CitiMortgage paying borrowers $12,000 after a short sale

About a year ago, we announced the signing of JPMorgan Chase and CitiMortgage on Empower. to market with our new solutions and in some cases, it’s a very, very short sales cycle such as in the.

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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?

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CitiMortgage, the mortgage servicing arm of Citigroup (C: 37.63 -0.97%) is paying borrowers an average $12,000 after completing a short sale this year alone. Justin Rand, the senior vice president of loss mitigation at the bank, said servicers are putting more.

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HUD Limits FHA Mortgages after Short Sales. December 18, 2009.. CitiMortgage paying borrowers ,000 after a short sale. jon prior was a reporter with HousingWire through late 2012.

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Insolvency and Short Sale Tax Consequences. larry2. Posted on: 15th Nov, But if your total asset amount is $12,000, then you have to pay taxes on that $ 12,000 and if your total asset is worth more than $40,000 then you have to pay tax on that total $40,000.. I did a short sale on a condo.

CitiMortgage Short Sale Program Paying Borrowers for Short Sales – 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.

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With a short sale, your lender lets you sell your home for less than you owe. After the sale, your mortgage (or a portion of it) is considered paid off by the sale amount. A short sale’s benefits include: Paying off your mortgage for less than what you currently owe; Listing your home at a competitive price so it can sell more quickly

So the five largest mortgage servicers involved Bank of America, Wells Fargo, JPMorgan Chase, Citimortgage and Ally. billion in obligations for working with borrowers on modifications, refinancing,