No Short Sales Accepted?

I just got off the phone with Citimortgage to order a SS package and they said they do not accept short sales. Period. Can that really be the case?

Do you usually disclose loan info when ordering the package? I did and maybe the reason they balked is because it's a VA loan.

Comments(3)

  • active_re_investor28th June, 2004

    I would have a hard time believing that a lender as large as city has never shorted a loan. There must be something else that is causing the response (either from your end or at their end).

    John
    [addsig]

  • ImajProp30th June, 2004

    Keep in mind that VA insured loans will only Short for 90-92% of the Appraised Value. If Citi Mortgage already has that AV and they will net more than 90%... there's no reason for them to send the SS pkg.

    The only time a VA short sale will work is if you can prove an extensive decrease in the value of the AS IS condition.

    God Bless

  • davese30th June, 2004

    I just dealt with CITI as they were the second mtg holder. My experience is having to call and deal with the local branch manager and then he/she has to deal with the District manager and before you get to the Branch manager a fricken wannabee bigshot does not give messages, or flat out tells you "We are NOT going to deal" period.

    Well find the number to the DM and tell him/her about the wannabee and then they will deal.

    They do discount.

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