Modification and Unemployment Comp.

[gjmarantz]

We have been in this Loan Modification Dance Marathon since April. Thanks to this site, we have side-stepped many obstacles and have gotten to the right people. I have been unemployed almost one year. My UC year just ended and I have received an Emergency Unemployment Compensation (EUC08) extension of 3 months. In addition, I may be eligible for a new benefit year that will extend coverage for 6 mos.
I have read that one of the qualifiers of the Mod process is having Unemployment Compensation for 9 months. How hard and fast is this rule? I have been picking-up some freelance work. I work in the Advertising/Marketing biz, or I should say I did. Would the freelance work be a consideration?

This is where we are in the process. We went through the forbearance period and applied for our Loan Modification. Citi has cashed our first trial payment. Last week we received an overnight letter asking us to call. We did, and they requested additional information, including proof of my UC benefits.

We are really worried! We have made it this far and now this! If we are not approved, we will have to sell our house of 17 years and move into a rental that will undoubtedly cost hundreds more than our modded mortgage.

Any ideas or opinions?

BTW-This site has been godsend. Many thanks to Moe & company, and to all of you who have shared your stories and experiences.

Thank-you,

gary and michele

[teddy4]

In our situation, they accepted the extended benefits that Wisconsin residents receive (20 weeks) as part of the 9 months. We were right on the line and they did take them into consideration. When you submit your ue benefit statement, I would also copy and send them documents that state that you are eligible for the months you had mentioned. Even if you just go to your states ue site and copy the info from there. You can then include a letter with that info explaining that you are eligible for those extensions. This is what we did and they accepted that.

Good luck!

[Portland]

On month 2 of three (which actually means on 3rd payment because they require one immediately upon approval for Trial Mod), and Desha at CM says she is seeing Modifications denied now if you dont have at least 9 months ahead to expect (must have proof in writing) from Unemployment claim.

You know what is weird? We have had Unemployment claims since January of this year and it is October. A month and half in there wasnt claimed due to work. If they had done the approval in the spring as they said then they would we wouldnt be here with not having enough if a claim.

I noted to CM that in OR they dont give out promise of 9 months at a time. She said it didn't matter and she knows of other states with that same problem. Shouldnt that be illegal-like some sort of unequal treatment to Oregonians?

ANd who are these "Underwriters" that seem to always be the ax about to fall on our heads? "The Underwriters will decline"

Ok one last point-When we were approved for the trial modification by Mr Shulte...he had all the same papers proving what claim we had etc etc and he approved it. We even have more time on the claim now than then because of craziness in Unemployment that refigured our claim (too many details for this forum) so we should be even better off in their eyes. It sounds like such a set up just to get every last dollar they can and NOT approve a loan mod.

I promised I wouldnt talk to them anymore -just my husband does it but I was only trying to make a payment over the phone today and it was so upsetting. I wasn't going to cry anymore about Citimortgage but dang they got me today.