Replies to This Discussion

Permalink Reply by Paddy Deighan, JD PhD on July 27, 2011 at 4:59pm

Very suspect if the wire is outside of closing

Permalink Reply by Dan Hawkins CRS SFR CSSG CDPE on July 27, 2011 at 7:51pm

No Anything outside of escrow is FRAUD! If they let you put it on the HUD might be OK everthing must be disclosed in a Short sale

Permalink Reply by Valerie Keener on July 28, 2011 at 4:16pm

There's no offer on the table.   This particular representative from Citi continues to email me that this is NOT fraudulent.  It's a legitimate settlement offer.  I told her to draw up the approval and terms and send them to me and I'd have my client review them with an attorney.   She said I must not be familiar with working with Citi on short sales.

Permalink Reply by Joseph C. Alfe on July 29, 2011 at 10:42am

why would this be fraud?  This is called a settlement, and you will start seeing a lot more of these.  take it and run if it's a good offer.

Permalink Reply by Vanessa Calhoun on August 31, 2011 at 9:19am

I agree with Joseph...how is this fraud if there's no offer on the table??? If Citi is willing to settle the 2nd for $2000 and both parties perform their duties according to the terms of the settlement, then how is this fraudulent. With shadow inventory levels rising and some foreclosing lenders (Chase) taking 2-6 months just to execute a foreclosure deed after the public sale, we're going to see more changes in the way that the banks handle short sales. Get ready for a bumpy ride, Folks!

Permalink Reply by Mike Linkenauger on August 31, 2011 at 3:54pm

Maybe I missed something here... Nothing is being done outside closing, period.  If PRIOR to closing a borrower wants to payoff/settle a lien against the property, they are free to do that.

Permalink Reply by Andrea Cruz on March 13, 2012 at 12:40am

What if the 2nd wants more than what the first is willing to pay. Can the seller pay the difference? I have heard of people putting this in the HUD as POC or paid out of closing. Ive never had to do this yet but I just wanted to know if this is legal.