Recent content by rseth123

  1. R

    Is Harp 3 On The Horizon?

    Same Situation but on rental Good Credit, low Income to debt. Loan owned and serviced by Citi, so cannot refinance. Loan is $410K value is $330K
  2. R

    Post your Short sale experience dealing with credit union for 2nd Mortgage

    Sam: Thank you so much!! Excellent advice but one question: Maybe I am not aware how the lien works. So if they put the lien on my house then does it work like a second loan where lien has to release in order to sell either by paying or settling? And In your case it did not work because it was...
  3. R

    Post your Short sale experience dealing with credit union for 2nd Mortgage

    Sam Thank you so much for the update. I feel your pain and I am so sorry to hear your story. I am in the same boat as you but I think I should use a different strategy of first stop paying them and let them send into collections so that they are out of picture. Ritesh
  4. R

    Strategic Default - Questions

    Folks: So finally i was working with these guys (Citi) on the loan mod. There was a glimmer of hope when they asked me to send the paper work for the possible modification. After looking my income this guy said that he is not going to submit to underwriter because rental expense and my income...
  5. R

    Post your Short sale experience dealing with credit union for 2nd Mortgage

    Janran: What was the final conclusion with DCU. I also have my second with DCU.
  6. R

    Strategic Default - Questions

    Folks: What is the definition of 30 days late? My mortgage is due on 1st of every month and I have a no penalty grace period till 15th and then with penalty till 30th. So what exactly is considered 30 days late?
  7. R

    Settling With Citibank While Not Delinquent

    Hello: Could you please tell us on what was the settlement and what the 1099 for? Thanks
  8. R

    PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is

    Hello: Thanks a lot for your post!! It is very encouraging and insightful. I am in the same situation with Citi. I am planning to go late from next month and I have one question for you!! Could you please help me on 1. What does Citi do after you are late on first payment? Like after 15th of...
  9. R

    Strategic Default - Questions

    Has anyone has a knowledge in this area?
  10. R

    Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation

    Just adding my information on the thread Loan Balance= $412000 (includes 5300 deferred amount) Second Loan = $14,000 Past Due= 0 Gross Income= $11000 Mortgage Payment= $2250 +$50 (for second) Taxes= $450 Insurance = $100 Home Value= $326000 (zillow) Rental Income: $2230 Investor: First...
  11. R

    Strategic Default - Questions

    Experts: I explored various options from loan mod, National Mortgage Settlement to Private note purchase and looks like none of them is working out. So, I am not planning to do a strategic default. BTW loan is with Citi. I need to know few basics :- 1. Currently I have a renter and I feel...
  12. R

    Saving the house through note purchase by someone

    On the value it is actually like this Foreclosure value: $280K-$290K Short Sale Value: $310K Fresh Sale value (excellent condition): $325K CitiBank is an investor too not just servicing. Since my investor is Citi so I am not qualified for HAMP 2.0 either.
  13. R

    Saving the house through note purchase by someone

    Couple of points 1. Current Value: $290K 2. Selling Cost in Foreclosure: $40-$50k (6% commission + extra discounts because of condition) = $230-$240K net for bank. Now if someone comes in and tell Citibank to discount another 10% for cash purchase, Citi may see a reason to do it. Then that...
  14. R

    CitiMortgage- And I guess I am almost done with them!!

    Thank you so much for all the insight. I think a new battle with Citi will start with a new hope. Let's see how it goes this time. Will keep you guys posted. As always this forum is a blessing for people like us.
  15. R

    CitiMortgage- And I guess I am almost done with them!!

    My bad: Sorry for the misunderstanding :( You have been a great help. Is there a material i can read on HAMP for investment properties.