Oh what should I do after a long journey? - Loan Modification Forum

Cape Cod · 07-13-2009, 04:47 PM

I have been trying to get a modification for sometime now. I have been reading posts on this website for sometime. I was told tonight that the apprasial is in and after a few questions on the phone with citimortgage I was approved for a modification after the 3 trial payments were made on time. After the 3 payments were made, I would received a 2% interest rate for the rest of the loan. I told the customer service rep that I wanted to review the paperwork before I started the reduced payments. I was told that the paperwork would not come for a couple of weeks and that I should start the forebearance period. I inquired about if the modification fell through, would I have to pay a balloon payment of the three reduced payments. The rep implied that the modification would go through. Now I know that reading the posts on this website, this is not the case. And I to would like to know if there is success after the trial period. I have work so hard since October 2008 (when i was laid off) to get some kind of modification, after there always being excuses. Now I am afraid to committ to it.

Evan Bedard · 07-13-2009, 06:16 PM

Hi cape cod,

Quote:

The rep implied that the modification would go through. Now I know that reading the posts on this website, this is not the case. And I to would like to know if there is success after the trial period. I have work so hard since October 2008 (when i was laid off) to get some kind of modification, after there always being excuses. Now I am afraid to committ to it.

Sorry but many here are in your same situation in regards to the trial period. The permanent modifications just don't seem to be coming back yet after the trial period is over...

davadad · 07-13-2009, 06:52 PM

Cape Cod/ Evan,

Is Citi your original servicer? I have Litton as my servicer and my investor is CITI.. I have read somewhere that CITI is not doing Mods. Is this correct?

Cape Cod · 07-14-2009, 02:05 AM

Citi owns my loan. My husband thinks we should go for the trial period, but I am not to sure.

davadad · 07-14-2009, 04:32 AM

I think 2% is a fantastic MOD.... Did you receive your papers yet?? No I am not on a trial.. I have been in the review process for 3 months but total wait now has been 10 months... I know there has been huge success after a long bumby road so I am staying positive.... We meet all the criteria... We now pay 43%-45% of our income to housing...

Good Luck,

Keep us posted..

flowergirl110 · 07-15-2009, 08:34 AM

Well, I went for it because my trial payment was equal to "rent" somewhere and I figured there is no free living, so if I "lost" the money I would "lose" it in rent. Maybe that's not a good reason, but ultimately we all seem to be in the same Bermuda Triangle, it defies reason & logic.

I expect that ultimately beccause it is a government program, because I am a Freddie Mac mortgage and because I know our numbers qualify us, it will go through, even if I have to call Freddie directly (which I have done twice). I hope you it is somewhat comforting for you to know we are all in this together & hoping for your success.

davadad · 07-15-2009, 08:47 AM

That is a great idea... Keep us posted on how it works out.. Also another question, did you receive your BPO? Mine was alot lower than my loan amount...

Cape Cod · 07-16-2009, 07:26 PM

Well I called Citi to ask a few more questions. then I decided to go for it. But when the rep was pulling up my account to start the process, she said the other rep I talked to a couple of days ago closed my account as denied by borrower. What!!! She saw the notes regarding I needed to talk to my husband before I made a decision. She said she would need to contact another department to get my file active again and get back to me. No call yet. She was in the collections department. I ask her for the modification department and she gave me the number but stated that it would be difficult to reach them. This is crazy. I have been trying to get help since October 2008 when I became unemployed. I was honest about what I could make for payments/being late etc... to the bank. Enough. ciitl is using my husbands income only. Little do they know I have been working for the last 5 months and making more money then I did before. But I will probably be laid off in the next month. Screw them!!!!!!!!!!!!!!!!!

flowergirl110 · 07-17-2009, 07:33 AM

They suck! Sooo sorry!

Felt the same way MANY times. My 2 cents....call the exec numbers they give on this site, tell them you did not deny and want it opened or restarted and/or call your mortgage holder if it's Fannie or Freddie, tell them the same thing and/or call loss mitigation, not collections and/or call back and verify the info you got was correct. As you well know, every phone call gets a different answer. I have done all of the above (exxcept exec numbers) and have been recieving paperwork verifying program is moving forward for me although it is all late, but once I got past package and 1st trial payment the BS has subsided (for now). Good Luck.

langlang · 07-17-2009, 10:21 AM

As flowergirl says, call the exec numbers on this site. Calling the regular Citi numbers is horrible, you get a different answer every time.

With the exec number, you may or may not be able to work something out but at least you should know where you stand.

Cape Cod · 07-18-2009, 04:34 PM

What are the executive numbers I should be calling?

CW California · 07-18-2009, 10:30 PM

Quote:

Originally Posted by Cape Cod

What are the executive numbers I should be calling?

The numbers are posted in the top threads for Citi.

07-13-2009, 04:47 PM	#1 (permalink)
Cape Cod Senior Member Join Date: Dec 2008 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Oh what should I do after a long journey? I have been trying to get a modification for sometime now. I have been reading posts on this website for sometime. I was told tonight that the apprasial is in and after a few questions on the phone with citimortgage I was approved for a modification after the 3 trial payments were made on time. After the 3 payments were made, I would received a 2% interest rate for the rest of the loan. I told the customer service rep that I wanted to review the paperwork before I started the reduced payments. I was told that the paperwork would not come for a couple of weeks and that I should start the forebearance period. I inquired about if the modification fell through, would I have to pay a balloon payment of the three reduced payments. The rep implied that the modification would go through. Now I know that reading the posts on this website, this is not the case. And I to would like to know if there is success after the trial period. I have work so hard since October 2008 (when i was laid off) to get some kind of modification, after there always being excuses. Now I am afraid to committ to it.

07-13-2009, 06:52 PM	#3 (permalink)
davadad Senior Member Join Date: Jun 2009 Posts: 66 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Oh what should I do after a long journey? Cape Cod/ Evan, Is Citi your original servicer? I have Litton as my servicer and my investor is CITI.. I have read somewhere that CITI is not doing Mods. Is this correct?

07-14-2009, 02:05 AM	#4 (permalink)
Cape Cod Senior Member Join Date: Dec 2008 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Oh what should I do after a long journey? Citi owns my loan. My husband thinks we should go for the trial period, but I am not to sure.

07-14-2009, 04:32 AM	#5 (permalink)
davadad Senior Member Join Date: Jun 2009 Posts: 66 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Oh what should I do after a long journey? I think 2% is a fantastic MOD.... Did you receive your papers yet?? No I am not on a trial.. I have been in the review process for 3 months but total wait now has been 10 months... I know there has been huge success after a long bumby road so I am staying positive.... We meet all the criteria... We now pay 43%-45% of our income to housing... Good Luck, Keep us posted..

07-15-2009, 08:34 AM	#6 (permalink)
flowergirl110 Member Join Date: Jun 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Oh what should I do after a long journey? Well, I went for it because my trial payment was equal to "rent" somewhere and I figured there is no free living, so if I "lost" the money I would "lose" it in rent. Maybe that's not a good reason, but ultimately we all seem to be in the same Bermuda Triangle, it defies reason & logic. I expect that ultimately beccause it is a government program, because I am a Freddie Mac mortgage and because I know our numbers qualify us, it will go through, even if I have to call Freddie directly (which I have done twice). I hope you it is somewhat comforting for you to know we are all in this together & hoping for your success.

07-15-2009, 08:47 AM	#7 (permalink)
davadad Senior Member Join Date: Jun 2009 Posts: 66 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Oh what should I do after a long journey? That is a great idea... Keep us posted on how it works out.. Also another question, did you receive your BPO? Mine was alot lower than my loan amount...

07-16-2009, 07:26 PM	#8 (permalink)
Cape Cod Senior Member Join Date: Dec 2008 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Oh what should I do after a long journey? Well I called Citi to ask a few more questions. then I decided to go for it. But when the rep was pulling up my account to start the process, she said the other rep I talked to a couple of days ago closed my account as denied by borrower. What!!! She saw the notes regarding I needed to talk to my husband before I made a decision. She said she would need to contact another department to get my file active again and get back to me. No call yet. She was in the collections department. I ask her for the modification department and she gave me the number but stated that it would be difficult to reach them. This is crazy. I have been trying to get help since October 2008 when I became unemployed. I was honest about what I could make for payments/being late etc... to the bank. Enough. ciitl is using my husbands income only. Little do they know I have been working for the last 5 months and making more money then I did before. But I will probably be laid off in the next month. Screw them!!!!!!!!!!!!!!!!!

07-17-2009, 07:33 AM	#9 (permalink)
flowergirl110 Member Join Date: Jun 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Oh what should I do after a long journey? They suck! Sooo sorry! Felt the same way MANY times. My 2 cents....call the exec numbers they give on this site, tell them you did not deny and want it opened or restarted and/or call your mortgage holder if it's Fannie or Freddie, tell them the same thing and/or call loss mitigation, not collections and/or call back and verify the info you got was correct. As you well know, every phone call gets a different answer. I have done all of the above (exxcept exec numbers) and have been recieving paperwork verifying program is moving forward for me although it is all late, but once I got past package and 1st trial payment the BS has subsided (for now). Good Luck.

07-17-2009, 10:21 AM	#10 (permalink)
langlang Senior Member Join Date: Apr 2009 Posts: 81 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Oh what should I do after a long journey? As flowergirl says, call the exec numbers on this site. Calling the regular Citi numbers is horrible, you get a different answer every time. With the exec number, you may or may not be able to work something out but at least you should know where you stand.

07-18-2009, 04:34 PM	#11 (permalink)
Cape Cod Senior Member Join Date: Dec 2008 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Oh what should I do after a long journey? What are the executive numbers I should be calling?

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