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.
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]
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
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.