Legal Question in Real Estate Law in California

Citibank granted me a short sale for my property in Nov.2016. Their letter told me that they would give me more documents.

I never received anything from them except Citi changed the specialist for me again. The new specialist assigned on 1/12/2017.

I suddenly got a note posted on my gate at Chinese New Year eve 1/27/2017 with a trustee sale date of 2/28/2017. My understanding is the short sale means bank allows me to sell the house less than the balance due. Why put on Trustee sale?


Asked on 1/31/17, 9:40 am

1 Answer from Attorneys

For whatever reason someone has dropped the ball on your short sale. As far as the bank is concerned you have not proceeded with a short sale and so they are going forward with the foreclosure. Whether that is your fault or their's cannot be determined from your question. If you really want to do a short sale, you should take whatever documents and letters you have received to an attorney for review. However, you should realize that a short sale rarely has any benefit to the borrower/seller. Fair Isaacs, the company that owns the proprietary algorithms that all the credit reporting agencies license to come up with their scores, has long been on record that their formulas score a foreclosure and a short sale EXACTLY the same. So the only ones to benefit from a short sale are the bank and the real estate agents who do the sale. So you may not want to waste money on a lawyer.

Read more
Answered on 1/31/17, 6:43 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in California