Citi subordinating agreement - Loan Modification Forum

goodlife4524 · 07-29-2009, 02:27 PM

I received the final paperwork from Aurora Loan Services for my HAM mod on my 1st mortgage. It has the final numbers (2.25% for 5 years, then stepping up to end up at 5.25% for year 8 and after). This is down from 6.875 IO. It has some papers for my wife and I to sign and have notarized.

It also has two copies of a subordinating agreement that I'm supposed to have signed by 2nd mortgage holder (listed as HMC Lending) but now I make payments to Citimortgage. How do I got about getting this done? I called Citi's main number and they've been transferring me back and forth because nobody knows what I'm talking about. With the last person, right now I've been on hold for over 1 hour as she has supposedly gone to talke to somebody else (I know, I know I've been forgotten about!). Well anyways, how do I get a hold of somebody who knows what I'm talking about and will Citi do this? Aren't they already subordinate (2nd lien) so why does this form have to be signed?

Anyways when I got through the phone prompts they say they've lowered my 7.75% to 3% for 6 months. They didn't bother to tell me so I would've been making full payments (locked out of citimortgage.com because of Chapter 7) so I just send payments in.

Moe Bedard · 07-29-2009, 03:13 PM

If HMC is the 2nd then they have to subordinate to the first. Who are you making payments to on the 2nd now or before?

goodlife4524 · 07-29-2009, 06:38 PM

Aurora Loan is the 1st. Citimortgage is who I'm paying my 2nd to right now. It was HMC, but about a month after the refi (Mar 06), it went to Citimortgage. I called and they had no idea what I was talking about. Really want 1st loan mod with Aurora to go through, but this was a curveball.

goodlife4524 · 07-29-2009, 07:22 PM

Quote:

Originally Posted by goodlife4524

Aurora Loan is the 1st. Citimortgage is who I'm paying my 2nd to right now. It was HMC, but about a month after the refi (Mar 06), it went to Citimortgage. I called and they had no idea what I was talking about. Really want 1st loan mod with Aurora to go through, but this was a curveball.

So my question is who can I call at Citimortgage that will know what I'm talking about? I can't be the only person who has to have a subordination agreement signed. Will it just be me sending it in for a 'rubberstamp' or are they going to be pains about it. Would suck for them to mess up my 1st loan mod just like they rejected my 2nd loan mod.

goodlife4524 · 07-30-2009, 12:36 PM

Finally got through to somebody who knows what I'm talking about. They are sending a packet for me to fill out for the subordination request. We'll see how this goes. Seems like there should be no reason not to sign it. Right now they are 2nd lien on the house. The principal balance on the 1st won't change and the 1st will go from interest only to P&I, so we would be paying down the balance on the 1st, in effect strengthening the position of Citimortgage. Also, lowering payment by $250/month will only help to make Citi's payment. Should be a no-brainer, but you never know. One problem is their analysis shows the value at $250,000 while we got a recent market analysis done that shows $315,000 is fair market value. Balance on 1st is $233,000 and 2nd is $58,000 so hopefully they won't balk because their analysis shows a low value that doesn't take into account other factors such as condition, amenities, etc.

goodlife4524 · 07-30-2009, 12:38 PM

And since I'm probably not the only one who will have this problem, the phone number for Citimortgage's subordination department is 866-795-4978.

hailprimus · 08-07-2009, 01:30 PM

I managed to get approved for a FHA fixed rate loan, but the problem is that my lender Aurora Loan services does not sound like they want to subordinate my home equity loan with them; the already turned me down for loan modification and did not offer me a refinance package, so what am I supposed to do now? I feel like their hostage. They coldly stated just submit the form we will send you in the mail in 7 to 10 business days. Nobody could tell me my chances at subordination. I am a homeowner in a home worth less than I am paying, stuck in an 80/20 adjustable rate loan with aurora. Any ideas?

07-29-2009, 02:27 PM	#1 (permalink)
goodlife4524 Member Join Date: Jul 2009 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Citi subordinating agreement I received the final paperwork from Aurora Loan Services for my HAM mod on my 1st mortgage. It has the final numbers (2.25% for 5 years, then stepping up to end up at 5.25% for year 8 and after). This is down from 6.875 IO. It has some papers for my wife and I to sign and have notarized. It also has two copies of a subordinating agreement that I'm supposed to have signed by 2nd mortgage holder (listed as HMC Lending) but now I make payments to Citimortgage. How do I got about getting this done? I called Citi's main number and they've been transferring me back and forth because nobody knows what I'm talking about. With the last person, right now I've been on hold for over 1 hour as she has supposedly gone to talke to somebody else (I know, I know I've been forgotten about!). Well anyways, how do I get a hold of somebody who knows what I'm talking about and will Citi do this? Aren't they already subordinate (2nd lien) so why does this form have to be signed? Anyways when I got through the phone prompts they say they've lowered my 7.75% to 3% for 6 months. They didn't bother to tell me so I would've been making full payments (locked out of citimortgage.com because of Chapter 7) so I just send payments in.

07-29-2009, 03:13 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi subordinating agreement If HMC is the 2nd then they have to subordinate to the first. Who are you making payments to on the 2nd now or before? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

07-29-2009, 06:38 PM	#3 (permalink)
goodlife4524 Member Join Date: Jul 2009 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi subordinating agreement Aurora Loan is the 1st. Citimortgage is who I'm paying my 2nd to right now. It was HMC, but about a month after the refi (Mar 06), it went to Citimortgage. I called and they had no idea what I was talking about. Really want 1st loan mod with Aurora to go through, but this was a curveball.

07-30-2009, 12:36 PM	#5 (permalink)
goodlife4524 Member Join Date: Jul 2009 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi subordinating agreement Finally got through to somebody who knows what I'm talking about. They are sending a packet for me to fill out for the subordination request. We'll see how this goes. Seems like there should be no reason not to sign it. Right now they are 2nd lien on the house. The principal balance on the 1st won't change and the 1st will go from interest only to P&I, so we would be paying down the balance on the 1st, in effect strengthening the position of Citimortgage. Also, lowering payment by $250/month will only help to make Citi's payment. Should be a no-brainer, but you never know. One problem is their analysis shows the value at $250,000 while we got a recent market analysis done that shows $315,000 is fair market value. Balance on 1st is $233,000 and 2nd is $58,000 so hopefully they won't balk because their analysis shows a low value that doesn't take into account other factors such as condition, amenities, etc.

07-30-2009, 12:38 PM	#6 (permalink)
goodlife4524 Member Join Date: Jul 2009 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi subordinating agreement And since I'm probably not the only one who will have this problem, the phone number for Citimortgage's subordination department is 866-795-4978.

08-07-2009, 01:30 PM	#7 (permalink)
hailprimus Junior Member Join Date: Aug 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citi subordinating agreement I managed to get approved for a FHA fixed rate loan, but the problem is that my lender Aurora Loan services does not sound like they want to subordinate my home equity loan with them; the already turned me down for loan modification and did not offer me a refinance package, so what am I supposed to do now? I feel like their hostage. They coldly stated just submit the form we will send you in the mail in 7 to 10 business days. Nobody could tell me my chances at subordination. I am a homeowner in a home worth less than I am paying, stuck in an 80/20 adjustable rate loan with aurora. Any ideas?

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