Short Sale Citibank

Please define Short Sale of Citibank I have been searching the answer of this question from a long time but I am not getting it so please help me

A short sale is when your mortgage servicer agrees to allow you to sell your house for less than what you owe on your mortgage loan.

If approved, your mortgage servicer will agree to accept the sales amount and consider your mortgage (or a portion of it) paid off – even though this amount is less than what you owe on your loan.

Benefits of a short sale 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.

Avoiding foreclosure.

Here are some general eligibility criteria for a short sale

Your mortgage is "underwater" or "upside down", meaning you owe more than your home is worth.

You're experiencing a long-term hardship.

You're considering leaving your home.

Next steps

Contact your mortgage servicer to see if you're eligible for a short sale.

Having the following information ready can help speed up the process:

Your mortgage statement and other loan information such as monthly payments and balances of second mortgages, cars or student loans.

Copies of your 2 most recent pay stubs showing your year-to-date earnings.

Your most recent quarterly or year-to-date profit/loss statement, if you're self-employed or an independent contractor.

Most recent personal checking, savings, money market, mutual funds, stock and bond statements

Most recent tax returns.

Contact Detail

Citibank Client Services
Citi Inquiries: 100 Citibank Drive, San Antonio, TX 78245

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