Help with CitiBank Modification

[kumar3245]

Hi,
I'm new to this forum, But this forum really helped me getting started with my loan modification program.My situation is as follows.
Brought the home in 2006 (California) during the peak with dual income both husband and wife employed. My wife lost her job recently and the payment became unaffordable with single salary(We had a Interest only loan). Spoke to the bank about our situation and they pre-qualified us for the loan modification program. I have been making regular payments so far including this month (scrapping thru the savings). I have been told that you should be on reduced payment from the day you are qualified by one rep but another rep told me that you can start making reduced payment after you receive your paper work(How should I beleive), I have already made this months payment(the regular one), I was also told that if you pay the regular amount even for one time during the trial period you will be rejected. Is that correct? I haven't received the paper work yet. Am I going to get rejected because I made a full payment this month? Also should we be including wifes unemployment income( she is planning to start school which will make her ineligible for unemployment going forward). Also if you have some money in your saving will they reject you based on that.

Thanks

Kumar.

[Evan Bedard]

Hi Kumar,


Welcome and thank you for joining the forum..

The money in your savings account usually will not be a problem. Most of the time they won't even ask for that information so keep it to yourself

As far as the trial payments do not believe anything until you recieve the paperwork in writing. This plan will not be in affect until the bank recieves the paperwork back from you signed...

[kumar3245]

Thanks Evan for you help. You guys are a real saviour for people like us.

[Moe Bedard]

We are here to help and please keep in mind that you may get differing opinions and you need to just weigh them all.

Let me chime in here. Both of you are right and it really comes down to what you want to disclose to the bank and what you do not. This is not mortgage fraud if you have a savings account or money under the mattress and you don't tell Citi. This is a loan workout and to me, whatever you feel is fair is fair play as long as you don't break the law.

This is your home and your money. Everyone is losing either their money, home or both. Hang on to that money and only disclose if they make you.

As far as records go, they are not going to subpoena your records.

Correction, the most common reasons for mod denial is too much money (income) or not being late. I had to correct you there

[maggieb]

Will citimortgage do a modification if you have a second mortgage with a different bank ? I am not in the rear for the second, the payment is low.

[Moe Bedard]

Yes Citi will.

[kumar3245]

Hi Moe

Does t mean yo have to be delinquent on your payment before they accept you?I am current going into the trial period, would that be a problem?

Thanks

Kumar

[CW California]

Many times the lenders do require you to be delinquent to qualify. However, the Making Home Affordable Plan (what everyone is calling the Obama plan) does not require delinquency. Also, if you have trouble getting your lender to work with you you can check out NACA. They will submit you without you being delinquent.

[kumar3245]

Hi.
What is the rule with second mortgage, I have a second mortgage for about 146K on my home(it is a regular 15 yr loan payment of about $1100), With my current situation(wife being unemployed).I will not be able to affort the payment.I have my first loan with citi. Will the second loan payment considered in the 31% calculation? Can the second loan be modified at all? I need to desperately bring the payments down for the second one also.

Thanks

Kumar

[kaulgrimme]

Moe and the rest,

Any suggestions of a way to actually get Citi to work with you. If you see my other post, we are not having luck. Any suggestions will be welcomed!

[billw32]

Moe, it shocks me that you would encourage people to lie about assets, Both of the modifications I have been involved with asked for assets and they were both CITI.. If they ask and you do not disclose, then it is fraud and the certifications they sign will warn them of this. I had a lot of respect for this site, but for you to advise people to hide assets is not good use of this forum. I know I will be locked out and kicked out, but non disclosure is what got us into this mess in the first place. I think Citi has operated in good faith with the members of this site, and for the founder to encourage individuals to non disclose, the creditiblity of this site is at risk. Helping people is great, but encouraging them not to disclose is risky at best.

[Moe Bedard]

I said whatever "you feel" is fair is fine bud. Please don't put words in my mouth and say I am damaging my own site encouraging people to lie. I said disclose within the law and what they make you. If you have to sign a 4506 and legal paperwork, then by all means, disclose it.

If you want to tell them something they WILL NEVER FIND that you have like the $2,000 under your mattress and another $500 in Juniors penny bank for his college fund, then do it.

You know what, the fricken banks will not get my emergency cash and my sons college fund if it was me, but hey bill, give it all to them!!

Remember, how you feel how kumar feeds, how i feel and how others that are reading this will be different and I suggest you read my words again above and my track record before you get all shocked and start making accusations.

[Moe Bedard]

Kumar, they are just inundated with homeowners requiring help and they have limited resources. You don't have to be delinquent, but you better bet that the ones who are the late get the help the fastest.

You have to keep fighting daily, weekly until you get your loan modification.

[CW California]

Originally Posted by billw32

Moe, it shocks me that you would encourage people to lie about assets, Both of the modifications I have been involved with asked for assets and they were both CITI.. If they ask and you do not disclose, then it is fraud and the certifications they sign will warn them of this. I had a lot of respect for this site, but for you to advise people to hide assets is not good use of this forum. I know I will be locked out and kicked out, but non disclosure is what got us into this mess in the first place. I think Citi has operated in good faith with the members of this site, and for the founder to encourage individuals to non disclose, the creditiblity of this site is at risk. Helping people is great, but encouraging them not to disclose is risky at best.

There you go again missreading what someone writes. I'm sure I speak for many that we are tired of you debating on this sight and we are all certainly tired of you harrassing Moe. Personally I think he is showing great restraint. I would have already banned you. You may be "involved" in two modification but you have not yet been successful at modifying anything and I highly suggest that no one should pay attention to your boyscout advice.

[SillyWorld]

Originally Posted by billw32

Moe, . I think Citi has operated in good faith with the members of this site, and for the founder to encourage individuals to non disclose, the creditiblity of this site is at risk. Helping people is great, but encouraging them not to disclose is risky at best.

Hahahaha Citi is a Big JOKE when it comes to help, at least since March for me... Maybe you have a different kind of Citi Loan

[Moe Bedard]

Thanks CW for chiming in!

Evan, my son had made the comment that most of the time they do not ask for this savings account information. Evan needs to understand that most of his experience is as a processor with Countrywide and that does not apply to every mortgage servicer. So, I have warned him about making a blanket statement like that.

He needs to say in my experience with "" etc and I feel before he guides someone.

I have been at this for over two years and have seen a couple thousand loan modifications. Out of those modifications, maybe 200-300 had to sign financial disclosures and a penalty of perjury. Most of these modifications with these disclosures have been recently.

However, this is now the common practice of most mortgage servicers and rightfully so.

With that said, please disclose what you are required by law based on the paperwork you are signing and what how you feel morally about banks in general. If you think that banks and lenders deserve every penny you have, even if it means making your family suffer, then do please send them every penny. If you don't want to and need your cash under the matress, then you do what you feel is morally right.

There are no real guidelines in loan modifications and I don't care how many Obama, FHA Secures, Project Lifelines etc come out of Washington because it is still the same as it as always has been.

Homeowners are on their own and MUST FIGHT!

And anyone who has been doing this for any length of time knows that even if they have so called guidelines, 95% of the time there is no rhyme or reason on how they do things and they certainly do not follow the Obama plan or anyones plan.

In conclusion, we at loansafe are just here to help, guide and give you our opinion. In the end, do not take our words has written in stone, but take them as words of wisdom and make YOUR OWN decision based on the education you have received based on your own research.

[kumar3245]

Hi Moe and others,
Thanks for the great help and support you guys are providing in this difficult times.. I have a few questions regarding the way the income and expenses are calculated.If I add up my current expenses for mortgage/tax/insurance and other monthly expenses(say living expenses, electricity, phone,water, cable etc) I'm in deep red (about 1600 more than my take home) .I did my calculations (income/expense) based on the net income(take home after taxes). I have increased my deductions as of last month so that I get more to take home. When the bank is doing the calculation about affordability are they going to look at the red i'm in (about 1600 short) based on my net pay and say no way this guy would be able to get out of the debt or they are going to apply the new loan amount on my net pay and see if I have a surplus in the end? I'm really worried about them rejecting me based on the criteria that currently I'm in deep red for on my income to expense side. Can someone elaborate on how they calculate if you qualify? Based on your net pay or gross pay.

Thanks once again for everyone for all the help and support.

[kumar3245]

Hi,
Can I get the number of citi bank executive team, I'm really confused about the credit reporting scenario also, 2 reps I have spoken to out of the 10 said it will be reported as late on a 30 day rolling period basis during the trial period along with the remark that the loan is under modification, What is the impact of all this modification on our credit score.Is this going to haunt us for the rest of our lifes. Also if you are rejected for the loan mod after the trial can you use a lawyers service to reapply or can you reapply yourselves, Will they tell you why you are not eligible if they reject you.

Thanks

[Moe Bedard]

Please Download My FREE Loan Modification E-Book and get educated.

This program and this 30 day rolling late info yyou obtained is all new. I am not sure about that and it seems like you are very worried about certain issues (rightfully so). I would seek an reputable attorney to help you because we can only guide you so much here. A lot you have to do on your own.

The contact information is all encompassing for Citi Mortgage products, as Citi Financial and Citi Mortgage are now one in the same.

Email address:
homeownerhelp@citi.com

Phone Number:
1-866-255-3901

[kumar3245]

Hi Moe and others,
Is Sergio part of the executive team(or can someone suggest a name of a person I should work with in the executive team) . I think my case is having some problem...Need help ASAP....

Thanks