I purchased my first home (condo) in 2006 and lived in it for one year, and then got married and purchased another home (now, my primary home). I put the condo on the market for 3 months at that time, no offers. I took it off the market and rented it out until recently.in July, my renters moved out. I've kept up the payments (no late pays) and had it advertised for rent (very, very cheap even) in multiple places up to a couple weeks ago. Not one single call.in the meantime, I had called the mortgage company, CitiMortgage, and explained to them about the renters and that I was getting to the point that I might not be able to pay for it myself with no renters. CitiMortgage told me that they couldn't do anything because it is an investment property. I put the condo on the market first week in December, called CitiMortgage to inform them about the sale and asked for options, including hardship and/or short sale. CitiMortgage told me that they were unable to do anything or accept any applications for a short sale until the house had been on the market for over 3 months and to call the HOPE program and they would help; however, the HOPE program is only for primary homes, not investment properties. Each month I called CitiMortgage to update them on the showings, no offers, etc and ask about hardship and/or short sale and I was told the same thing everytime: wait until Feb 28 and call the HOPE program.
Yesterday, they told my real estate agent that the house was in foreclosure and we couldn't sell it. I called CitiMortgage and was told to fill out the Loan Modification/short sale form, they've decided they would accept it now, even though Feb 28 isn't for another two weeks. I asked how can CitiMortgage do a loan modification if the house is in foreclosure with an attorney? CitiMortgage stated "That's a good question; I don't know how to answer that."
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