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9514BERTRAM · 01-07-2009, 01:56 AM

I would like to thank the efforts of the mods and other contributors for making this forum happen. It has been a one stop educational forum for me.

Please allow me to explain my situation.

My current plight is I have a property in San Antonio, TX which is currently on an ARM from citi residential and a fixed from litton loan.

Let me give the background:

In May 2005 my company I worked with in Baltimore, MD closed down. At that time I accepted a job in San Antonio, TX. My home in MD rented almost immediately so there was no real reason to sell. Having gotten in when prices were very low and appreciation I was at a very good position with that property.

Part of my relocation package to San Antonio included paying my closing costs should I purchase a home. Eventually I found a home but I also found that Texas Mortgages weren't so easily attained. At the time a banking specialist from Wachovia directed me to First Source Reality. From the minute I sent in my application they made everything seemless. At the time they explained the 80/20 loan to me, but the side conversation included just refinance after 1-2 years so it didn't seem like an issue of concern. I purchased this property in July 2005 for $245k.

Well a year later life took an extreme turn for me first my grandmother became diagnosed with cancer back home in NJ and secondly my fiancee in a doctoral program was threatening to leave me because of the distance. In Aug 2006 I put the home up for sale by owner. Sept 2006 I started having severe anxiety attacks which in turn put me on disability for several months. While working out my health issues I was eventually able to interview for jobs back in the MD area. In the first quarter of 2007 I was able to resign and relocate myself back to MD to start a new job. However my house in San Antonio never sold. I contacted a reality company that does property management and was able to rent the home for $1950 ( $1755 after commission) which was enough to cover my 1st mortgage with citiresidential. I have been paying my 2nd mortgage out of pocket since I moved.

I tried to refi in mid 2008 only to find out that the home had substantially depreciated in the 18 month timeframe which I had it last appraised at $272k ( Sept 2006) to $245k ( May 2008).

The ARM adjusted in Sept 2008 and I now supplement this property an extra $1000.00 a month. Forseeing that the ARM adjusted was going to be financially stressful I moved out of a condo that I was renting to occupy a room inside of my families assisted living home. Currently I don't have the income to support myself in an independant living situation, however when I called citi residential about a loan mod they commented that I didn't meet the requirements. This mortgage is set to adjust again in March I know they say the first increase is the biggest but another increase may mean not allowing my tenants to renew in April and just walking away. I can probably make a small increase in the rent but not enough to offset my out of pocket every month.

Is there any advice that anyone can offer? Should I be talking with Litton Loan as well as Citi Residential? I can't afford to sell the property, when I signed the property over to a management group I also signed an agreement to broker contract, so I am locked into paying them commission. I am kind of stumped with this whole situation in San Antonio. And as of July 2009 my house in Baltimore will be vacant for me to move back in but if Texas is still bleeding me I will not be able to do so. Hopefully I can find another tenant or even extend the lease of the current tenants.

01-07-2009, 01:56 AM	#1 (permalink)
9514BERTRAM Junior Member Join Date: Sep 2008 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Citiresidential Loan Mod San Antonio I would like to thank the efforts of the mods and other contributors for making this forum happen. It has been a one stop educational forum for me. Please allow me to explain my situation. My current plight is I have a property in San Antonio, TX which is currently on an ARM from citi residential and a fixed from litton loan. Let me give the background: In May 2005 my company I worked with in Baltimore, MD closed down. At that time I accepted a job in San Antonio, TX. My home in MD rented almost immediately so there was no real reason to sell. Having gotten in when prices were very low and appreciation I was at a very good position with that property. Part of my relocation package to San Antonio included paying my closing costs should I purchase a home. Eventually I found a home but I also found that Texas Mortgages weren't so easily attained. At the time a banking specialist from Wachovia directed me to First Source Reality. From the minute I sent in my application they made everything seemless. At the time they explained the 80/20 loan to me, but the side conversation included just refinance after 1-2 years so it didn't seem like an issue of concern. I purchased this property in July 2005 for $245k. Well a year later life took an extreme turn for me first my grandmother became diagnosed with cancer back home in NJ and secondly my fiancee in a doctoral program was threatening to leave me because of the distance. In Aug 2006 I put the home up for sale by owner. Sept 2006 I started having severe anxiety attacks which in turn put me on disability for several months. While working out my health issues I was eventually able to interview for jobs back in the MD area. In the first quarter of 2007 I was able to resign and relocate myself back to MD to start a new job. However my house in San Antonio never sold. I contacted a reality company that does property management and was able to rent the home for $1950 ( $1755 after commission) which was enough to cover my 1st mortgage with citiresidential. I have been paying my 2nd mortgage out of pocket since I moved. I tried to refi in mid 2008 only to find out that the home had substantially depreciated in the 18 month timeframe which I had it last appraised at $272k ( Sept 2006) to $245k ( May 2008). The ARM adjusted in Sept 2008 and I now supplement this property an extra $1000.00 a month. Forseeing that the ARM adjusted was going to be financially stressful I moved out of a condo that I was renting to occupy a room inside of my families assisted living home. Currently I don't have the income to support myself in an independant living situation, however when I called citi residential about a loan mod they commented that I didn't meet the requirements. This mortgage is set to adjust again in March I know they say the first increase is the biggest but another increase may mean not allowing my tenants to renew in April and just walking away. I can probably make a small increase in the rent but not enough to offset my out of pocket every month. Is there any advice that anyone can offer? Should I be talking with Litton Loan as well as Citi Residential? I can't afford to sell the property, when I signed the property over to a management group I also signed an agreement to broker contract, so I am locked into paying them commission. I am kind of stumped with this whole situation in San Antonio. And as of July 2009 my house in Baltimore will be vacant for me to move back in but if Texas is still bleeding me I will not be able to do so. Hopefully I can find another tenant or even extend the lease of the current tenants.