I received sort of a modification

[Cape Cod]

I have been informed by citi that I am going to receive a modification on my mortgage. They are only reducing my rate from 7.9% to 5.4% through February 2010. Then my interest rate will go back to 7.9% starting March 1st. After working on trying to get a mod since October 2008 when I lost my job, I think this is just throwing me a bone. I have never been more than 30 days late on my mortgage. Has anyone else gotten a mod similar to this one? I am not sure what the future will hold after February, 2010. I was told if I need another mod I will have to apply again. I was also told that I qualified for the HAM and then 72 hours later I didn't qualify anymore with no explanation.

[CW California]

I would ask them for it to be permanant. 5.4 would be about market rate. Why do they need to rape you for more?

[SillyWorld]

Maybe these programs are hit and miss by the min. one min you miss next you qualify then they say they made a mistake...Hahaha been through this since march, I think Citi is worst of them all

[Cape Cod]

I believe some people are getting long term modifications by which state they live in. CA, FL Arizonia, NV seemed to be hit hard by the mortgage crisis. I live in Massachusetts and evey though people have lost jobs etc.. I think the bigger states are getting better long term Mod. I would be curious to compare the Mod in what states and see which state has the higher numbers.

[Moe Bedard]

I would say most homeowners are getting similar to what you received. Yes, some get long terms low rates, but that is not the norm. I wouldn't say it is rare, maybe approx 85% get short term mods and 15% may get the long term fixed rate.

Often they fought tooth and nail to get it, just FYI!

[CW California]

Only one year at a reduced rate and then back to nearly 8% isn't a mod. It's a bandaid. In one year you will have the same problem unless you think your income will increase in one year?

[SillyWorld]

Originally Posted by CW California

Only one year at a reduced rate and then back to nearly 8% isn't a mod. It's a bandaid. In one year you will have the same problem unless you think your income will increase in one year?

Not likly, once this INS deal goes through we all will be making even lower rates on the job...

[Jwinter81]

Just wanted to let you know I was also told I was approved for HAM, given terms, payment, everything. I was told I would receive paperwork in 7-10 days to sign. A couple days later got a call saying opps...you weren't approved. We will try for a traditional mod with Fannie. ??? So, you are not alone. Great that they get our hopes up and then crush us like little bugs, isn't it?

[Cape Cod]

How can you find out why you are not approved for the HAM program? I think the borrower should be told why they can't receive the program.

[Moe Bedard]

Originally Posted by CW California

Only one year at a reduced rate and then back to nearly 8% isn't a mod. It's a bandaid. In one year you will have the same problem unless you think your income will increase in one year?

True, I misread that, I thought it was 3 years. Yes, this seems weak

[downtick]

you cannot find out why were you denied. They don't know and they try to guess to tell you. This thing is still new and has a long way to go. I was denied for the mod from the gov for unknown reasons and was just denied for the traditional mod because they say i have too much income even though my ratio is at about 40% and I dip into savings for about $300 a month to make ends meet..I can't wait until I stop making my payments to them at which point they will then offer me everything..at that point i will just walk, they can have it. i am doing everything i possibly can now to prevent just that, but if it should reach that, they can go screw themselves.

[Cape Cod]

moe
Any advice on how to get the term extended longer? I want to take the 9 month agreement (which will help). But I don't know what the future holds and I want a longer agreement.