Citimortgage 2nd Chargeoff

cmoney45

LoanSafe Member
Oct 21, 2008
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Hello-

I had a 2nd with Citimortgage in the amount of ~$60,000. I stopped making payments in 2014 in hopes of working on a settlement. They contacted me a couple months after I stopped making payments but I have not heard from them since. Nor have I received any financial IRS information on them.

My credit report indicates a charge off for this account in 2015. It says it was charged to profit and loss. Is this indicative that they no longer hold the loan?

How can I verify if Citi still holds a lien on this property?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Hello,

You would have to check with your county recorder for the lien information. However, more often than not, they take many months to change it and sometimes they never bother.
 

bfree

LoanSafe Member
Mar 19, 2017
2
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Hello,

After many months of trying to negotiate a settlement with nationstar on my second, I received notice that my loan has been charged off to veripro. I stopped making payments back in February of 2016. What are my options at this point?
 

driftwood

LoanSafe Member
Sep 17, 2012
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Your options really haven't changed. Charged off is only an accounting treatment by the lender basically admitting the debt is not collectible and can no longer be represented on their financial statements as an asset or performing loan. Its likely at this point that the lender may sell it off to a collection agency that specializing in this type of debt or they may have their own recovery department that will now try to work with you to collect the total amount of the debt.
 
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bfree

LoanSafe Member
Mar 19, 2017
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Thank you for the reply. I understand the charge off, my question was more in terms of settlement options and whether or not I should expect one. I believe it has already been sold to Veripro. I have no intention of selling and want avoid foreclosure. I am looking for advice on how to negotiate a settlement with the collector and any input on working with Veripo from anyone who's had experience with them. I also want to know if Veripro can foreclose since I have been told that they maybe a subsidiary of Nationstar.
 

cmoney45

LoanSafe Member
Oct 21, 2008
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0
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Maurice, following up on my original thread (Jan 31 2017) I started regarding Citimortgage charge off, I went to my recorders office and found the following:

This document was filed on my 2nd loan with my recorders office in 12/2014, while my first payment was missed in 10/2014. They show an Assignment of Deed of Trust. I am listed as the Grantor. The Grantee is listed as Citimortgage. In the documentation, it states the following:

As nominee for Indymac (who holds my first loan) its successor herein designated as the assignor does hereby grant, bargain, sell, assign, transfer, set over into Citimortgage herein designated as the assignee that the certain deed of trust recorded...."

This was the only recent information I could find regarding any action taken on the property.

My home was originally purchased in 2005, and I was able to find the original Deed of Trust on my 2nd loan which was available for viewing. There was no other information on this property.

It's been almost 3 years now, and I have not heard from Citimortgage nor have been contacted by any company attempting to collect on my 2nd loan.

Does it sound like I still have that 2nd lien? I'm getting worried that I may be missing a window to settle my second, if it still exists.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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If you still own the property you still have a lien that would affect title on a charged off second. If you no longer own the property and are seeking options on purchasing a new home whether or not you settle, 4 years past the charge off date would be when you are eligible. If you did not settle the lien it will be treated similar to how a collection would be treated in regards to debt-to-income.

As far as advice in regards to settling the lien or the impact of the lien if it goes unpaid and there is equity in the home, I wouldn't be the best suited to answer that question. Someone else within the forum would know better whether or not they can come after you for a charged off lien later down the line if you have equity in the home.