CitiMortgage or Citi Bank holds the notes and services many of the short sales in Santa Clarita and the San Fernando Valley area of Los Angleles.
CitiMortgage participates in the US government Home Affordable Foreclosure Alternatives Program, HAFA. Qualified borrowers after having their short sale approved and their debt forgiven also paid a moving incentive of $3,000.
If you don’t qualify for the HAFA program you most likely can do a traditional short sale for a home or investment property and have your debt forgiven and not need to be repaid to CitiMortgage or other mortgage holders on the loan.
If you are having problems making your mortgage payments or feel that you need to sell your house and it is woth less than you owe or is upside down or negative in equity then you should start by contacting CitiMortgage and speaking with a bank representative at (866) 272-4749. They will ask you what you would like to do about the house, ie. keep it or sell it and will guide your from their about your options. You also can contact an experienced short sale realtor for some opinions about the options. Be aware that the bank may try to give you the contact number for one of their real estate agents but you do have the right to choose your own agent rather than use one of theirs who most likely also handles their REO’s and foreclosure properties and may have some conflicts in serving your best interest above the bank who employs them. In my opinion it would be best to contact the CitiMortgage representative for help but also a good experienced short sale realtor prior to filling out the hardship letter and forms for guidance.
CitiMortgage would also like you to complete a hardship letter and then provide them with other information which will be requested in their foreclosure alternative package or short sale package;
Letter of hardship, typically this is the first item requested by CitiMortgage
2 years tax returns, include all pages and all signatures
2 months of all bank account statements, all pages even blank ones.
2 months pay stubs
A budget worksheet of all income and all expenses
Example of Short Sale Approval Letter
Return to Valley Short Sale Expert