CitiMortgage
Short sale advice conflicted as condo entered foreclosure

My first home was a condo, bought in 2006. After a year there I married and moved into a different house, which is now my main residence. The condo sat on the market for three months with no offers, so I withdrew it and found tenants instead. Those tenants left in July. All my payments on the condo have been on time, and until about two weeks ago I advertised it for rent at a very low price in several places. Nobody called even once.

While the unit stood empty, I phoned my lender, CitiMortgage, to tell them about the tenants leaving and to warn that I might soon be unable to cover the payments alone. Their answer was that nothing could be done because the property is an investment property. In the first week of December I listed the condo for sale and called CitiMortgage again to report it and ask what options I had, including hardship help or a short sale. They said they could not accept any short sale application until the listing had been active for more than three months, and they told me to contact the HOPE program. HOPE, however, only covers primary residences, not investment properties.

Every month after that I called to report on showings and the lack of offers, and I asked again about hardship help or a short sale. Each time I heard the identical instruction: wait until Feb 28, then call HOPE.

Yesterday my real estate agent was told that the property was in foreclosure and could not be sold. When I phoned CitiMortgage, I was told to complete the loan modification and short sale paperwork, which they now agreed to take even though Feb 28 is still two weeks off. I asked how a loan modification could be possible when a foreclosure attorney is already handling the house. The representative admitted it was a good question and said he had no answer for it.

Company: CitiMortgage
Country: USA
State: Iowa
City: Des Moines
Phone: 8007237906
Site: www.citimortgage.com

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