• Short Sale Disclosures

    Important Notice Regarding a Short Sale
    Not all homeowners qualify for a short sale  

    We have not yet determined if you are eligible for a Short Sale. The completed application, including all applicable documentation, will be used to evaluate whether you are eligible for a Short Sale; however, CIT Bank Residential Servicing is not obligated to offer a Short Sale or any other foreclosure alternative assistance based solely on the representations and information included in the application. We reserve the right to verify the information submitted and request other information and/or documentation required to fully evaluate eligibility. CIT Bank Residential Servicing follows the Short Sale and foreclosure alternative guidelines permitted by the investor and/or insurers and state regulation to determine eligibility for a Short Sale or foreclosure alternative to the extent permitted under our contractual agreements with the investors who own the loans we service. 

    Credit Reporting on a Short Sale

    If the borrower participates in a Short Sale program, and if the Short Sale is finalized, then OneWest Bank Mortgage Servicing will follow standard industry practice and report to the major independent credit reporting agencies that the mortgage was Paid or Closed/Zero Balance or Account Paid in Full/a Foreclosure Was Started as applicable. We have no control over the impact of this report on the borrower's credit score and are not responsible for any negative consequences as a result of such reporting. To learn more about the potential impact of a Short Sale on a borrower's credit, please go to http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre24.shtm

    Potential Tax Consequences of a Short Sale.

    A Short Sale payoff of the mortgage may have tax consequences. Borrowers are advised to contact a tax professional to determine the extent of such tax liability, if any. Not all Short Sale transactions are eligible for debt forgiveness. We will determine if your transaction is eligible after you apply. 

    Conditions and Requirements for a Short Sale

    In order to complete a Short Sale there are conditions and program requirements that must be met. Not all borrowers will be able to satisfy all program requirements and conditions, in which case a Short Sale will not be consummated. 

    Important Notices Regarding Short Sale Real Estate Transactions

    CIT Bank Residential Servicing is not a party to any listing, or Purchase and Sale agreement associated with a Short Sale transaction. During the Short Sale process, the seller may cancel the Listing Agreement prior to the ending date of the listing period without any advance notice to the broker, and without the payment of any commission or any other consideration, if the property is conveyed to the mortgage insurer or the mortgage holder. Under the terms of a Short Sale purchase contract, the seller's obligation to perform is subject and subordinate to the rights of the mortgage insurer (if any) and the holder of the mortgage.

    Housing Counselor Services

    For help exploring your options, the Federal government provides contact information for housing counselors, which you can access by contacting [the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/mortgagehelp/ the Department of Housing and Urban Development (HUD) at http://www.hud.gov/offices/hsg/sfh/hcc/fc/ or by calling the HUD Housing Counselor Directory at 1-800-569-4287 to access a telephone directory of HUD Housing Counselors.