Citi Foreclosure Sale - Fannie Mods etc

[davephx]

Citi Foreclosure Sale - Fannie Mods etc

As folks reading my many prior reports I've had many folks at Citi try and delay the foreclosure sale and at least 12 different folks order documents to be send since July and none have every been receive. I have been at wits end with and developed a heart condition (PVC's and need further testing) over the stress since I first applied for HAMP when the program was started in late March and in June told all was in order to wait for a processor but instead got the foreclosure notice. Made 2nd trial period a few days before due late September

10/9/09 talked to both the worst resource at Citi and the best that I actually got some good info from.

Worst - Regular mod dept, Show on trial for HAMP etc but that the foreclosure attorneys are so backlogged with foreclosure sale dates that it often takes to the last day to determine whether house is sold or not. Too late to do anything else if they screw it up. And paperwork errors have been reported as happening at Citi - and in my own case no paperwork from at least 12 folks punching in computer to send.

That said, Citi is actually one of the best to work with many say. I can easily get a hold of modification folks to look up my account within a few minutes. It is getting anything done that is the problem. Reps differ greatly on how knowledgeable and helpful they are, although most are quite good and "try" to help by sending messages to those secret hidden departments and there is where nothing gets done at least in my case.

Best Info Yet - if it holds true
Via the Hope Now escalation team person after getting nowhere for about an hour on the phone given various managers to contact etc, with phone messages left but no return calls. One manager I did reach myself but turned out to be the "wrong team."

Another number we were given was for the Manager over the manager ( the mysterious Keon Hachshaw that can't be reached directly which many of the trying to help mod folks have been e-mailing. One mod rep actually works in same office and said he saw him a few minutes before my call and will have him call me. Didn't.)

After basically no good info and frustration from Reg mod dept gal, I in desperation tried the phone I had for the manager of the manager (who we left messages on voicemail to call us -Hope or Me- but never did) I almost fell off my chair when she answered (which I understand is rare).

Being a bit selfish..and desperate for her time am not going to name her because she is just over "my team" and you may be on some other "team". But the key is to get to your person in the "managers unit" especially for pending sale dates.

According to her she actualy had my file sent to her to review...today. She had sent a request to the big attorney's office for a 30 day extension. When talking to her she asked that it be changed to a 90 day extension but some states only allow 30 days which only the attorneys know.

Supposedly the attorneys get back to her in 24-48 hours. She invited me to call her back on Tuesday to check status. Supposely she has the power to actually get a hold on the account instead of the day before but we shall see.

She doesn't seem to know about the Fannie Mae problem as far as she knows its just the regular 3 month trial if delinquent , 4 months if current but in imminent danger.

She says Fannie Mae is very good to work with since they are in the forefront trying to stop foreclosures and if for some reason you don't qualify for HAMP they have their own mods very similar. They only go down to 3.5% instead of 2% for HAMP and start escalating the interest rate to the max sooner than the 5 years for HAMP.

She also noted that only 17% of trial mods for HAMP are getting approved. People can't or don't verify their income, they don't meet the NPV test or other reasons. Sounds like the Fannie program while not quite as good is easier to qualify for but didn't get into the details since I "should" qualify for HAMP.

In my six-month battle with Citi she by far has been the most helpful at least so far. Now we see what results will be. For me its the foreclosure sale that is my huge issue. I would be happy to keep making trial payments (made 2) as long as I can be assured that house won't be sold from under me. We shall see.