CitiMortgage paying borrowers $12,000 after a short sale

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After paying the closing costs and real estate commission, the net sale proceeds are expected to be $138,000, resulting in a loss of $37,000 to the primary lender.. second mortgage lender after.

Short sales – transactions in which borrowers owe more on their mortgages than their. so did the amount he was able to fairly charge tenants. After paying his mortgage, he was $1,000 in the red for.

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CitiMortgage is offering financial incentives to borrowers to help reduce the short sale processing time. CitiMortgage’s short sale program on average is paying $12,000 in borrower cash incentives for short sales in 2011. short sale incentives are offered to customers experiencing financial hardship who need funds to proceed with the short sale.

In January 2009, he lost his public affairs job, began drawing on his savings and, in April 2009, after the. to stop paying the mortgage and try to sell his condo in a short sale, in which a.

Penalty fees and taxes took a huge bite out of Nitzsche’s 401(k) disbursement, cutting it from $20,000 to $12,000. It took him four years to recover his lost savings. "In hindsight, I wish I’d waited.

Short sales generally work if you are facing foreclosure or can’t pay your mortgage. Short payoffs work best if you aren’t having trouble with your mortgage payment. Read on to learn the difference between a short sale and a short payoff and whether either of these is a good option for you.

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Banks Are Beginning To Pay Short Sale Bonuses In a recent article, HousingWire reported on a new program being instituted by CitiMortgage an affiliate of Citigroup:CitiMortgage, is paying borrowers an average $12,000 after completing a short sale this year.

CitiMortgage said it would approve a sale. after it has taken possession of the house. That has not begun to happen in large numbers, but many people believe it will. “If you have substantial.

Reverse Mortgages: Risky for Boomers? – Many borrowers may not be able to raise enough funds from a home sale to move to a retirement community or an assisted-living facility. Or they could run into trouble if they’re short on cash. sum.

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"You’re about $7,500 short." The owner came down to $12,000. Just after Christmas in 1986, Rucker packed for his first trip abroad, a full month in Australia searching for business. At the time,

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