CitiMortgage paying borrowers $12,000 after a short sale

Citi just sent me an email that "Mortgage Insurance" denied the short sale, it appears the investor would like to allow the short sale, but "mortgage insurance" is saying "no way." Is there any way around this? Should I advise my sellers to stop paying their mortgage?

Half of Americans Oppose Bailout for Troubled Homeowners FDIC officials want to use part of the $700 billion bailout of the financial industry. The Treasury Department is opposed to that idea. willing to modify loans because taxpayers will absorb half of.

The borrower will not get much advance notice – Georgia law requires that the notice be sent at least 30 days before the date of the proposed foreclosure sale. The notice must be in writing and include the name, address and telephone number of someone who has authority to negotiate, amend, and modify the terms of the mortgage with the borrower.

The HAFA short sale program, effective from April 5, 2010, through December 31, 2016, was touted as the answer to every short sale agent’s nightmare. However HAFA is over. It accepted no new new applications after January 1, 2017, and existing files needed to close by September 30, 2017.

Housing recovery evolves mortgage modification landscape GSEs Look to Follow FHA’s Lead on Streamlined Refis streamline refinance program that includes a de minimis government guarantee on the loan paper? Either way the government will still be involved in some capacity. One of the biggest reason mortgage.adjustable rate Mortgage Resets Threaten Housing Recovery [Jun 11, 2009.] Bloomberg Press reports that more than one million adjustable rate mortgage loans (ARMs) are due to reset between now and 2013. Of these, about 75% are expected to reset in 2010 and 2011.New York foreclosure courts face seven-year backlog: RealtyTrac LOS ANGELES – Though Georgia’s foreclosures rose in May, the number of U.S. homeowners who were put on notice for being behind on their mortgage payments fell in May to the lowest level since 2006.

other items that an underwriter may need clarification, letter of explanation to mortgage underwriters will need to be provided; Structure Of Letter Of Explanation To Mortgage Underwriters. Loan Officers should write letter of explanation to mortgage underwriters on behalf of borrowers.

If the lender forgives the entire difference between the amount owed and the sales price, the debt forgiven will be $12,000. Lenders might forgive some portion of mortgage debt in a sale known as a "short sale" (as above, when value at sale is less than amount owed), foreclosure or when there is no sale, but the lender reduces the.

Mortgage Delinquencies Pass 10%: LPS LPS' May mortgage monitor report: Increase in Rate of New. – LPS’ May Mortgage Monitor Report: Increase in Rate of New Delinquencies; Decline in Number of Delinquent Loans Becoming Current News provided by Lender Processing Services, Inc.

My second mortgage became a charge off – What is that?. If you haven’t paid your mortgage for 6 months or you’ve been through a foreclosure or short sale wherein you couldn’t pay off the second loan after getting rid of the first, your lender is likely to issue a second mortgage charge-off.. Mortgage charge off means that the lender has.

 · Before you close on a short sale, be sure to consult a tax professional, who can explain if you owe any taxes on the forgiven debt, and a real estate lawyer with experience in short sales.