My situation...

[kbatl68]

I have a rental (previous main home that we thought would sell) that has an adjustable first (currently 2% $125k which is current) and a second with Citi at 12%, $75k. Our main has an adjustable first (6.67% $380k) and second with Citi at 10.99%, $80k). Spoke to someone at the 877-211-3758 number that took information and said I quilified but it had to follow FDIC -assuming because of the rental property. Said I qualified and each payment on the 2nds would drop from $775 to about $350 each. BUT until the paperwork was signed and submitted I had to make a full payment. I was under the assumption that I did not have to make a payment until the paperwork was recieved and submitted. I'm now thinking this was just a ploy to get a payment in since I'm currently 3 month behind. He also stated that I would have to continue to make full payment until the paper work was approved (which could be 1-3 months).

Does this sound right or did I just get "tricked" into making a full payment?

Thanks,
Kevin
Atlanta, GA

[Evan Bedard]

Hi Kevin welcome and thank you for joining.

BUT until the paperwork was signed and submitted I had to make a full payment. I was under the assumption that I did not have to make a payment until the paperwork was recieved and submitted. I'm now thinking this was just a ploy to get a payment in since I'm currently 3 month behind. He also stated that I would have to continue to make full payment until the paper work was approved (which could be 1-3 months).

Does this sound right or did I just get "tricked" into making a full payment?

I believe that she was just trting to get you to make a payment.

Was that your first phone call requesting a modification?

[kbatl68]

It was about the third time calling on the rental 2nd mortgage and getting a third different explanation and payment amount. First time calling on the primary. This gentleman annouced himself as a supervisor so I thought I had someone that knew the routine. He put me on hold and said he had a co-worker that he discussed the situation with that was well versed in the FDIC stipulations. So I didn't really question the continue making full payments until the modification is completed issue. You really feel at their mercy and maybe I should have pushed back a bit more...

Thanks in advance and for all this website provides to everyone seeking guidance !!!