Tips For Citibank Short Sale Sellers

"Citibank holds a large share of today’s distressed mortgages, and luckily, it’s one of the first major banks to take part in the government’s short sale and foreclosure prevention programs. The Citibank short sale process has been greatly improved over the past few months and has helped thousands of homeowners out of foreclosure. If you’re struggling to keep foreclosure at bay, a short sale Citibank deal may just be the solution for you. This article offers a few tips on getting approval.







Choose A Good Realtor.

Citibank short sale officials recommend working with an experienced realtor. This will not only help you sell your home faster, but also help you avoid common pitfalls in the short sale Citibank process. They’ll also help you do the math and present a viable proposal to the bank, as well as get your home seen by more potential buyers. Check local listings to see which realtors in your area have the most experience with short sales, or ask your friends and family to recommend one.

Check Your Home’s Value.

A Citibank short sale works best if your home has negative equity, meaning it’s worth less than what you owe on your mortgage. A comparative market analysis, provided by your realtor, can give you an idea of what your home is worth in today’s market. If you can still make profit out of the sale, short sale Citibank officials may recommend other ways to help, such as modifying your mortgage or refinancing to a lower-interest loan.

Explain Your Hardship.

The Citibank short sale department is known to be strict on hardship requirements. You must have a valid hardship to qualify for any mortgage workout. Common examples are medical emergencies, job loss, divorce, or death of a family member. The key is to prove that the situation was out of your control. You will need to explain this in a hardship letter and present supporting documents, such as medical bills or dismissal slips.

Do Your Research.

Many Citibank mortgages are co-owned by secondary lien holders, who will have to approve the short sale as well. You can find out who owns your loan by calling the bank directly or looking it up on the bank or insurer’s website. The more parties that have a stake on your mortgage, the longer the short sale Citibank process can be. Try to get in touch with the secondary lenders and keep a record of every exchange to avoid unnecessary delays."