CitiMortgage Loan Mod denied

[aboxy]

Hello All,

I have been trying to get Loan mod from citimortgage since March of this month. Finally got conclusion that it has been denied. No specific reason but only thing they could tell me that you do not qualify because you have $25K bank balance.
I lost my job in March. We still have my wife's income net $6000/month. We have some major monthly expenses ~$6500/month

First loan interest only loan payment=> $2900
Second Loan => $505.84
Property tax=> ~$700/month
HOA + Insurance => $100/month
Utilities + bills+ groceries + other misc => $1200
child care => $1000

We disclosed monthly of $5900 to show surplus of $100 (We were told to show some surplus). Also showed bank balance of ~25K.

Some of the citimortgage reps I talked to earlier told me case is pretty strong and I should have no problem. But that did not happen. Now we are
in trouble,considering other options.
I have been following this forums past few days and wanted community's opinion on this. Any idea is appreciated.
thanks

[Evan Bedard]

Hi aboxy welcome and thank you for joining the forum!

Some of the citimortgage reps I talked to earlier told me case is pretty strong and I should have no problem. But that did not happen. Now we are
in trouble,considering other options.
I have been following this forums past few days and wanted community's opinion on this. Any idea is appreciated.
thanks

There are a few things you can do. Try calling Jim and Jeannes office and fax your info to them. They have halped many here in the forum get their process started in a timely and professional matter:

Jeanne Drake VP Home Retention
PH 1 949 784 6011
FAX 1 866 642 4196

Jim Davis
PH 1 904 996 9696
FAX 1 904 996 1727

If you feel you still need some assistance you can go through NACA they are a non profit organization:

The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization.

Here is the link to the site.

https://www.naca.com/index_main.jsp?language=null

Keep us posted on your progress!

[MAXIE19]

You may want to do something about that 25K bank balance. It is more than 4 times in cash reserves taking into account your stated $5900 monthly expense. The guidelines do not want more than 3 times in cash reserves.

[aboxy]

Thanks all. I will try the numbers.

MAXIE19, what do you suggest we do the with money. I am trying to be honest and disclose everything but don't think that work with Citibank. What they don't understand is that I we have negative cashflow + ~$8500 property tax is coming up pretty soon. So in next few months, we will be in real trouble.



thanks

[aboxy]

Ok. Some success here.
After been denied 3 times, I still kept calling to find out the reason I was denied. Nobody can give me a real answer.
Finally got someone who was helpful and listened. She put me in trial period for a payment of $2980.00 for 3 months, after 3 months they will review again. Above payment also includes my property tax + insurance, basically ~$600/month reduction. They want me to send payments via certified check or western union for 3 month to some PO BOX and stop my regular citibank payment.We will what happens when we have final approval offer.

Any opinions?


Thanks

[mel239]

anybody heard or got a mod that lowered the principal of the house had mine appraided twice last year trying to refinance And I was denied spent 450 on the appraisals and the house was only worth about 185000 even though I owe 244000 and havent made a payment in a year due to disability they send me 2400 a month how can I pay amortgage of 2000 I could easily pay 1200 even they extend for 40 years and lower interest rate I would like to lower my princal but I guess Im living in a dream world-they have no intention of helping most of us no matter what theysay

[trying hard]

I have an equity line with Citi and they have been beyond difficult. Everytime I apply and do what they ask, they somehow seem to have no record of any discussions, applications or modification.

Then they all of the sudden don't offer mod's anymore.

I decided to write them and request a settlement, but I just don't think I have the right contacts there. Its beyond frustrating.

[MAXIE19]

[quote=aboxy;103648]Thanks all. I will try the numbers.

"MAXIE19, what do you suggest we do the with money. I am trying to be honest and disclose everything but don't think that work with Citibank. What they don't understand is that I we have negative cashflow + ~$8500 property tax is coming up pretty soon. So in next few months, we will be in real trouble."


They may ask you for updated financials prior to the end of your trial period. You may want to reduce your cash reserves to less than 3 times the amount of your monthly obligations....pay off some debts, maybe.