I was contacted by a CitiMortgage short sale dept. member and told that my client could have his second lien with Citi released by wiring $2k by Aug. 10th.   She called it an "agressive offer".   Is this legitimate?

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Very suspect if the wire is outside of closing
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
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.

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.

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!

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.

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.

This is perfectly legal.   Citi is wanting this amount to SETTLE.....take it and run.

 

I don't see the benefit since they will ultimately have to accept what the 1st offers them in the short sale .. except the borrower does not have to come out of pocket.  Sounds like a bad idea to me.

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