I've been holding off on writing this. I even started a week ago and deleted it. But now I have "had it"- with Citifinancial and Nordon Collection Services (NCS), that is. The story has gone on for a few months. Citi is the junior lien holder on a Crestview, Florida home for sale. The property is a "short sale" and Countrywide/Bank of America is the senior lien holder.
Several months ago, Citi sent their $40,000 equity loan to NCS for collections. (By the way, try not to let your short sale sellers let a junior lien go to collections.) When we obtained a fair-market offer on the home about two months ago, NCS said they wanted $6750 to release the lien. I did not get an official "approval letter", just an email in lower case, partial sentences. I told the NCS rep, Lonny McMurdy, that I would relay the request to Countrywide and get back to him. Two months later, Countrywide issued an approval letter for their standard amount to the second, offering $3000 to the Citi.
I called Lonny back at NCS and relayed we had approval, and they were being offered $3000. Lonny was not nice. He said "Didn't we go over this two months ago? Why are we repeating this conversation? What is it that you don't understand?" I gently tried to interrupt what was becoming a raised-voice tirade, with "Sir, excuse me, sir, excuse me, sir, sir, sir, Excuse me, sir". When he finally stopped talking, I said, "Can we be polite here?" He then immediately hung up on me! I am serious.
So, being the ever solution-oriented Broker that I am, I called Citi. I relayed the outlandish behavior of their collection agency, and was told they would "take care of it". I was instructed to fax the approval and package directly to Citi. Now, after another week of phone loops, thirty minutes a day, lost letters of authorization, changed extensions, and more, Citi says they cannot help on the file. They are assigning it to a different collection agency. I have until June 5 to close, or Countrywide's approval will expire.
Wish me luck!
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Short Sales & Pre Foreclosure Help.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
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I wish you luck-I too am in the middle of a short-sale and seem to be getting nowhere. It is upsetting I hope my buyers hand on.
Pat - Thanks, and same to you!!
I am not surprised by your experience. It is amazing how rude these people can be. I understand that they have a difficult job but the behavior I am finding dealing with these short sales is making me want to avoid any and all listings that say: subject to 3rd party approval.
Wanda - I even told myself, since he was not a pleasant fellow two months ago, "OK, he got over his personal problem, he is kind and nice." I sent out all my positive vibes, and got one of the most evil diatribes back. It was alarming. I find most of the people I deal with generally are nice.... This is a tough one.
I have had the same issue with NSC -- they went so far to tell the Barrow to give them a credit card number and they would "bill" the difference
I was like what if they had money they would give it up and we are a week away from auction so you will lose everything if we dont work this out .. they said they would still "hunt" down the barrow and make sure they pay of else.
Someone has got to shut these fokes down
We had a nutsy second on one....how about finding the money from every possible source...you are sooo close...don't have to do the WHOLE amount but the buyer does a squidge...our seller even found a little and we chipped in....and everyone lived happily ever after !
Eric - The man was one of the rudest people I ever spoke with. I was horrified and certainly amazed. They are now going to ruin someone's life!
Sally & David - I wish I could even get someone to talk to at Citi!!! I have spent the last week on the phone 30 minutes a day, not authorized, wrong extension, no one can help me!! Grrrrrr
I can feel your frustration Wendy and I hope Citi works something out with you.
Erik - I am sure I'll be back on the phone for 30 minutes to Citi again today. They are one of the WORST with the phones. Thanks for your support.
What a mess Wendy. I heard that the collection agencies are nightmares too. Hang in there.
Mike - From bad to worse! Thanks for the support :)
Hi Satar - This loan is owned by Citi, and they did recall the loan. They said they will help me directly now, but I doubt in time. They have the worst phone system/response time! I will definitely check out that website. Thanks for the link!
Wendy: I had one like this last year. Litton was the Sr lein holder. I actually had to get them to notify the Jr lein hold ( was their note first ) to help get this deal closed. I posted on this one 9/22/08 Finally got my shor sale closed
Roland - Exasperating not talking to rational people. Congrats on yours! I finally got an approval by Citi recovery! (A miracle)