Citi Residentail forbearance - Loan Modification Forum

bjkatz · 07-09-2009, 08:07 PM

Last year due to illness, my mother failed to make 4 of the mortgage payments, and didn't inform me of this. When I spoke to Citi residential, I was informed that they would put me into a forbearance plan for 12 months. I owed a little under $3500, but after they added all their costs in it was over $10,000.00,since I had to keep my home, I signed the forbearance agreement makeing all payments except 3 by the 20th of each month. They were all sent either western union or wire transfers from my bank. There was one clause inthe forbearance that stated even if all payments were made timely, they would still report to the credit agencies late. Thjey then sold the account to American Home Mortgage and I have been told that I still owe $10,000 which was notpaid to CitiResidential. I have all printouts from the bank and western union receipts showing payments made. I have tried to refinance w/ mult banks but have been told that since the credit reports show that I am 180 days late most of last year I am being turned down. My credit score is hurting now. I busted my hump making the payments timely to CitiResidential on a mortgage which practically doubled for the last year preventing me from making any payments to any other debts.
Q: Who would I contact at Cit Residential to see if they would make an adjustment to the credit agencies to help me get a better score? Would they be willing to assit me in this.
Q: Is a forbearance the same as a modification

SillyWorld · 07-09-2009, 08:38 PM

Q: Is a forbearance the same as a modification

Nope forbearance would be just a lowered payment and at the end of the term, you would OWE a Balloon Payment to make up all the difference

A mod is just that, an agreement between the 2 partys signed and sealed whatever you both agree to..

As dealing with Citi, thats a NO NO

they will LIE and mess you up, you need other help like call the Loan Safe number on this site, they can at least give you options and if you agree they will try to help

bjkatz · 07-09-2009, 08:56 PM

What phone number would I call

SillyWorld · 07-09-2009, 09:05 PM

Call the executive team number and ask them to go over the figures with you to see if they can help?

That number is
1-866-255-3901

07-09-2009, 08:07 PM	#1 (permalink)
bjkatz Junior Member Join Date: Jul 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Citi Residentail forbearance Last year due to illness, my mother failed to make 4 of the mortgage payments, and didn't inform me of this. When I spoke to Citi residential, I was informed that they would put me into a forbearance plan for 12 months. I owed a little under $3500, but after they added all their costs in it was over $10,000.00,since I had to keep my home, I signed the forbearance agreement makeing all payments except 3 by the 20th of each month. They were all sent either western union or wire transfers from my bank. There was one clause inthe forbearance that stated even if all payments were made timely, they would still report to the credit agencies late. Thjey then sold the account to American Home Mortgage and I have been told that I still owe $10,000 which was notpaid to CitiResidential. I have all printouts from the bank and western union receipts showing payments made. I have tried to refinance w/ mult banks but have been told that since the credit reports show that I am 180 days late most of last year I am being turned down. My credit score is hurting now. I busted my hump making the payments timely to CitiResidential on a mortgage which practically doubled for the last year preventing me from making any payments to any other debts. Q: Who would I contact at Cit Residential to see if they would make an adjustment to the credit agencies to help me get a better score? Would they be willing to assit me in this. Q: Is a forbearance the same as a modification

07-09-2009, 08:38 PM	#2 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,140 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi Residentail forbearance Q: Is a forbearance the same as a modification Nope forbearance would be just a lowered payment and at the end of the term, you would OWE a Balloon Payment to make up all the difference A mod is just that, an agreement between the 2 partys signed and sealed whatever you both agree to.. As dealing with Citi, thats a NO NO they will LIE and mess you up, you need other help like call the Loan Safe number on this site, they can at least give you options and if you agree they will try to help __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

07-09-2009, 08:56 PM	#3 (permalink)
bjkatz Junior Member Join Date: Jul 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi Residentail forbearance What phone number would I call

07-09-2009, 09:05 PM	#4 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,140 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi Residentail forbearance Call the executive team number and ask them to go over the figures with you to see if they can help? That number is 1-866-255-3901 __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

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