Hello, first thanks to everyone on the forums, I've done a lot of reading and have learned a lot. I hope to be one of the success stories I've read about.
My situation, discharged CH7, mortgages were not reaffirmed. At the time of filing last year it was my intention to allow the home to go to foreclosure since it is so upside down with the first and second.
Fast forward to today. Both mortgages have not been paid for 12 months. Home has a foreclosure sale date of 7/1/09. I've been working with the first (SunTrust) to reinstate the note. They have sent me information on what is required to reinstate. For the past week or so I've been trying to get information from the second (Citi) about a possible settlement.
I spoke with someone in recovery back in February, who made it sound that a 10% settlement would likely be approved. The story changed when I called back two weeks ago. Of course there was no record of this conversation on file. I spoke to the supervisor of the person I spoke with back in February and he wouldn't budge from a 65% settlement. He insisted I put the home up for sale, which I stressed that I will not do, since my options are simplified after the CH7 discharge. I can let the home go to foreclosure, or work out arrangements to keep it out of foreclosure.
I then called the number listed here for loansafe members and spoke with Hector. He verified my information and looked at my account. He said he needed to do some investigation and would call back. Several days passed without hearing from Hector, so I called back a few times last week. Not being able to get ahold of Hector, several others checked the notes on my account. It appears that Hector was waiting for a response from another department. I asked that he be given messages to call me. I never received a call.
Today I called again and finally was able to connect with Hector. He asked if I filled out a financial information packet. I replied that I hadn't, and I was waiting for him to call me back. He asked that I fill out the financial information and send in paystubs, last years taxes, and information on the first mortgage.
I sent some information, not everything he asked for. What I sent was stated income, gross and net, a brief hardship letter where I offered a settlement of 3% of the outstanding principal.
I called back to confirm Hector received the information. He said he did, but still needs financial information (pay stubs, taxes, 1st mortgage.)
What do I have to do to get a settlement offer presented? I simply want to talk settlement. I feel like I'm going around in circles. If Citi wants this home to go to foreclosure they're doing a good job of it. My family and I have come to terms with the fact that we may lose this home. The 2nd with Citi has been charged off, the home is worth less than what is owed on the 1st. I would think someone would be able to talk settlement, but the documents I'm being asked to provide seem more along the lines of modification or short sale. I simply want to settle. I gave an offer of 3%, am I asking too much to want an acceptance, denial or counter offer?
Any suggestions on where to go from here? I was thinking of emailing
homeownerhelp@citi.com explaining my offer of settlement and requesting it to be reviewed?
I appreciate any info or suggestions, I'm going to start writing an email.
jr
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