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CitiMortgage Short Sale Application, Forms And Packages

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Short Sale Package PDF

Take the first step to getting started on your short sale. Download Forms Here.

Next Steps

Find out what’s next. Make sure you cross every ‘T’ and dot every ‘I’.  No Mistakes!
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Other Mortgage Programs

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Get CitiMortgage Forms

Take the first step to getting started on your short sale. Download Forms Here.
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Next Steps

Find out what’s next. Make sure you cross every ‘T’ and dot every ‘I’.  No Mistakes!
Modification Info
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Other Mortgage Programs

It may not be too late to try other options. We can review what’s out there.
Short Sale Info

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Step 1: CitiMortgage Short Sale Experts

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Finding The Right Short Sale Agent

Finding The Right Agent

It is extremely important that you select the right professional for your short sale process  because although the short sale is a common process but still there are a very few professionals in the market that can properly deal with the situation. We have got a great team of professionals nationwide if you have not still been able to figure out where to turn to. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Short Sale Listing On The Market

Get The Property Listed!

The next important thing you will have to do is get your property listed by working with an agent so that your property gets a fair review. Lender will not allow you to just take an offer to them. You may be asked for documents such as the MLS Listing and MLS History as a proof that the short sale has been properly listed.

You can not proceed to next step until you have completed this step properly and the Listing Agreement will be amongst the first of the documents required to get your short sale going.

Pro Tip: Many lenders will require you to list for a minimum of 5 days and a weekend before accepting an offer.

NOTE: CitiMortgage may sometimes prequalify you for the short sale for some cases. They may even tell you to what to list the home as in some cases. Know that all of this is misleading because when you get an offer they will still need to do a full and standard short sale review.

Step 2: The Short Sale Offer

Making an offer on a CitiMortgage Short Sale is more than just a number!

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Real Estate Short Sale Definition

What is a short sale?

When the offered amount for a property is not enough to pay off all the debts taken against the property then such a sale is called as a short sale. Any lender iss not in a position to review your application untill you have an offer for the property. The lender will take an interest in what is the net amount that you will make them in the end once all the closing costs have been deducted from it. This includes past due taxes, non-recurring closing costs, attorney fees, settlement fees, title fees, and anything else that may apply.

Best Short Sale Buyer

Find The Right Buyer For Your Short Sale

Strong Short Sale Buyers

The most important quality of potential buyer is patience. A potential buyer willing to wait is better when compared to an all cash buyer or even the buyer whose offer is more than others. Your broker is required to interview the potential buyers to make sure they are a good fit. Broker representing the buyer is as important as the buyer

Previously Approved Short Sales

Previously Approved Bay view Short Sale

It has been often been seen advertised by agents that their previous short sale with CitiMortgage was approved successfully but this is to mislead. Even if previously all the terms were met and approved still they will need to make a full review.

Pro Tip: One offer can be reviewed at a time by lenders. The process can be hard and require a forth effort to make through. Make sure you choose the one most likely to close. Highest offer doesnot always come with the best value.

Step 3: Submit CitiMortgage Short Sale Package

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CitiMortgage Short Sale Submittal

Submiting Your Short Sale Package to CitiMortgage To Get The Process Going.

What is in the CitiMortgage Short Sale Package?

All the lenders usually require sam documents. Following is a list of documents usually demanded by the lenders: a listing agreement, a purchase agreement, proof of the buyer’s ability to perform such as proof of funds or a prequalification letter from the buyer’s lender. That’s only the beginning.

As a short sale seller they also require you to provide your financial information such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a short sale, and a hardship letter.

Pro Tip: Working with a skilled team such as ours should be able to pick out the items that will most likely be asked of by your lender. If your lender has to request items it’s likely they passed over your short sale when it could have been reviewed.

Step 4: CitiMortgage Short Sale Broker's Price Opinion (BPO) or Appraisal

CitiMortgage Short Sale Value

Getting The Right Value Goes A Long Way.

To figure out whether the person is eligible for the short sale or not the lender will complete a valuation, Valuation is usually completed by a broker by comparing the properties similar to the property in question which are either currently listed or have been sold within 3 to 6 months. They consider the homes perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool.

Market conditions and how fast homes are selling in the area will also be considered. There are many factors they take into consideration.

CitiMortgage Short Sale Appraisal

Short Sale Appraisal Values

It is important for the investor for which CitiMortgage is working to complete a valuation as they are already facing a loss. Sometimes it is important for the investor to get a deeper view for this they will get an appraisal. Appraisers have specific licenses that are to determine the fair market value of properties. Some investors such as Fannie Mae (FNMA) complete two appraisals. The type of value completed varies from lender to lender and investor to investor.

CitiMortgage Value Disputes and Variances

Filing Value Disputes and Variances

It is a common occurance that sometimes a value returns too high and it can happen to both rookies and experts. Sometimes it just so happens that the agent makes a mistake and compares properties that have nothing in common because he/she is not from the area. So, all of your hard work and meeting with the broker or appraiser does not matter in the end.

Pro Tip: Short Sale Variance is an opportunity to apply for a short sale servicer such as CitiMortgage to vary from their typical practices. Often values are good from the day they are completed for 90 days; Sometimes longer.

Step 5: Finalize Short Sale Terms

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How Long Does A CitiMortgage Short Sale Take

CitiMortgage’s Short Sale Time Line Coming To An End.

At this time the undersigned will have to decide whether you qualify and to send your file to the investor or not. Usually there is an auditing process before submission to the management and if approved there is often another auditing process that occurs before an approval letter is issued.

CitiMortgage Short Sale Counters

CitiMortgage Counters Short Sale

A counter or rejection may be issued at your short sale application at that time. Special skills are needed to compete with either of these situations acquired only by experience . Anyone can get the easy ones done but it’s the difficult transactions that seperates that experts from the wannabees.

Step 6: Closing A Short Sale

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Short Sale Escrow

Short Sale Escrow.

If you ever came across a  typical escrow a short sale escrow will look very much similar. The typical escrow process will start after all the debt holders have given their approval. Title search must have been issued by now to ensure that all the interest holders in the property have been properly addressed.

Short Sale Extensions

CitiMortgage Issues Short Sale Extension

What If you have not been able to complete the short sale process and the approval letter expires ? We get this question all the time and to be honest, there is not a simple answer to this. It depends on lateness of the mortgage, whether the value they have expired, and many other details. If you need more time to see what we are able to get approved with Carrington Mortgages Management consult one of our professionals. Results may vary greatly but the best part of our services is we only get paid if the transaction successfully closes (we are gernerally paid from the real estate comissions awarded to the agents involved and paid out of Carrington Mortgage’s net).

Pro Tip: Week one. Strike that. Within a few days of having all the approvals in line you should be able to tell whether or not this buyer is going to really perform. The right professionals apply pressure to all the parties involved to ensure the transaction gets done!

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How Does ACG Get Paid?

If you need to sell your property on time than Absolute Consultant Group (ACG) is here to help you in doing this by working with the local broker. We get the compensation for our services directly from CitiMortgage. We do not get compensated for anything if the transaction fails to close in the end . The agents involved in the deal are awarded an amount for their services and usually we also get our payment from the same account. This service generally costs the seller nothing out of pocket. Call for details 888-934-3444.

Understanding The CitiMortgage Short Sale Status

The package for CitiMortgage is a pretty lengthy and difficult document. CitiMortgage has not done anything in order to make the process for its consumers any simpler but you don’t have to worry because ACG is here to help you with the application for the short sale process to get mortgage assistance from your servicer.

Assistance For CitiMortgage

ACG can provide you help in every challenge regarding CitiMortgage. You will find that ACG will help you regarding the mortgage relief services and we will be the only point you will have to contact. We can help you to complete your short sale with them.

Call Us 888-934-3444 Today.

CitiMortgage Short Sale Package Breakdown

To Answer what is CitiMortgage Package?
If you apply for mortgage assistance with CitiMortgage then the first thing required from you will be a package called CitiMortgage Request for Mortgage Assistance (RMA). You must make sure that the package you are submitting is the latest one; it will be husely benefitting if you consult with a professional first. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their CitiMortgage Short Sale and CitiMortgage Loan Modification process.

There are 7 Sections to the standard CitiMortgage Request for Mortgage Assistance (RMA).

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Short Sale RMA Package PDF Breakdown:

Hardship Affidavit Application Check List

  1. Borrower Information This section will require the consumer to fill out all the personal details of the borrower and co-borrower. This section will also ask whether your property is listed for sale etc.
  2.  Property Information In this section you will put the required details about the property such as that whether the property is listed for sale or not etc.
  3. Monthly Income. You will put all the details about the total income of the borrower.
  4. Assets This section will contains the asset details of the borrower and coborrower such as 401ks etc.
  5. Monthly Expenses this section will contains all the details of the monthly expenses.
  6. General Questions This section contains soome general questions you will have to answer.
  7. Authorization This section requires your signature authorizing that everything you have stated is true etc.

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The post CitiMortgage Short Sale Application, Forms And Packages appeared first on Absolute Consultant Group.



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