CitiFinancial 2nd Mortgage

[Clifton Jones]

We have a property that has both a 1st and 2nd mortgage on it. We have offered $32,025 on the property, with the 1st receiving $29,275 and the 2nd getting $2,750.

The 1st mortgage is with American General Finance and we have received an Acceptance Letter. The amount due to American General was $120,000, but they accepted our offer to settle in full.

The 2nd mortgage is with CitiFinancial and the their loan was for $11,198. This loan is now in their Recovery Dept and they are demanding $4,000 at close before they will release the lien. The negotiators' manager will not call us or talk to us on the reasons behind this number. CitiFinancial did have a BPO done on the property, but the ARV is only $55,000.

We are unwilling to offer them another $1,250 and American General is not willing to take a bigger loss, so is there anybody out there that can provide some guidance on how to get them off the fence and settle?

The negotiator with CitiFinancial has been extremely rude and confrontational, which does not go well when dealing with my Type A personality, so dealing with the negotiator is now pretty much out of the equation. I have attempted to speak with her boss, but he refuses to answer his phone or call me back.

I have gotten to the point where I told them I was going to the media and my Congressman and Senator (because the govt owns approx 35% of CitiGroup, based on bailing their *** out.) I am trying to get a number to the CitiFinancial Public Relations/Media Relations dept to get help there.

If anybody can recommend any other way to get them to accept the short sale, it would be greatly appreciated.