Has anyone rec'd papers for the mod? I made my first trial payment... - Loan Modification Forum

Ragtopgal · 06-19-2009, 09:39 PM

I apologize up front if this has been discussed in a thread; so many to search through. I was verbally accepted for the Mortgage Assistance Program on May 11th and was told something about $899. I would receive papers within 10 days. To date, I have not received anything in that regard. So, I inquired on May 29^th about where the papers were and instead was explained the plan in more detail and that my payment would not be reduced by $899., it was $899. (from $2,500) and my interest rate was 2%. I lost a lot of income and am within the 31% requirement and the shortage is just hitting me now. Perfect timing for this plan! I’m even facing layoff or further reduction; I’m in CA. Next, I was told there would be three trial payments of $899. and the first one must be made within 30 days of acceptance or I would lose my one chance at the plan and each 30 days thereafter; yet then I was to get something in writing also that was a new agreement(?) once I proved I made the 3 trial payments; is this what you have heard? Thank goodness I called again I thought! So I made the 1st trial payment on June 2^nd via a check over the phone, in which I did get a western union confirmation of payment in the mail. My present loan was a fast tracking 20 year loan, now I have no idea what it is or how it’s to be structured, except for the interest rate of 2% for 5 years, increasing 1% each year to a cap in the 5% area and I guess a 40-year loan? I am also upside down but I figure, where can I rent a house like mine for 900/month? Can’t. My question: Has anyone received paperwork/confirmation? If so, how long did it take, since it is now 5 weeks+ for me. When I last called on June 2^nd, the representative told me, I could pay either payment – but suggested I do the trial payment; she also indicated that Citimortgage was awaiting signature from the government on their participation (or that they complied with everything) and until that is secured, no letters/paperwork will go out to anyone. She further informed me “A” might not talk to “B” and that I could be called by a different part of Citimortgage as being late for June; and this did happen on June 17th. They asked for my full payment and late charge. I explained I was part of the Homeowner Assistance Plan, and made my 1^st trial payment and they noted this but why do I have to tell them; they should know this. I have never been late however. Since I can’t make the $2,500 payment anymore, I have to take the chance. My fear is that I could continue with 2 more trial payments and still not hear a word. Yes, my “screen” at CM shows I’m accepted in the program and all the terms of it with the “HAT” or Homeowners Assistance Team, but I want some kind of documentation – it scares me that I could keep going this route and foreclosure be threatened maybe?; what is my proof I’m accepted? I plan to call Citimortgage on July 1 and make my 2^nd trial payment and get an update. If you can elaborate more on this plan or update me with your experience, please do! I hope I am a help to someone who has more questions than I have.ffice

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giari3 · 06-21-2009, 12:03 AM

Ragtopgal: Hello, I think the majority of us are waiting for the same thing the loan doc's. They tell us we've been pre-approved or give us payment amounts but, I think it is not official until it is received, signed, sealed and delivered!! I am sure that once they start sending the paper work out, we will start reading the threads about this! My experience you can read under Citimortgage My Story giari3! Good luck to you!!

Ragtopgal · 06-21-2009, 08:07 AM

Thanks for the response, but not sure I am in the same frame as you as I read many threads about hardship programs and different modifications or regular mods'.
I guess I'll clarify and see if its makes any difference to anyone. I have received nothing in the mail. I have received no information to fax in any papers, paystubs, tax returns; I have a conventional (not Fannie Mae or any "Mae" loan) 20 year loan. I am not behind. But.... my financial situation is drastically changing and income cut in 1/2. I was given a phone interview (twice) and qualified for Obama's 31% plan. I was given the trial 899 payment and told to make it within 30 days of being accepted on May 11. So that is done. My next payment will be made on July 1. I am concerned because other than talking to the HAT team who takes my payment and yes, gives me varying information that I have read on this site too, I have nothing to protect myself from being considered late or worse. Is anyone in my situation, where you have been approved, sent in the trial payment and still get no paperwork. Should I call the other number I read on here "executive" 1-866-255-3901 and clarify with them or is this for a regular loan modication or a Fannie Mae, or a different hardship type loan?. I figure I could try but this forum has much wisdom, yet I am almost more down after thinking, why am I not getting an opportunity to even send in my "proof" that I need this assistance. I have been told by the HAT team that I only need 2 pay stubs (2 months) and last years tax return. Thanks if you can further shed light on this for me.

aaa123 · 06-21-2009, 11:27 AM

Ragtopgal: I am in the same boat as you, I call Citimortgage last week to pay for the 2nd trial payment. And been told that paperwork will takes 45 to 60 days, since I was approved on 5/8, I should be received document in next 2-3 weeks. I did fax the tax return and current paystub to Citimortgage per they request and they said they didn't received it. Citimortgage said it doesn't matter because once I received document, i have to sign and return alongs with the tax return and current paystub.....I will adv once docs have been received.

fireflyer · 06-21-2009, 11:57 AM

I have had a similar experience, but with US Bank. They have told me I am approved, but have never sent me any documentation nor even specified a payment amount. First said they would send me paperwork in a couple weekes, then sent a letter saying it would be 45 days. Now it is 2 weeks after the 45 days ended. At the end of that time I called a third time and they said it was still in the works, they didn't know what step, but it was being handled somewhere. They didn't have a timeframe, just kept saying they were backlogged, and telling me I couldn't go to anyone else for help. Meanwhile I don't know if ANYTHING is truly being done and I haven't seen any paperwork or been asked to submit any documentation...

It was all verbal, and it's unsettling.

And there is nobody governing all this, so the banks can basically get away with anything.

ls2ls · 06-22-2009, 12:56 PM

Ragtopgal,

How much of the $2500 of your original payment were taxes and insurance and what is your mortgage amount and current interest rate?

Ragtopgal · 06-22-2009, 04:14 PM

The taxes and insurance is about 350/month
20 year loan at 5.375%, balance 312K
Income now cut in half, and will get worse starting in August, the University of CA is cutting us more at least another 8%.

agutter17 · 06-23-2009, 06:30 AM

I received paper work last week a certified letter was sent through UPS! It was a huge packet and they request paper work over again. I was accepted into the progam mid May and already made one payment as well.

aaa123 · 06-23-2009, 08:39 AM

Agutter 17: That's a good news, I think you are the first one to received docs from Citimortgage in this thread. Do you mind to share with us what paperwork they want? Is it only 2 recent paystub and tax return? Do they need bank and credit card statement, utilities bills etc....? Did they notify you before they send out the packet? Since i was approved on 5/8 and has paid two month trail period, but I still haven't received anything from Citimortgage. Thank you for sharing.

abcxyz · 06-23-2009, 10:50 AM

Quote:

Originally Posted by agutter17

I received paper work last week a certified letter was sent through UPS! It was a huge packet and they request paper work over again. I was accepted into the progam mid May and already made one payment as well.

agutter17,
Is your loan with Citi? What kind of documentation did they ask you for (pay stubs, tax return, property tax statements, bank statements...etc?)

Ragtopgal · 06-23-2009, 11:19 AM

AGUTTER17, thanks for the response (and others too). This sounds positive. I'm with the other few inquiring, what kind of paperwork on your end do you need to send in, and was your loan a regular conventional Citimortgage loan? Because I have read others have gotten papers, but with different terms/loans they are modifying. I'm about to make my 2nd trial payment in 8 days and it would be good to be able to talk with the HAT team to see what they say about this -- again....and know that papers really are going out!

maggieb · 06-23-2009, 11:32 AM

Does any one know if Citimortgage is giving modifications for V.A loans or Just FHA? I filled out the Obama modification form and never received a responce from them either

Moe Bedard · 06-23-2009, 01:06 PM

maggieb,

Welcome to the forum and thank you for joining.................

VA and FHA have their own set of modification guidelines aside from the Making Home Affordable program which does not include government insured loans.

Try contacting Citi to see what the options are for your VA loan for a modification
1-866-255-3901

ls2ls · 06-23-2009, 02:32 PM

Quote:

Originally Posted by Ragtopgal

The taxes and insurance is about 350/month
20 year loan at 5.375%, balance 312K
Income now cut in half, and will get worse starting in August, the University of CA is cutting us more at least another 8%.

Ragtopgal,

Did you ask them if the $350 (your taxes and insurance) is included in the $899 or is it in addition to the $899 ?

And what is the $899 based on? Is it 31% of your gross income?

If the $350 (taxes and insurance) is included in the $899/mo payment, then the numbers don't add up under the HAM Program, because in that case, the target 31% housing DTI ratio can not be achieved by lowering your rate to 2% and extending the loan term to 40 years without principal forbearance.
If you got principal forbearance, there will be a baloon payment when you sell your home or refinance it in the future.
So make sure to look over the paperwork carefully to see what exactly they are offering you.

Of course, they may be offering you a mod outside the HAMP guidelines but you need to know exactly what you are getting.

.

Ragtopgal · 06-23-2009, 03:49 PM

Wow, I’d like to be able to intelligently respond, but I’m somewhat in the dark. Talking to 3 different people on the Homeowners Assistance Team, my loan is suppose to include taxes and insurance. Yet I myself ask how is this possible? My fear is one which you mention, principal forbearance; balloon payment; yet for one, I’m not behind on payments (except the difference between the trial pmt and my real pmt). This is one of the reasons why I sincerely want some kind of paperwork, to examine it, however it appeared to me, through one of the agents explanations, that I must make 3 trial payments before any actual agreement paperwork arrives which “proves” I can make the trial payments and thus this trial payment becomes my permanent payment for 5 years and is part of the agreement. I'm waiting (I guess) to receive/send paperwork to actually qualify other than phone qualification, paystubs, tax returns, etc.?? so when does that come? And, the reason I would qualify for this 31% plan is simply my take home pay is now only $2900. All other income I lost. My house payment was $2500. All I can say is after I listed all my expenses, I was obviously unable to continue to make the $2500 payment, and they came up with the $899. I wish I knew about what I’m doing!

maggieb · 06-23-2009, 07:42 PM

I was retired from the military with a 60 day notice. I was injured during training and was no longer able to deploy. So they told me I had 60 days to get out. Then IKE hit Texas, so job hunting was stopped,we were with out power for over 2 weeks.
I spoke to Citi Mortgage several times, they told me the only thing they could do was put me on half payments but I would have to pay a balloon payment at the end. Now I talk to Citimortgage and they say, I am not on the payment reduction plan. But I have forms they sent me. But there is no way yet I can pay a Balloon payment, Still can't get a job. My age and my disability keep me unemployed. They say they don't discriminate, but they do. And I can understand it basically.

The fact that I am a disabled Veteran with a V.A loan seems to hurt me.
I filed for V.A compensation in Sept. 08, still no decision yet. I have now started school thur V.A Voc Rehab, to get better skills to help me find work, but it doesn't help a whole lot to pay the bills. They will pay me for summer sesson class but no one can tell me how much it is. Low retirement , 60% less than what I made active duty. Really sucks

ls2ls · 06-23-2009, 09:23 PM

Ragtopgal,

When you say "take home pay", do you mean your gross pay or net pay (after tax and other deductions)?

Also, did you find out from CitiMortgage rep who owns your loan? What do you think your home is worth today and what was the purchase price?

.

restless · 06-23-2009, 10:08 PM

I received my packet yesterday for the trial period. I have to fill out a few more papers and include my first payment and then overnight it back.

ls2ls · 06-23-2009, 11:09 PM

Quote:

Originally Posted by restless

I received my packet yesterday for the trial period. I have to fill out a few more papers and include my first payment and then overnight it back.

Under which plan and what was in the packet?
What have you sent already and what additional paperwork are they still asking for?

.

agutter17 · 06-24-2009, 05:43 AM

I had a conventional loan with citi as the backer. The paper work has forms to fill out that will go to the making home affordable plan. My payment was actually a little less than the one they quoted me over the phone, but they said that was an estimate. It also says I still may not qualify after the trial period is over.

I had to sign two copies of the plan, then citi signs it and it is what the send in to get thier money from the obama plan. The other things to send again were: the next payment, Hardship affidavit, 4506-T, paystubs, tax information on my house, proof of insurance, proof of residancy, and 2008 tax forms.

My second payment would of been due on July 2. I talked to someone in early June and they said my apprasal was done and it would still be 30-45 so I was very surprised I got my paperwork on June 16. I still have that it seems to good to be true feeling. This will save my house if it goes through.

Ragtopgal · 06-24-2009, 08:46 AM

TO: ls2ls: My take home pay is $2900 after all deductions; gross is $4135. My loan was bought by Citimortgage from the broker I went through, when I refinanced it in April 2008 and they have been the only ones I have dealt with since. It was never referred to as Citi was managing it, they were the lender. I bought the house in 2001 for 238K, did alot of modifications and incurred a home equity loan. When I refi'd with Citimortage in 2008, the first and second were combined and thus, now I owe 313K.

To others: I am still not sure why some of you are getting some type of paperwork, while others are on or made their 2nd payment and have received nothing. When I call to make my 2nd payment on July 1st, I will certainly inquire about this, so I can get a better feel for where the process exactly is. I hope whichever HAT member I talk to, can give me clearer directions or explain where the process is for myself.

ls2ls · 06-24-2009, 10:34 AM

Ragtopgal,

That's much better, so thanks for clarifying your gross vs net income because the $2900 (if it were your gross income) would not qualify you for a mod without principal forbearance.

The 31% housing DTI ratio should've been calculated off your gross income and not your net income.

The $4135 gross income is very close to allowing the target rate of 31% to be achieved by simply lowering your interest rate to 2% and extending the term to 40 years.
$4135 x .31= $1281.85, so your 31% DTI target rate (which is your monthly payment after the modification) should be around $1282 and taking away the $350 of taxes and insurance leaves about $932 for principal and interest.
Now, working backwords from your mortgage amount... the PI (principal and interest) payment on a $312,000 mortgage at 2% and 40 year term is about $945. In other words, the minimum payment for PI without reducing your mortgage amount (called principal forbearance) is $945.
When you add to that the $350 of your taxes and insurance, your minimum monthly payments after modification (without principal forbearance) should be around $1295 ($945+$350)

In other words, you're $13 short (945-932 or 1295-1282=13) from the 31% target rate. Your actual gross income would have to be about $4178 to meet this target.

Since the differences are so small (requiring only about $4,000 in principal reduction or slightly higher gross income), I doubt it would disqualify you from getting the mod.
But I think you should call CitiMortgage as soon as you can and make sure they understand that your gross income is NOT the $2900 on which they seemed to have based the $899 trial payments.

Ragtopgal · 06-24-2009, 11:28 AM

ls2ls: Wow, you obviously know what your talking about; it's disturbing to think my calculation is wrong based on what I said, since I'm a straight up honest person who wouldn't try and trick Citi by saying my gross was $2900. But if they misunderstood, I need to be caught up and the payment restructured, which would be an OK payment as you described. I guess this means, trying to call them again and go over this stuff. But now I have to. How about child support, this included in income? Once in awhile I get 125-250/month arrearage sent to me. I didn't include this in the original income quote since its sporadic, but if needed, as you seem to imply, I could include it. I can't hide anything, my paystub tells it all and I need this revisited, so will call, thanks.

ls2ls · 06-24-2009, 12:37 PM

Quote:

Originally Posted by Ragtopgal

ls2ls: Wow, you obviously know what your talking about; it's disturbing to think my calculation is wrong based on what I said, since I'm a straight up honest person who wouldn't try and trick Citi by saying my gross was $2900. But if they misunderstood, I need to be caught up and the payment restructured, which would be an OK payment as you described. I guess this means, trying to call them again and go over this stuff. But now I have to. How about child support, this included in income? Once in awhile I get 125-250/month arrearage sent to me. I didn't include this in the original income quote since its sporadic, but if needed, as you seem to imply, I could include it. I can't hide anything, my paystub tells it all and I need this revisited, so will call, thanks.

Child support and alimony don't have to be included unless you choose to include them.
The reasons why someone would want other income (like child support) to be included, is if there is not enough regular income to qualify for a mod.
By including the $125 in your gross income, it brings it to $4260 which now qualifies you without any principal forbearance and the montly payment after mod will only be about $25 higher than my calculations above.

.

2AngelsMommy · 06-24-2009, 01:53 PM

So in the packet, do we have to re-submit everything? Do we need to refill out all our expenses again or just mail in the pay stubs, tax return etc.? Thank you.

06-19-2009, 09:39 PM	#1 (permalink)
Ragtopgal Senior Member Join Date: Jun 2009 Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Has anyone rec'd papers for the mod? I made my first trial payment... I apologize up front if this has been discussed in a thread; so many to search through. I was verbally accepted for the Mortgage Assistance Program on May 11th and was told something about $899. I would receive papers within 10 days. To date, I have not received anything in that regard. So, I inquired on May 29^th about where the papers were and instead was explained the plan in more detail and that my payment would not be reduced by $899., it was $899. (from $2,500) and my interest rate was 2%. I lost a lot of income and am within the 31% requirement and the shortage is just hitting me now. Perfect timing for this plan! I’m even facing layoff or further reduction; I’m in CA. Next, I was told there would be three trial payments of $899. and the first one must be made within 30 days of acceptance or I would lose my one chance at the plan and each 30 days thereafter; yet then I was to get something in writing also that was a new agreement(?) once I proved I made the 3 trial payments; is this what you have heard? Thank goodness I called again I thought! So I made the 1st trial payment on June 2^nd via a check over the phone, in which I did get a western union confirmation of payment in the mail. My present loan was a fast tracking 20 year loan, now I have no idea what it is or how it’s to be structured, except for the interest rate of 2% for 5 years, increasing 1% each year to a cap in the 5% area and I guess a 40-year loan? I am also upside down but I figure, where can I rent a house like mine for 900/month? Can’t. My question: Has anyone received paperwork/confirmation? If so, how long did it take, since it is now 5 weeks+ for me. When I last called on June 2^nd, the representative told me, I could pay either payment – but suggested I do the trial payment; she also indicated that Citimortgage was awaiting signature from the government on their participation (or that they complied with everything) and until that is secured, no letters/paperwork will go out to anyone. She further informed me “A” might not talk to “B” and that I could be called by a different part of Citimortgage as being late for June; and this did happen on June 17th. They asked for my full payment and late charge. I explained I was part of the Homeowner Assistance Plan, and made my 1^st trial payment and they noted this but why do I have to tell them; they should know this. I have never been late however. Since I can’t make the $2,500 payment anymore, I have to take the chance. My fear is that I could continue with 2 more trial payments and still not hear a word. Yes, my “screen” at CM shows I’m accepted in the program and all the terms of it with the “HAT” or Homeowners Assistance Team, but I want some kind of documentation – it scares me that I could keep going this route and foreclosure be threatened maybe?; what is my proof I’m accepted? I plan to call Citimortgage on July 1 and make my 2^nd trial payment and get an update. If you can elaborate more on this plan or update me with your experience, please do! I hope I am a help to someone who has more questions than I have.fficeffice" />>>

06-21-2009, 12:03 AM	#2 (permalink)
giari3 Senior Member Join Date: Feb 2009 Posts: 79 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... Ragtopgal: Hello, I think the majority of us are waiting for the same thing the loan doc's. They tell us we've been pre-approved or give us payment amounts but, I think it is not official until it is received, signed, sealed and delivered!! I am sure that once they start sending the paper work out, we will start reading the threads about this! My experience you can read under Citimortgage My Story giari3! Good luck to you!!

06-21-2009, 08:07 AM	#3 (permalink)
Ragtopgal Senior Member Join Date: Jun 2009 Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... Thanks for the response, but not sure I am in the same frame as you as I read many threads about hardship programs and different modifications or regular mods'. I guess I'll clarify and see if its makes any difference to anyone. I have received nothing in the mail. I have received no information to fax in any papers, paystubs, tax returns; I have a conventional (not Fannie Mae or any "Mae" loan) 20 year loan. I am not behind. But.... my financial situation is drastically changing and income cut in 1/2. I was given a phone interview (twice) and qualified for Obama's 31% plan. I was given the trial 899 payment and told to make it within 30 days of being accepted on May 11. So that is done. My next payment will be made on July 1. I am concerned because other than talking to the HAT team who takes my payment and yes, gives me varying information that I have read on this site too, I have nothing to protect myself from being considered late or worse. Is anyone in my situation, where you have been approved, sent in the trial payment and still get no paperwork. Should I call the other number I read on here "executive" 1-866-255-3901 and clarify with them or is this for a regular loan modication or a Fannie Mae, or a different hardship type loan?. I figure I could try but this forum has much wisdom, yet I am almost more down after thinking, why am I not getting an opportunity to even send in my "proof" that I need this assistance. I have been told by the HAT team that I only need 2 pay stubs (2 months) and last years tax return. Thanks if you can further shed light on this for me.

06-21-2009, 11:27 AM	#4 (permalink)
aaa123 Member Join Date: May 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... Ragtopgal: I am in the same boat as you, I call Citimortgage last week to pay for the 2nd trial payment. And been told that paperwork will takes 45 to 60 days, since I was approved on 5/8, I should be received document in next 2-3 weeks. I did fax the tax return and current paystub to Citimortgage per they request and they said they didn't received it. Citimortgage said it doesn't matter because once I received document, i have to sign and return alongs with the tax return and current paystub.....I will adv once docs have been received.

06-21-2009, 11:57 AM	#5 (permalink)
fireflyer Member Join Date: Jun 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... I have had a similar experience, but with US Bank. They have told me I am approved, but have never sent me any documentation nor even specified a payment amount. First said they would send me paperwork in a couple weekes, then sent a letter saying it would be 45 days. Now it is 2 weeks after the 45 days ended. At the end of that time I called a third time and they said it was still in the works, they didn't know what step, but it was being handled somewhere. They didn't have a timeframe, just kept saying they were backlogged, and telling me I couldn't go to anyone else for help. Meanwhile I don't know if ANYTHING is truly being done and I haven't seen any paperwork or been asked to submit any documentation... It was all verbal, and it's unsettling. And there is nobody governing all this, so the banks can basically get away with anything.

06-22-2009, 12:56 PM	#6 (permalink)
ls2ls Banned Join Date: Jan 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... Ragtopgal, How much of the $2500 of your original payment were taxes and insurance and what is your mortgage amount and current interest rate?

06-22-2009, 04:14 PM	#7 (permalink)
Ragtopgal Senior Member Join Date: Jun 2009 Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... The taxes and insurance is about 350/month 20 year loan at 5.375%, balance 312K Income now cut in half, and will get worse starting in August, the University of CA is cutting us more at least another 8%.

06-23-2009, 06:30 AM	#8 (permalink)
agutter17 Member Join Date: May 2009 Posts: 17 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... I received paper work last week a certified letter was sent through UPS! It was a huge packet and they request paper work over again. I was accepted into the progam mid May and already made one payment as well.

06-23-2009, 08:39 AM	#9 (permalink)
aaa123 Member Join Date: May 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... Agutter 17: That's a good news, I think you are the first one to received docs from Citimortgage in this thread. Do you mind to share with us what paperwork they want? Is it only 2 recent paystub and tax return? Do they need bank and credit card statement, utilities bills etc....? Did they notify you before they send out the packet? Since i was approved on 5/8 and has paid two month trail period, but I still haven't received anything from Citimortgage. Thank you for sharing.

06-23-2009, 11:19 AM	#11 (permalink)
Ragtopgal Senior Member Join Date: Jun 2009 Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... AGUTTER17, thanks for the response (and others too). This sounds positive. I'm with the other few inquiring, what kind of paperwork on your end do you need to send in, and was your loan a regular conventional Citimortgage loan? Because I have read others have gotten papers, but with different terms/loans they are modifying. I'm about to make my 2nd trial payment in 8 days and it would be good to be able to talk with the HAT team to see what they say about this -- again....and know that papers really are going out!

06-23-2009, 11:32 AM	#12 (permalink)
maggieb Senior Member Join Date: Jun 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... Does any one know if Citimortgage is giving modifications for V.A loans or Just FHA? I filled out the Obama modification form and never received a responce from them either

06-23-2009, 01:06 PM	#13 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... maggieb, Welcome to the forum and thank you for joining................. VA and FHA have their own set of modification guidelines aside from the Making Home Affordable program which does not include government insured loans. Try contacting Citi to see what the options are for your VA loan for a modification 1-866-255-3901 __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

06-23-2009, 03:49 PM	#15 (permalink)
Ragtopgal Senior Member Join Date: Jun 2009 Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... Wow, I’d like to be able to intelligently respond, but I’m somewhat in the dark. Talking to 3 different people on the Homeowners Assistance Team, my loan is suppose to include taxes and insurance. Yet I myself ask how is this possible? My fear is one which you mention, principal forbearance; balloon payment; yet for one, I’m not behind on payments (except the difference between the trial pmt and my real pmt). This is one of the reasons why I sincerely want some kind of paperwork, to examine it, however it appeared to me, through one of the agents explanations, that I must make 3 trial payments before any actual agreement paperwork arrives which “proves” I can make the trial payments and thus this trial payment becomes my permanent payment for 5 years and is part of the agreement. I'm waiting (I guess) to receive/send paperwork to actually qualify other than phone qualification, paystubs, tax returns, etc.?? so when does that come? And, the reason I would qualify for this 31% plan is simply my take home pay is now only $2900. All other income I lost. My house payment was $2500. All I can say is after I listed all my expenses, I was obviously unable to continue to make the $2500 payment, and they came up with the $899. I wish I knew about what I’m doing!

06-23-2009, 07:42 PM	#16 (permalink)
maggieb Senior Member Join Date: Jun 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... I was retired from the military with a 60 day notice. I was injured during training and was no longer able to deploy. So they told me I had 60 days to get out. Then IKE hit Texas, so job hunting was stopped,we were with out power for over 2 weeks. I spoke to Citi Mortgage several times, they told me the only thing they could do was put me on half payments but I would have to pay a balloon payment at the end. Now I talk to Citimortgage and they say, I am not on the payment reduction plan. But I have forms they sent me. But there is no way yet I can pay a Balloon payment, Still can't get a job. My age and my disability keep me unemployed. They say they don't discriminate, but they do. And I can understand it basically. The fact that I am a disabled Veteran with a V.A loan seems to hurt me. I filed for V.A compensation in Sept. 08, still no decision yet. I have now started school thur V.A Voc Rehab, to get better skills to help me find work, but it doesn't help a whole lot to pay the bills. They will pay me for summer sesson class but no one can tell me how much it is. Low retirement , 60% less than what I made active duty. Really sucks

06-23-2009, 09:23 PM	#17 (permalink)
ls2ls Banned Join Date: Jan 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... Ragtopgal, When you say "take home pay", do you mean your gross pay or net pay (after tax and other deductions)? Also, did you find out from CitiMortgage rep who owns your loan? What do you think your home is worth today and what was the purchase price? .

06-23-2009, 10:08 PM	#18 (permalink)
restless Senior Member Join Date: Apr 2009 Posts: 39 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... I received my packet yesterday for the trial period. I have to fill out a few more papers and include my first payment and then overnight it back.

06-24-2009, 05:43 AM	#20 (permalink)
agutter17 Member Join Date: May 2009 Posts: 17 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... I had a conventional loan with citi as the backer. The paper work has forms to fill out that will go to the making home affordable plan. My payment was actually a little less than the one they quoted me over the phone, but they said that was an estimate. It also says I still may not qualify after the trial period is over. I had to sign two copies of the plan, then citi signs it and it is what the send in to get thier money from the obama plan. The other things to send again were: the next payment, Hardship affidavit, 4506-T, paystubs, tax information on my house, proof of insurance, proof of residancy, and 2008 tax forms. My second payment would of been due on July 2. I talked to someone in early June and they said my apprasal was done and it would still be 30-45 so I was very surprised I got my paperwork on June 16. I still have that it seems to good to be true feeling. This will save my house if it goes through.

06-24-2009, 08:46 AM	#21 (permalink)
Ragtopgal Senior Member Join Date: Jun 2009 Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... TO: ls2ls: My take home pay is $2900 after all deductions; gross is $4135. My loan was bought by Citimortgage from the broker I went through, when I refinanced it in April 2008 and they have been the only ones I have dealt with since. It was never referred to as Citi was managing it, they were the lender. I bought the house in 2001 for 238K, did alot of modifications and incurred a home equity loan. When I refi'd with Citimortage in 2008, the first and second were combined and thus, now I owe 313K. To others: I am still not sure why some of you are getting some type of paperwork, while others are on or made their 2nd payment and have received nothing. When I call to make my 2nd payment on July 1st, I will certainly inquire about this, so I can get a better feel for where the process exactly is. I hope whichever HAT member I talk to, can give me clearer directions or explain where the process is for myself.

06-24-2009, 10:34 AM	#22 (permalink)
ls2ls Banned Join Date: Jan 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... Ragtopgal, That's much better, so thanks for clarifying your gross vs net income because the $2900 (if it were your gross income) would not qualify you for a mod without principal forbearance. The 31% housing DTI ratio should've been calculated off your gross income and not your net income. The $4135 gross income is very close to allowing the target rate of 31% to be achieved by simply lowering your interest rate to 2% and extending the term to 40 years. $4135 x .31= $1281.85, so your 31% DTI target rate (which is your monthly payment after the modification) should be around $1282 and taking away the $350 of taxes and insurance leaves about $932 for principal and interest. Now, working backwords from your mortgage amount... the PI (principal and interest) payment on a $312,000 mortgage at 2% and 40 year term is about $945. In other words, the minimum payment for PI without reducing your mortgage amount (called principal forbearance) is $945. When you add to that the $350 of your taxes and insurance, your minimum monthly payments after modification (without principal forbearance) should be around $1295 ($945+$350) In other words, you're $13 short (945-932 or 1295-1282=13) from the 31% target rate. Your actual gross income would have to be about $4178 to meet this target. Since the differences are so small (requiring only about $4,000 in principal reduction or slightly higher gross income), I doubt it would disqualify you from getting the mod. But I think you should call CitiMortgage as soon as you can and make sure they understand that your gross income is NOT the $2900 on which they seemed to have based the $899 trial payments.

06-24-2009, 11:28 AM	#23 (permalink)
Ragtopgal Senior Member Join Date: Jun 2009 Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... ls2ls: Wow, you obviously know what your talking about; it's disturbing to think my calculation is wrong based on what I said, since I'm a straight up honest person who wouldn't try and trick Citi by saying my gross was $2900. But if they misunderstood, I need to be caught up and the payment restructured, which would be an OK payment as you described. I guess this means, trying to call them again and go over this stuff. But now I have to. How about child support, this included in income? Once in awhile I get 125-250/month arrearage sent to me. I didn't include this in the original income quote since its sporadic, but if needed, as you seem to imply, I could include it. I can't hide anything, my paystub tells it all and I need this revisited, so will call, thanks.

06-24-2009, 01:53 PM	#25 (permalink)
2AngelsMommy Senior Member Join Date: Nov 2008 Posts: 36 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone rec'd papers for the mod? I made my first trial payment... So in the packet, do we have to re-submit everything? Do we need to refill out all our expenses again or just mail in the pay stubs, tax return etc.? Thank you.

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