Hello All, We really need help!

[kaulgrimme]

Our story is not much different from anyone else on here. In October of last year we went from a two income home to a one income home causing some very difficult decisions for us. In November we contacted Citimortgage and gave them our information. After several additional calls, which included receiving several different answers to the question "what are our options" and giving our information 5 times and faxing it twice, we finally were to get some answers in May of this year. We were told that since the person that is on the loan didn't have a job we didn't qualify (while all along they told us to put her unemployment dollar amount), we were told to call back when that person had a job. I stated that this had been a long process, we have been responsible and paid ouor payments on time every month and were just looking for help. We were told to get 3 months behind and they MIGHT be able to do something. Apparently our investors (which is a hedge fund from Citibank) are not participating in the government plan and Citi is not willing to do anything. We have a second and first mortgage and are "underwater" by a bigger amount. Honestly, if it weren't for the ramifications of a forclosure on a credit report we would be out.

Since this process has been going on for over 8 months now, the person that didn't have a job now does but with lesser income. I really don't want to call them as I will most likely get the run around again and it will be another 8 months and we will have paid our mortgage great but everything else will be late.

Any suggestions or help? We dont' have the money to pay a lawyer but will most likely need that kind of help.

Thank you!

[MAXIE19]

You may need to start exploring your options by first calling Citi to see whether you qualify for the Obama plan or some other in-house program. They may have programs that fit your situation now that they did not have 8 months ago. Sounds like the reason for your hardship is based on reduction of income which is one of the qualifying grounds under HAMP. Have you done a budget analysis yet....do you show a slight surplus (200-300 dollars)? How much of your income goes towards your mortgage....is it more than 31%?

Also, spend some time reading up the various threads on this forum to see how other people simlarly situated have gone about dealing with their lenders.