Last week CitiMortgage announced they would suspend foreclosures (primary residences) to help distressed homeowners in the Gulf of Mexico region. Borrowers with first mortgage loans owned by CitiMortgage and who meet certain other criteria will not be subject to foreclosure sales or foreclosure notifications. According to CitiMortgage, borrowers occupying residences in zip codes within approximately 25 miles of affected coastal areas will be eligible for the program. The suspension is effective from June 17 thru September 17.
This is good news for short sale sellers as they will have more time to get their property sold. Make sure you are priced “aggressively” based on other sales in your area. No amount of marketing will sell an overpriced property.
I applaud CitiMortgage for really “stepping up to the plate” and taking action. Hopefully, others will follow.
Short sale! Seller says sell! If you are looking for a low density complex, this is it! Only 9 units in the building! Located in the heart of Seacrest Beach, just a bike ride away from Rosemary Beach and Alys Beach. Spacious 2 bed / 2 bath floor plan with the 1st bedroom located at the front. Master bedroom has a private gulf front balcony. Kitchen has spectacular views with open living area flowing to the balcony. Unit is being sold fully furnished and rental ready. Buyer to verify all information and dimensions. PROPERTY TO BE SOLD “AS IS”.
I’ve been working on a short sale, with Countrywide, since December 3, 2008. There is a 1st and 2nd mortgage on this gulf front condo, both with Countrywide. As of yesterday, my buyer backed out of the contract…that’s just over 4 months and I still don’t have an answer. The file is yet to be submitted to the investor who actually owns the loan. What in the world is Countrywide doing?
How long do lenders expect buyers to wait? There are agents who get mad at the buyer for “walking”, but can we really? In this case, my buyer is not at fault. The closing date and extension date to close has come and gone. Until the lender (seller) has accepted the offer, the buyer can withdraw their offer at anytime…short sale or not.
Why is it some lenders can process their files so much faster than others? In fact, as I’m typing this post, I received an email from a different lender with approval of a (different) short sale contract. That offer was submitted on February 6. Granted the price is much lower and so is the deficit to the seller, but it’s approved. We will close within 30 days. That’s about 90 days from start to finish. Not unreasonable.
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