CITI loan modification BIG Sucess

[citi_cat]

Dear all,

I have been reading this forum for a long time. I want to share my success story with you.
>>
CITI First Loan 584K (5 Year AR at 5% set to expire in Aug 2010)
BOFA Second 113K (3.25% variable HELOC)
----------
TOTAL 693K
----------
Current Value of the house is 540K. I did not make any payments to CITI from Jan 2009 and they started calling me from Mar 2009. I asked for modification and they took all my documents. I waited 2 months nothing happened. In Early June I received a call from them and they told me my loan is approved for modification. Standard 3% for 5 years and 4% for the 6^th and 4.75 for the rest (40 years loan).

I started asking questions and looked at all the numbers they used in the calculation. To my surprise they are only adding half the property tax 4K instead of 8K so everything changed again.
>>
Now the new and final terms are :
Forgiven 28K principal
Forgiven 17K interest for 7 months of 2009.
>>
New Principal : 554K
3% frist 5 years
4% 6^th year
4.75 for 34 years.
>>
>>
I got all the documents and I signed them and send them back. All communication is via email and things went very fast this way. They asked me to make one payment with docs which is $2093. I signed the agreement and 4506-T IRS form for CITI to get my tax returns.

So the new loan is signed ,sealed and delivered.

BOFA gave me 0% for 24 months and $75 payment for next two years.

I hope all of you will get this kind of good news soon.

[Evan Bedard]

Hi Citi ***,


Welcome to the forum and congratulations on your amazing success. I very good interest rate and principle reduction WOW

[abcxyz]

Originally Posted by citi_***

Dear all,

I have been reading this forum for a long time. I want to share my success story with you.
>>
CITI First Loan 584K (5 Year AR at 5% set to expire in Aug 2010)
BOFA Second 113K (3.25% variable HELOC)
----------
TOTAL 693K
----------
Current Value of the house is 540K. I did not make any payments to CITI from Jan 2009 and they started calling me from Mar 2009. I asked for modification and they took all my documents. I waited 2 months nothing happened. In Early June I received a call from them and they told me my loan is approved for modification. Standard 3% for 5 years and 4% for the 6^th and 4.75 for the rest (40 years loan).

I started asking questions and looked at all the numbers they used in the calculation. To my surprise they are only adding half the property tax 4K instead of 8K so everything changed again.
>>
Now the new and final terms are :
Forgiven 28K principal
Forgiven 17K interest for 7 months of 2009.
>>
New Principal : 554K
3% frist 5 years
4% 6^th year
4.75 for 34 years.
>>
>>
I got all the documents and I signed them and send them back. All communication is via email and things went very fast this way. They asked me to make one payment with docs which is $2093. I signed the agreement and 4506-T IRS form for CITI to get my tax returns.

So the new loan is signed ,sealed and delivered.

BOFA gave me 0% for 24 months and $75 payment for next two years.

I hope all of you will get this kind of good news soon.

Citi_***,
You mentioned in early June Citi called you to approve you for the modification. Now it's the end of June, so you got verbal approval within a maximum of 4 weeks time, and no 3 month trial period, and your papers delivered and sent back all within a timespan of at most 4 weeks? I thought everyone that gets a modification needs to go on some type of trial period (I may be wrong, just speculating).

Did they ask you for anything else besides the 4506-T? Any paystubs or bank-statements?

[citi_cat]

Hi There,

No. I sent them my hardship letter and paystubs and w2's long time back. Everything else went pretty quickly (JUNE 2009). I got the papers in the email last fryday and the deadline is end of month on those papers. I showed them to my lawyer this weekend he was quite surprised by the offer. He asked me to go ahead and lock it right away.
Only one payment and that is it.

I just called citi mortgage 800 number and they got all most all the info regarding modification already.

I think I just went straight in.

thanks

[Upside Down In Vegas]

what email adress did they provide you with? was it to a loss mit counselor?

[citi_cat]

hello ,

email address is firstname.lastname@citi.com

thanks

[jonahstephenson]

Originally Posted by citi_***

Dear all,

I have been reading this forum for a long time. I want to share my success story with you.
>>
CITI First Loan 584K (5 Year AR at 5% set to expire in Aug 2010)
BOFA Second 113K (3.25% variable HELOC)
----------
TOTAL 693K
----------
Current Value of the house is 540K. I did not make any payments to CITI from Jan 2009 and they started calling me from Mar 2009. I asked for modification and they took all my documents. I waited 2 months nothing happened. In Early June I received a call from them and they told me my loan is approved for modification. Standard 3% for 5 years and 4% for the 6^th and 4.75 for the rest (40 years loan).

I started asking questions and looked at all the numbers they used in the calculation. To my surprise they are only adding half the property tax 4K instead of 8K so everything changed again.
>>
Now the new and final terms are :
Forgiven 28K principal
Forgiven 17K interest for 7 months of 2009.
>>
New Principal : 554K
3% frist 5 years
4% 6^th year
4.75 for 34 years.
>>
>>
I got all the documents and I signed them and send them back. All communication is via email and things went very fast this way. They asked me to make one payment with docs which is $2093. I signed the agreement and 4506-T IRS form for CITI to get my tax returns.

So the new loan is signed ,sealed and delivered.

BOFA gave me 0% for 24 months and $75 payment for next two years.

I hope all of you will get this kind of good news soon.

*** - did they work with you while you were still current or did they only start to work with you after becoming deliquent on payments?

Jonah

[Ladyck1]

*** -

Where is your property located? Does anyone know if that has anything to do with Principal & Interest being "Forgiven". I received docs Monday for terms I really never agreed too and they tagged the interest onto the end of the loan $13K which extended my payoff by 3 years, plus they really didn't go anything to my monthly payment; it only reduced by $80 per month. HELP! I feel like I'm up against a giant with no where to turn.

[Upside Down In Vegas]

ladyck1...

that mod offer stinks. reject or counter. i made the mistake of taking the first offer, before i found this web site and educated myself, now they say they wont even look at another mod for a year for me because its thier policy.

[Ladyck1]

Thanks so much - exactly. That's what I thought. So they put a contingency on the offer stating I had to send everything back by 7/30 or else my file would be closed and they would not reconsider us for another offer and proceed with foreclosure.

Does anyone know how I can cover myself, I'm working hard the next 21 days to get this offer reviewed again. What points of escalation do I have? What can I do other than deal with this rep that's assigned? I've requested a call from her superior this morning. I am being very nice about it all but at the end of the day - $80 or $90 doesn't spend very far in today's economy.

[ls2ls]

Originally Posted by Ladyck1

Thanks so much - exactly. That's what I thought. So they put a contingency on the offer stating I had to send everything back by 7/30 or else my file would be closed and they would not reconsider us for another offer and proceed with foreclosure.

Does anyone know how I can cover myself, I'm working hard the next 21 days to get this offer reviewed again. What points of escalation do I have? What can I do other than deal with this rep that's assigned? I've requested a call from her superior this morning. I am being very nice about it all but at the end of the day - $80 or $90 doesn't spend very far in today's economy.

The mod results are different for every person, depending on their circumstances and qualifications for one type of mod vs another.

Who is the owner of your mortgage and what's your gross income, current mortgage details/payments, purchase price and current estimated value of your home?

[citi_cat]

Originally Posted by jonahstephenson

*** - did they work with you while you were still current or did they only start to work with you after becoming deliquent on payments?

Jonah

They only started after I an deliquent on the payments. They are not going to do anything if you are current on your mortgage. This is my personal openion

[citi_cat]

Originally Posted by Ladyck1

*** -

Where is your property located? Does anyone know if that has anything to do with Principal & Interest being "Forgiven". I received docs Monday for terms I really never agreed too and they tagged the interest onto the end of the loan $13K which extended my payoff by 3 years, plus they really didn't go anything to my monthly payment; it only reduced by $80 per month. HELP! I feel like I'm up against a giant with no where to turn.

Property in San Jose, CA. My original offer was like that of yours. I asked them all the numbers they used and clearly they makde some mistakes. One is they are using half of my property tax as the final bill. The difference is 4K and they asked me to get home insurence that cover the appraisal value of the house (540K). I have 300K insurence for $500 a year and now I took one for $540 which is costing me $1200 per year. The difference is 700.
For 4700 (4K prop tax + 700 insurence) they re did the mod and gave the good news of forgiven amounts.

Hope this helps.

[citi_cat]

Originally Posted by Upside Down In Vegas

ladyck1...

that mod offer stinks. reject or counter. i made the mistake of taking the first offer, before i found this web site and educated myself, now they say they wont even look at another mod for a year for me because its thier policy.

Are you serious?. I think I got the best deal possible. My new first loan is close to the value of my house and I stayed in my house free of mortgage for 7 months.

I will deal with the sencond in a different way and I think I will in good shape after that.

[citi_cat]

Originally Posted by Ladyck1

Thanks so much - exactly. That's what I thought. So they put a contingency on the offer stating I had to send everything back by 7/30 or else my file would be closed and they would not reconsider us for another offer and proceed with foreclosure.

Does anyone know how I can cover myself, I'm working hard the next 21 days to get this offer reviewed again. What points of escalation do I have? What can I do other than deal with this rep that's assigned? I've requested a call from her superior this morning. I am being very nice about it all but at the end of the day - $80 or $90 doesn't spend very far in today's economy.

I don't think I got a bad offer at all. When I heard the new terms I was very happy and would like to close it ASAP before they change their mind. I took the papers to a lawyer and he was shocked when he looked at the offer and told me to seal it ASAP.

I hope I do not have to re do this mod once again in in the next 5 years (3% interest for the first 5 years remember).

While wworking with these guys I learned that they are not going to do much negotiation. I am sure of that. Only thing we can do is to double check the numbers they used and try to increace the expence a bit for the calculation purposes.

thanks

[citi_cat]

Originally Posted by ls2ls

The mod results are different for every person, depending on their circumstances and qualifications for one type of mod vs another.

Who is the owner of your mortgage and what's your gross income, current mortgage details/payments, purchase price and current estimated value of your home?

All the details are in the first post except the gross income. We are a family of 4 and I am the only one working and I make about 112K a year.

thanks

[citi_cat]

Hello All,

I made a one payment along with the document and they applied it for the month of August and I need to pay my next payment in Septerber 1st. This kind of saved me a month mortgage.

thanks