Avoid an imminent foreclosure by working out a repayment plan with CitiMortgage

by marcinsarasota on April 19, 2012

Are you behind your monthly mortgage payments that you’ve taken out from CitiMortgage? If answered yes, you have to work out an alternative repayment plan that can help you get back on the right track. As the home mortgage loan is a secured loan that you take out using collateral, you have to remain extra watchful about making the payments so that you don’t lose your home to a forced foreclosure even without opting for loan modification. If you’ve taken out a CitiMortgage and you’re wondering about the ways in which you can avoid an imminent foreclosure, you should read on the concerns of this article. Check out the steps that you may take.

Know the motives of the CitiMortgage lender: You may be of the opinion that the lenders usually love to foreclose your home as they can seize your property and recuperate the money from it. But this is not always true, especially when it comes to the CitiMortgage lenders. They don’t want to foreclose your house and can even go to certain lengths to help you avoid a foreclosure. Foreclosing a property is not always a good deal as the equity in the home and the future sales price may not always cover the loan balance and the legal costs. Therefore, when you approach a CitiMortgage lender, you can be sure that they’ll try their best to help you avoid foreclosure.

Inquire about the workable solutions package: The Loss Mitigation Department of CitiMortgage will send you the list of workable solutions just when you fall back on your monthly installments for 60 days. The papers will ask you for all the reasons that have kept you from making the monthly payments on time. You can spread out the missed payments among the future payments or you may even spread out the amount over the balance of the loan. Though both the aforementioned options will increase the monthly mortgage payments, yet you can easily avoid a foreclosure. You can even ask for a forbearance option where CitiMortgage will suspend the payments for a short time unless you’re again able to pay them. You can or else go for a loan modification or take out another refinance loan at an affordable interest rate too.

Return the paperwork to CitiMortgage: The company will assign someone from the Loss Mitigation department and it is important for you to stay in touch with this representative and know about the changes in your repayment plan. You shouldn’t call the collection or the foreclosure departments of CitiMortgage but try and make timely payments.
Expect them to approve the offer: If your request is reasonable enough, then expect your CitiMortgage lender to approve the offer. You can start making the payments as scheduled with your lender so that you can smartly avoid losing your home to a forced foreclosure.

Therefore, when you’re worried about losing your homeownership rights, you should speak to your mortgage lender by taking the steps mentioned above. Opt for loan modification if needed.

{ 0 comments }

Just Sold – Beachplace Condo

by marcinsarasota on December 18, 2011

1045 Gulf of Mexico Drive #604

Clients of mine just closed on unit #604 at 1045 Gulf of Mexico Drive in the Beachplace condo community on Longboat Key.

They paid $650,000 for the 2 bedroom, 2 bathroom, 1,503 square foot beach condo. They purchased in building 9 which sits directly on the beach overlooking the tranquil blue waters of the Gulf of Mexico. Back in 2006 the seller paid $1,275,000 for this Beachplace condo.

The Short Sale Delay

My clients originally made an offer on 1045 Gulf of Mexico Drive in November of 2010. We lost out to a different buyer. That successful buyer had it under contract until April of 2011 and then walked on the transaction. Most likely because the long delay often associated with short sales. Another buyer put it under contract a few days later. This buyer waited roughly 7 month until November of 2011 before Chase Manhattan Bank approved the sale at $650,000. Unfortunately, this buyer walked on the contract and purchased a different condo. My clients happened to be in town and eventually took over the short sale approval and closed on the property.

Short sales seem to be getting better. I have had other short sale transactions where the wait was not nearly as long. If you do go after a short sale be prepared to play the waiting game.

{ 0 comments }

Just Sold in Beachplace on Longboat Key

October 21, 2010

The most recent sale in Beachplace Longboat Key was 1065 Gulf of Mexico Drive #502. This was a 2 bedroom, 2 bathroom, 1,392 square foot unit with an asking price of $449,900. The original asking price was $500,000. It ultimately closed at $405,000. It took 107 days to receive the final contract. The sales price [...]

Read the full article →