Citi Residential Nightmare! Help!

[valleygirlcc]

I have been reading the message boards on loansafe and I need some help. My husband and I purchased a home in California for $430k. Our loan was with AMC and was acquired by citi residential. We had a fixed loan at 7.5% for two years and then it turned into an adjustable arm. In July our payment went from $3109 to $3554. My husband and I could not afford it so we went to a realtor to help with a loan modification. This was a huge mistake. we didn't get any results, so my husband decided to take matters into his own hands. He has been negotiating back and forth. The best citi could come up with was a 7.1% loan and our payment would be $3445. My husband sent them a down payment of $3,109. Citi claimed that we would not have to pay arrearages and that they would fed ex the neccessary docs to proceed with the modification. We received a package on Friday and the numbers were off. They included arrearages, and they want us to sign on for a loan in the amount of 439k. They told us that our house is only worth 325k. We cannot afford the amount that was sent in the modification. Is there anything we can do? Please help! also, let me know if you need additional info, I tried to sum this up as best as possible.

[Moe Bedard]

Hi valleygirlcc,

Welcome to the forum and thank you for joining.............

The modifications given are up to the investors on the loans and what they are willing to do.......they also sign off on the modification so for that reason.....what you were told and what shows up in the docs could be a bit different if the investor changed the proposal............if the numbers are incorrect or you are unable to afford the modification, you would need to call Citi and ask what options the investor on your loan has.........
1(800) 430-5262
1(800) 211-6926

[valleygirlcc]

***,

More bad news. My salary has been cut due to the declining economy. I explained my situation to our loan mod consultant at Citi residential, and no help there. The loan mod consultant said that if we reapply for a modification, Citi will not take into account my new salary. They will disregard my salary cut and go with the salary I previously had. Is she serious? I told her that we could not afford the $3,452.61 monthly payment on the mod that was offered. She stated that they would foreclose. Help! I don't want to lose my home. This person has not been helpful at all.

[Moe Bedard]

Did you try both of the numbers I have posted above? I know it is hard and frustrating but you have to hang in there and call back until you get a loss mit rep that will let you update your financials to include the new income..........be persistent but nice..........

[valleygirlcc]

***,

Thanks. I am not going to accept the current offer and I will call to resubmit for another loan modification. The person from Citi that was assisting us during this process claims that Citi will not take into account my salary reduction. Do you know if there is any truth to that? She was very intimidating and made it seem like we have no chance in hell unless we accept the modification that we cannot afford.

[Moe Bedard]

That is why you should call back.............you should absolutely be able to update financials if you have a different job................and also double check that if you were to accept the current offer that you will be able to reapply.............some investors require you to wait until you have made 12 successful payments and some only let you have one modification with them..................so please check that out too.