I have been trying to complete a short sale program with Citi Residential now going on a year. 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 it's toll to the point where I was even having problems getting sufficient rent to cover the monthly payment.
I called Ameriquest first, then they tranferred the file to Citi in Illinois... That rep was laid off and file 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 every three weeks or so. We started out at a high of 124,900... After a few months and the list was 94,900, a cash buyer came along with 86k offer. Citi tied approvals up on this for 3 months, to the point the buyer walked!
It's gets better... Remember the Illinois City rep. Well, she gets laid off and Realtor calls to ask who she is to be working with now. She is referred to City's Rancho C office in Cali&except they have no knowledge of file! So had to re-submit listing history, all short sale paperwork, even hardship letter&and we did all that. Ok, it gets better&2nd rep says that terrible delay that killed the first 86k deal will never happen again. And I should mention that, by now, the property is in pre-foreclosure status and I am way upside down. I request 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 agree.
So, then I get a 3rd rep. And he tells the Realtor to reduce the house to 75k... The buyers come out of the woodwork... I now have multiple offers with at least one close to full price. All submitted and no reply from Citi&until last week when the rep calls the Realtor and says to counter all the offers at 85k!!! After the Realtor reminds the Citi rep that he was the one that told her to reduce to 75k, and she can't take a counter like that back to her buyers, we have silence once again. And the buyers are getting ready to pack it in.
Several questions here. Have these mortgage co's like Citi just gutted their payroll to the point where no ones working but a few 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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