Is this Common Step of Loan Mod?

[sp1005]

We filled out online financial info at citimortgage site a couple weeks ago. We called on Friday to see what the status was. We were told that we could make 1/2 payments for nine months, and skip July and August payments. We will need to make a lump sum payment of the remainder after the 9th month. We were told that this would give them time to continue to work on our loan modification. We were also told that it would show late on our credit report, but that we had made payment arrangements. Is this the "trial period" that I have been reading about online, or is this something different?

We are happy with the arrangements so far since it will allow us to pay off other debts that have grown since we relocated to CO from MO.

Thanks for any help you can provide.

[SillyWorld]

Jeez, same old Citi LIES, they will make you end up in foreclosure, I would go to www.naca.com and fill out info to save the home, if you have troubles now how on earth are you gonna come up with a balloon payment at the end of 9 months..???

[Ragtopgal]

You gotta be kidding, your happy with the payment arrangements? How does this help you down the road. You basically have to save every cent you would of paid for the regular payment, since at the end, this is your balloon payment (the difference between partial or no payments). How can you take the chance they will modify you? And I was offered what others were after being turned down for the Obama plan. 3 partial payments and then resend in paperwork; with no idea if they would modify my loan or what the terms would be; and if they say no, I pay all the money I "saved" back to them plus late fees. I'd be penalized for following their plan. I could not take this chance. I have someone else non-CITI working on my situation. If it fails, I will go to NACA but I'm hoping for a reduction in principal plus a lower interest rate and none of the programs I read offered reduce the principal. Who knows, maybe I'm just fishing but its better than trusting CITI, I read nothing on this site where people are truly getting great mods; if so, its so rare; however I do hope all of you who qualified and are making the trial payments, get your mod. Good luck to you, I'm sick over this every day and Citi already made me late by telling me to make partial payments under the Obama plan, but whoops, oh sorry you (me) are not eligible. What? So I had to make up the difference the next month to bring me current, but I couldn't so I run late due to their ERROR! My best to you.

[lucky4me]

countrywide sure gives out execuses.

filed for loan mod, pre approved, was told it would be 45 days till we got a package in mail

called after two weeks, told negotiator would be assigned in 7-10 days,

called after 12 days, no negotiator, told it might be 60-90 days

called after 30 days, told loan was in legal dept and nothing anyone could do , or let me know what was going on other than legal dept.

asked if this is normal process on loan mod, they said it goes to legal, if another govt agency wants an investigation. i had filed a complaint with calif attorney generals office, because i was not getting satisfaction.

have called legal dept every day for 6 days, and left messages, does anyone recognize this pattern or know anything about it.

[SillyWorld]

sp1005 Junior Member

So there you now have it...ALL Bankers are doing the same thing and nobody cares they just talk about it, but no GOV real action all Bla Bla Talk and no DO, so its your choice go with banker or go 3rd party