CitiMortgage Inc. Short Sale

CitiMortgage Short Sale Process

In most of the cases you will first have to apply for CitiMortgage Loan Modification but once you have been denied the process is pretty basic:

1. We place a phone call to the CitiMortgage to initiate the short sale process.
2. You will be required to submit complete CitiMortgage Request for Mortgage Assistance form.
3. Property valuation will have to be completed by Broker’s Price opinion (Certain Investors Require Two Interior Inspections)
4. Terms will be negotiated with CitiMortgage About Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender (CitiMortgage Inc.) Provides A Response To Short Sale Offer Made.

If you have been through the process you would know that the short sale process is never easy with CitiMortgage. A lot of problem have to be faced. Repeating the same steps over and over again is typical with the short sale negotiators. It’s part of the process to know that we will have to run around from department to department at CitiMortgage. The Loan Modifiation Department maybe needs to close it out, or the CitiMortgage short sale department doesn’t have someone assigned to CitiMortgage Customers Service Department; Above all you need to know better when they are sending you in the wrong direction. Often clients come to us after submitting the wrong information on their application, getting denied, and not being able to figure out what happened. We can hekp you review any declines.

CitiMortgage Short Sale Timeline

The timeline of CitiMortgage short sale process depends on some simple factors and other some not so simple factors. These are just a few of the hoops we jump through when dealing with a short sale.

• For one, CitiMortgage works just as a servicer of mortgage notes. CitiMortgage’s mortgage division has to abide by the PSA or Pooling and Servicing Agreement that governs the loans. This contract is directly between servicer and investor. CitiMortgage does not always have the option to make a decision themselve. In some cases the investor has delegated the servicer to make the decision, therefore in cases which CitiMortgage is not delegated to make a decision, they have to get confirmation from the investor. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from many servicers. As always the greater the number of hands in the put the more layers of burueacracy you’re going to deal with.
• Additionally, The fact that whether you CitiMortgage loan has a sale date or not also effects the timeline of CitiMortgage short sale process. When it comes to homes in foreclosure CitiMortgage can be tough when it comes to stopping the sale for the CitiMortgage short sale to be completed. If you can get a value completed often your chances improve your getting bumped up in the process. CitiMortgage Loan Servicing has homes being sold at auction every day. Sale dates even for the coming week are not working with ugency. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Finally, not all negotiators are good negotiators. This goes for both sides. Often miscomunication In the banking world can lead to certain failure. People become very specialized in this niche of representing homeowners infront of CitiMortgage Home Mortgage in these financial application processes to find mortgage assistance. Often you will be put though the multiple levels of management including approval from an investor as mentioned above depending on what their total losses are.

CitiMortgage Short Sale Timeline Conclusion: Your CitiMortgage Short Sale Timeline will vary based on many different factors. Decisions can be made in house will clearly be quicker than those that have to be sent out for appoval., what the value comes back at from the appraisal completed by CitiMortgage’s Short Sale Department compared to what the offer is that is being made to them, how fast CitiMortgage’s Loss Mitigation department received the CitiMortgage Short Sale Application documents are received (readble) and other factors will come together to effect how long it will take for your CitiMortgage Short Sale process to be Approved.

CitiMortgage Loan Servicing Contact Information

CitiMortgage Customers

CitiMortgage Loan Servicing Complaints