Experience With Citicorp
Does anyone have short sale experience dealing with Citicorp. I am a nubie, looking for advice how to stucture this possible deal......
A first with Citicorp $130K
2nd with Green Tree $40K
FMV $185K
No sale date yet...would the 2nd just loose out??
If so what happens??
Should I negotiate anything with the 1st?? There are lawyers fees, ect the balance may be around $144K,
also taxes are also owed about 10K...I would appreciate any advice or help......
How is your local market? If it's a Sellers' market, chances are that properties exposed to Sheriff's or Trustee's Sale aren't going for much of a discount and the foreclosing mortgagee can expect that it will be made whole.
The thrust of your Proposal should be aimed at the second... since they have more of an exposure to risk.
(unless the first is an FHA insured loan... then a different approach is indicated)
When and if the foreclosure auction bidding reaches $154,000 or so, the first will be made whole and the taxes could be paid.
Anything over the $154,000 plateau would be payable to the second mortgagee. If bidding ends at market value, the second would get about $30,000 of the $40,000 due.
In a preforeclosure shrt sale attempt, you must try to convince the second that the property isn't worth what they think it's worth... and offer them a 'bird in the hand'