This week’s Preforeclosure “Tip of the Week” is about the latest methods and actions that second mortgages are taking to try and recover their debt. We also go over where CitiBank is sending their defaulted HELOC’s and more. For more Preforeclosure related videos visit www.ShortSaleDailyNews.com or www.PreforeclosureDailyGrind.com.

2 Responses to “Latest Methods Second Mortgages Take to Recover Their Debt!”

1. Virgil Horner says:

   September 28, 2009 at 9:37 am

   Bob & Chris,

   I’m dealing with CitiFinancial on 2 different short sales, both are 2nd position HELOC’s (not sure if this is the same as CitiBank), but everything is channeled through the local branch, and we’ve had to deal personally with the Branch Manager.

   She is making things extremely difficult. We have approval from the 1st on one of the short sales, and we offered her 10% of her balance (about 2k on 20k). She essentially laughed at us and told us she needed 10k for this?? She said that for 2nd position loans it’s actually better for them to let the 1st foreclose and then they could 1099 the homeowner for the loss and go after him with a judgement. The homeowner is actually current on his payments to CitiFinancial. She tears apart any suggestion that the 1st will “allow” them 10%, stating that she doesn’t have to do anything.

   This Branch Manager has also been very difficult to work with, she’s made it clear that she doesn’t like working with us. We’re up against it on our timeline with the 1st, any ideas or experience with CitiFinancial??

   Thanks,

   Virgil Horner

   Reply
2. Maria says:

   October 8, 2009 at 1:27 pm

   Virgil,
   I had a short sale with BoA as second (Heloc) and the h.o. was current with the payments. BoA was making ALL kinds of objections when we submitted two different offers. We lost both buyers and now that the h.o. stopped paying the Heloc (about 20K too) BoA is willing to talk.

   Reply