Loan Modification Forum - LoanSafe.org - View Single Post

tbat08 · 12-03-2008, 12:50 PM

Hello,
First of all this is a great site. It gives some hope to some of us that are on the edge or already falling , that there is light at the end of the tunnel.
Now for my situation. We have a 30yr fixed 160k @ 6.375 (not a bad rate). But due to 2 major surgeries in the last yr and no overtime and no bonuses we have gradually been falling behind on everything. As of Dec. 1 we are 3 months behind on our mortgage with Citi. I spoke with Richard Hilderbrandt early last month and he was very pleasant and said they would do their best to help. He sent me the Loan modification request package the next day. I faxed all the docs back to him the next day. Our net monthly income without any of the medical bills in arrears was -150. A week later I got a call from Wendy Welsley I believe in the loss mitigation dept. She had a proposal for us. Unfortunately, of the 3 scenarios suggested only was reduced our monthly payment by $60, and they all required a large down payment (more than 1 months payment). There were no rate reductions, and only 1 term change to 40yrs. But the other 2 suggestions rolled my at that time 2 months behind payments over the next year. So my payment would have actually increased considerably. Wendy was very nice and informed me that Freddie Mac owns my loan and Citi just services it. So many of the mods I have seen hear on loan safe that were very good, were on Citi owned loans. I asked her about the latest announcements from Freddie and Fannie about an new plan scheduled to begin Dec. 15. She did not have any details and suggested that I wait until the first week of December to call her back and see if any new options were available. I left her a voicemail yesterday and have not heard back yet. So my question is has anyone with a Freddie Mac owned loan been successful with a loan mod that actually helped? I am hoping to get something similar to what I have seen here on LS. Maybe a rate reduction for a year or 2 with a gradual increase back to my original . And also tack the 3 months behind on the back of the loan. From what I have read I am at the mercy of Citi when it comes to negotiating my mod with FM? Should I try to contact FM? Any help would be greatly appreciated. Each day that goes by it gets scarier when I think about how we are going to get caught up without losing our home.

Thanks

12-03-2008, 12:50 PM	#1 (permalink)
tbat08 Junior Member Join Date: Dec 2008 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Citimortgage (Freddie Mac) loan mod? Hello, First of all this is a great site. It gives some hope to some of us that are on the edge or already falling , that there is light at the end of the tunnel. Now for my situation. We have a 30yr fixed 160k @ 6.375 (not a bad rate). But due to 2 major surgeries in the last yr and no overtime and no bonuses we have gradually been falling behind on everything. As of Dec. 1 we are 3 months behind on our mortgage with Citi. I spoke with Richard Hilderbrandt early last month and he was very pleasant and said they would do their best to help. He sent me the Loan modification request package the next day. I faxed all the docs back to him the next day. Our net monthly income without any of the medical bills in arrears was -150. A week later I got a call from Wendy Welsley I believe in the loss mitigation dept. She had a proposal for us. Unfortunately, of the 3 scenarios suggested only was reduced our monthly payment by $60, and they all required a large down payment (more than 1 months payment). There were no rate reductions, and only 1 term change to 40yrs. But the other 2 suggestions rolled my at that time 2 months behind payments over the next year. So my payment would have actually increased considerably. Wendy was very nice and informed me that Freddie Mac owns my loan and Citi just services it. So many of the mods I have seen hear on loan safe that were very good, were on Citi owned loans. I asked her about the latest announcements from Freddie and Fannie about an new plan scheduled to begin Dec. 15. She did not have any details and suggested that I wait until the first week of December to call her back and see if any new options were available. I left her a voicemail yesterday and have not heard back yet. So my question is has anyone with a Freddie Mac owned loan been successful with a loan mod that actually helped? I am hoping to get something similar to what I have seen here on LS. Maybe a rate reduction for a year or 2 with a gradual increase back to my original . And also tack the 3 months behind on the back of the loan. From what I have read I am at the mercy of Citi when it comes to negotiating my mod with FM? Should I try to contact FM? Any help would be greatly appreciated. Each day that goes by it gets scarier when I think about how we are going to get caught up without losing our home. Thanks