Is it time to give up

[pygmypa]

I have 1st and 2nd through Citi w/ Fannie Mae as primary loaner on 1st. I am in Oregon. Life changes wife out on medical, new child, day care expenses, etc, etc caused hardship in April. Citi refused Forbearance in March when I tried to avert this and actually suggested that if I were 90 days behind on my payments they could then talk with me about remoding, etc. Have not paid on loan since then(8 months now). We have always had top 700's credit and never miss payments. We have been going around and around as has everyone with Citi - I have had dialog with Bryan Bolton VP or Exec Response Unit, etc, etc. They have and continue to be deceitful and unyielding.

Besides the usual of one dept telling you your qualified and another saying you're not we decided to file CH7. Citi cannot collect on 2nd if we walk. Regardless they still say because we are at or below 31% they will not finance. Bottom line is I cannot afford house with the second. They appraised the damn house for the 2nd themselves. The house is more than 50% upside down now w/ the 2nd. Why won' they work with me. I have offered to stay in home if they discharge 2nd of about 70k and re-amortize the 1st. They still refuse. This is now month 9 w/o any assistance from Citi? Is it time to give up?

Class-Action anyone?????????

[AZOwner]

It is only time to give up if you choose to.

There are THOUSANDS of folks on this forum fighting the individual fight, invest some time reading.

We can move forward individually or be a force to be reckoned with.

See and read the threads "The Emails Worked" and "Class Action", and then find the thread in my signature, below if you want to fight the fight for yourself, and on behalf of all of our members.

We will accomplish more, sooner, if we organize and coordinate our activities.

Thank you,
Az

[Evan Bedard]

Hi pygmypa,

Besides the usual of one dept telling you your qualified and another saying you're not we decided to file CH7. Citi cannot collect on 2nd if we walk. Regardless they still say because we are at or below 31% they will not finance. Bottom line is I cannot afford house with the second. They appraised the damn house for the 2nd themselves. The house is more than 50% upside down now w/ the 2nd. Why won' they work with me. I have offered to stay in home if they discharge 2nd of about 70k and re-amortize the 1st. They still refuse. This is now month 9 w/o any assistance from Citi? Is it time to give up?

No it is not time to give up. Have you tried to settle your second? Many lenders are willing to settle second mortgages for about 5-20% of the remaining balance..

[pygmypa]

To date I have spoke with Citi countless times and have requested discharge of the second - after all - they cannot collect if we walk due to the CH7 protection. They have not once countered an offer. I have previously suggested a settlement of the second and the reply was the same - we don't negotiate and we don't discharge.

[Evan Bedard]

What dept have you been dealing with?

[Sunbeam]

I suggest you write a letter about your problems to your congressperson. Also, who are the lenders on these loans? Write to them and tell them that their servicer (Citi) will not assist you.

Don't give up. I've been at it since Feb and I'm just getting somewhere!

[pygmypa]

Evan -

I have spoke to Exec Resp Unit, Home Owner Assistance, Collections, VP Bryan Bolton of ERU, and numerous others. It's always the same canned response we don't care what your expenses are your gross income and mortgage comparison shows you below 31% - Period. I have nine pages of notes from talking with these people since March of this year.

Sunbeam -

Fannie Mae first and Citi second, although Citi services the first. I cannot locate any emails for Fannie despite hours online. Left them a message today to escalate to Level II as mentioned in other threads. I have requested contact from US reps and congressman through their website but no replys to date.

[Sunbeam]

Don't just email your reps...call their offices. Tell them you need for the to intercede on your behalf. You will have to give them written permission to do so. Ask them about that. Keep pushing!

Fannie contacts: http://www.fanniemae.com/contact/crc.jhtml?p=Contact+Us

[davephx]

"we don't care what your expenses are your gross income and mortgage comparison shows you below 31% "

This is totally correct from HAMP. Fannie can do nothing if below 31%.

Issue is with Citi on 2nd and they have no requirement to do anything. Obviously may make sense for them to settle if underwater so 2nd worthless but they may be betting you want the house and you will not default on the 2nd.

[pygmypa]

Well we are about 6 months behind on the second now so I wonder how long they will be of the mindset that I will not default on it. You are right they do not HAVE to do anything but they certainly could. The government programs are not the end all. Citi, Fannie, Etc, Etc all have discretion to remod any loan they wish to. They simply use the government programs as an excuse and very much in a bad faith manner.