Success with Citimortgage!!! - Loan Modification Forum

maryland7 · 07-15-2009, 04:37 AM

We have a 2nd home property at the beach that we have not been able to make payments on for a year due to loss of income. The home (which has been on the market for almost 2 years) has fallen in value over the past year and a half from $750K to $450K.

We submitted an offer for a short sale at $420K but were rejected by Citi. We received another offer three weeks ago for $450K and faxed the information over on June 24th. I was dealing with the most helpful and knowledgable person at Citi and we received our "approval to close letter" yesterday...only 3 weeks for the offer to be approved by Citi!!!

I specifically requested that Citi waive the right to come after us for the deficiency (almost $200K - 1st mortgage only on the property - we never took funds out against the house) and they agreed to this!!! The letter stated that they "waive any deficiency against (us) for the remainder of the debt" YEAH!!!

Thanks Citimortgage!!!

amiesheikh · 07-26-2009, 12:17 PM

Congrats! We successfully did a short sale with citimortgage as our first trust holder (chase was the second) back in January.

mbmullen · 07-30-2009, 03:38 AM

Hi Maryland,

When and how did you request that the deficiency be waived?

maryland7 · 07-31-2009, 10:22 AM

I requested that they waive the deficiency in my hardship letter. I backed up my request with the fact that my husband had a job loss and new employment making 80% less income. Also, we did not take any money out on the house...we put $70K down and the value of the house plummeted by $200K during a 4 year period from the purchase price. Also, this house was our second home, not a primary residence...don't know if that mattered or not.

Hope this helps.

Syphon79 · 07-31-2009, 02:22 PM

Congrats Maryland! That's awesome news -- glad the short sale route worked for you!

Maybe there might be hope in short selling in Maryland after all...

mbmullen · 08-01-2009, 04:14 AM

That's amazing. I thought the lenders were always going for a deficiency on second homes. My home (personal) is a week or so away from being approved for the short sale. We had a short sale negotiator who turned out to be a complete criminal and he never said anything about putting that request in the hardship letter. Do you think it's too late to ask?

07-15-2009, 04:37 AM	#1 (permalink)
maryland7 Senior Member Join Date: Feb 2009 Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Success with Citimortgage!!! We have a 2nd home property at the beach that we have not been able to make payments on for a year due to loss of income. The home (which has been on the market for almost 2 years) has fallen in value over the past year and a half from $750K to $450K. We submitted an offer for a short sale at $420K but were rejected by Citi. We received another offer three weeks ago for $450K and faxed the information over on June 24th. I was dealing with the most helpful and knowledgable person at Citi and we received our "approval to close letter" yesterday...only 3 weeks for the offer to be approved by Citi!!! I specifically requested that Citi waive the right to come after us for the deficiency (almost $200K - 1st mortgage only on the property - we never took funds out against the house) and they agreed to this!!! The letter stated that they "waive any deficiency against (us) for the remainder of the debt" YEAH!!! Thanks Citimortgage!!!

07-26-2009, 12:17 PM	#2 (permalink)
amiesheikh Member Join Date: Jul 2009 Location: Northern VA Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Success with Citimortgage!!! Congrats! We successfully did a short sale with citimortgage as our first trust holder (chase was the second) back in January.

07-30-2009, 03:38 AM	#3 (permalink)
mbmullen Senior Member Join Date: Jul 2009 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Success with Citimortgage!!! Hi Maryland, When and how did you request that the deficiency be waived?

07-31-2009, 10:22 AM	#4 (permalink)
maryland7 Senior Member Join Date: Feb 2009 Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Success with Citimortgage!!! I requested that they waive the deficiency in my hardship letter. I backed up my request with the fact that my husband had a job loss and new employment making 80% less income. Also, we did not take any money out on the house...we put $70K down and the value of the house plummeted by $200K during a 4 year period from the purchase price. Also, this house was our second home, not a primary residence...don't know if that mattered or not. Hope this helps.

07-31-2009, 02:22 PM	#5 (permalink)
Syphon79 Junior Member Join Date: Jul 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Success with Citimortgage!!! Congrats Maryland! That's awesome news -- glad the short sale route worked for you! Maybe there might be hope in short selling in Maryland after all...

08-01-2009, 04:14 AM	#6 (permalink)
mbmullen Senior Member Join Date: Jul 2009 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Success with Citimortgage!!! That's amazing. I thought the lenders were always going for a deficiency on second homes. My home (personal) is a week or so away from being approved for the short sale. We had a short sale negotiator who turned out to be a complete criminal and he never said anything about putting that request in the hardship letter. Do you think it's too late to ask?

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