I have been trying to complete a short sale program with Citi Residential for going on a year now. They took over the mortgage from defunct Ameriquest. Anyway, I filed hardship documents and was forced to relocate, at first renting the property while it was for sale in Ohio. The economic downturn took its toll, to the point where I was even having problems getting sufficient rent to cover the monthly payment.
I called Ameriquest first, and then they transferred the file to Citi in Illinois... That rep was laid off and the file was transferred to Cali... Now, hold onto your hats for this insanity. As the value of the home continued to plummet, my Realtor was instructed by Citi to keep reducing the price every three weeks or so. We started out at a high of 124,900... After a few months the list price was 94,900, and a cash buyer came along with an 86k offer. Citi tied up approvals on this for three months, to the point that the buyer walked!
It gets better... Remember the Illinois Citi rep. Well, she got laid off, and the Realtor called to ask who she was to be working with now. She was referred to Citi's Rancho C office in Cali... except they had no knowledge of the file! So we had to re-submit the listing history, all the short sale paperwork, even the hardship letter... and we did all that. Okay, it gets better... The second rep said that the terrible delay that killed the first 86k deal would never happen again. And I should mention that, by now, the property was in pre-foreclosure status and I am way upside down. I requested doing a DIL of, only to have Citi tell me, "We want to work with you to do a short sale, it's in your best interest," and I agreed.
So then I got a third rep, and he told the Realtor to reduce the house to 75k... The buyers came out of the woodwork... I now have multiple offers, with at least one close to full price. All were submitted and there was no reply from Citi... until last week, when the rep called the Realtor and said to counter all the offers at 85k!!! After the Realtor reminded the Citi rep that he was the one who told her to reduce to 75k, and that she can't take a counter like that back to her buyers, we have had silence once again. And the buyers are getting ready to pack it in.
I have several questions here. Have these mortgage companies like Citi just gutted their payroll to the point where no one is working but a few people to handle hundreds of cases? Why in God's name would they want these things to go to Sheriff's sale when legitimate buyers are there? Why do I still keep reading about "short sales are the best way out" when I'm here to tell you it's insanity for people like me? And I think/know there are more of you out there. Hopefully I'll get some answers soon and put closure to this Ohio property, one way or another!
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