a short sale.

 

Aug 19, 2009 07:54 AM #2
Rainer
1,448
Jeannine Kennedy
Investors Title Insurance Agency Inc. - Salt Lake City, UT

Evelyn,

I feel your pain as part of my escrow services I help realtors negotiate short sales. The agent and I spent the last 45 days faxing a short sale package to CitiMortgage, every time we called we were told they had not received any fax and then were advised that the fax number we had was incorrect. 

This went on and on by the time the Trustees sale date was 2 days away we had faxed the package to SEVEN different numbers and had also FedEx the package to the short sale department and had proof of a signature.

I got a representative on the phone who kept telling me repeatedly that she could not give me any information because they did not have a borrower's authorization on file. I told her I did not want her to give me any information I just wanted to give her information. I had contacted the Trustees office and was given the opening bid price. The offer we had sent was $107,000.00 more than the opening/minimum bid. Citi had the opening bid priced grossly under market value. I asked her to get someone to postpone the sale and look at the offer that was sent to them.

Do to the incompetence on the part of Citi the sale took place the bid price was well below market value. It makes me wonder if there is a CEO that wanted the house. I would hate to be selling my house and have an appraiser use this as a comp.

If Citi had mortgage insurance on this loan and receive any funds for losses they need to be prosecuted. How many times have they gotten away with this sleazy business practice and why are they receiving any bail out fund from our hard earned tax dollars.

I hope you have better luck. 

Jeannine Kennedy, Utah Escrow (Meridian Title Company Utah)

Sep 20, 2009 10:20 PM #3
Rainmaker
322,828
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Jeannine:

Sorry to hear that you had such a tough time with Citi.  I have an approved short sale letter from them as of last Friday but the buyer is no longer qualified and I have spent the weekend trying to find another buyer.  I may have someone to replace the lost buyer but will not know until tomorrow.  The hardest part was getting the package to them.  I lucked out and had an agent give me an alternative number that worked.  I was constantly calling every week until a negotiator was assigned.  My package was very complete and I recevied an approval in less than 2 weeks once the negotiator was approved. 

Unfortunately, the 2nd lien holder is not being flexible so we are having some issues there.  Sometimes working these short sales is a matter of finding the right customer service agent that takes pity on you and gives you information that will allow you to get that package to the right person.

I did hear that Citi is hiring more personnel to handle the influx of short sales.  Hopefully, that will make the process go smoother but they need to do something with thier current fax number service.

Good luck with future short sales.  Looks like they are here for quite a while.

Sep 21, 2009 01:59 AM #4
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Rainmaker
322,828

Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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