Citi Mortgage Mod

[bmccarron]

Hi everyone. It seems i am in the right place to get help, I am so thank ful that I found this website. I purchased my house back in feb of this year. Unfortunately with this down economy, my income is significantly lower than last years. I work a job where i make salary plus comission. Over all, I am about 6000 less than i was at this time last year. This is making it more difficult for me to make my mortgage payments. I found the email address here on your site to contact citi mortgage. I got a call back the following day from Tisha. I faxed in the workable solutions packet to her and Jamar got in touch with me. He said that I need to make 1/2 payments, as they are going to put me on a moratorium, so that I will be 3 month past due. Up to this point i have not been short nor have been late. Will this moratorium hurt my credit at all? Jamar told me it won't but i always get nervous about stuff like that. He told me my loan is owned by Fannie Mae and I need to be 3 months delinquent in order to work out a loan mod and that the moratorium is one way to do it. What can I expect to be looking at in the way of an interest rate reduction. Also, is there any possibility at all of Citi dropping my PMI monthly payment? I have no intention of defaulting on this loan and would like to stay here for the rest of our lives! I love our neighborhood and our home! Thanks again for any help you can offer.

[Dan Bailey]

bmccarron,

Glad you found the forum! *** or Moe will be by to answer your questions as soon as they are able to. Hang in there and good luck!

[Moe Bedard]

Hi bmccarron,


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

The moretorium that they are speaking about is on foreclosures until January 9th..........with FannieMae as your investor, they are only looking at modifying loans that are 90+ days in default, however, that does read on your credit as a default so I would definately call back and speak to another rep to clarify what you are being told and how and when they would correct that on your credit report.

What they are doing with the modifications are trying to bring payments, if the ability is there, to 38% of gross household income..........they will be extending terms and reducing interest rates to obtain this.


Please call the number set up for Loan Safe members to verify what you were told.......................
1-866-255-3901

[bmccarron]

I definitely will call that number you mentioned. However when i spoke to tisha (executive office response unit) and Jamar, they both told me that while on the moratorium that it is held back from reporting to the credit bureaus and that if anything were to show on my credit report to contact either one of them directly.

[Moe Bedard]

That could very well be the case then........

[bmccarron]

***,

I spoke to a Matthew at the Loan Safe number today as La Tisha was out of the office and he informed me that the early workout only applies to Loans originated after 1-1-09 and that I would still need to go on the moratorium and be 90 days delinquent for a workout/mod to take place. I didnt recall reading that in the press release that you had posted. did I miss it or am I getting incorrect info? Thanks again for your help!

[Moe Bedard]

He is talking about the pooling and servicing trust agreements...........but you would need to point out to him this fact............

This applies only to loans backing securities issued on or after January 1, 2009. Trust agreements for pools issued before that date do not allow for this flexibility, but as described above, Early Workout gives servicers the tools necessary to address problem loans as early as necessary, regardless of MBS pool date.

[bmccarron]

***,

Does it hurt me at all to go on the moratorium? I would love to spend more time with this, but unfortunately working in retail and this being christmas time, i just dont have the spare time to do this. What do you think my best case scenario is? they would like the moratorium paperwork in soon and im just not so sure what i should do. Thanks again!

[Moe Bedard]

With the Early Workout Program you do need to go late on your mortgage.............going late can hurt your credit............why would you do that if you don't have to. I am waiting for a call back from their manager............ I will let you know what they say.......hang in there just a bit longer.

[bmccarron]

Thanks so much for your help ***!

[bmccarron]

***,

were you able to find out any more information?

[Moe Bedard]

I won't hear more until after Monday when it begins...........I will post updates when I know something.

[bmccarron]

Thanks again! Sorry if I am being impatient...just trying to get this behind me!

[Moe Bedard]

I completely understand and will let you know something shortly after tomorrow............hopefully by Wednesday when this gets underway...

[bmccarron]

***, has this new process gained any steam? I really dont want to go on a moratorium if i dont have to. Thanks again, and sorry for being a pain!

[Moe Bedard]

They were speaking with the dept. about telling members that they need to go late if they have FannieMae and letting them know that this isn't the case.................I will be speaking with their dept. head tomorrow to make sure everyone is on the same page when members call in.

[jccat123]

***,
Thanks for all your help. Please let us know what you find out today. Thanks!

[Moe Bedard]

Unfortunately FannieMae's announcement today would indicate that they will only be offering the Streamlined Modification program to those that are 90+ days in default............
Media: News Releases > Streamlined Modification Program (SMP) Now Available to Borrowers

[00blackout]

Do you know what the requirements are for a mod if your investor is Freddie Mac? We were told that we would have to go on a four month moratorium before Freddie Mac would even consider a mod.

[Moe Bedard]

The same Streamlined Modification applies to FreddieMac loans as well......

Fast Track Workouts for Delinquent Borrowers With Freddie Mac-Owned Mortgages Underway - News Archive - Freddie Mac

[bmccarron]

***,

Looks like I am going to have to go on the moratorium. I was again reassured that this would not impact my credit. I am leary, but it looks like Fannie Mae doest give many choices.

[Moe Bedard]

It is what it is...........if it is going to help.......than that is good.......

Here is what I posted about that in another thread.........

You will just need to monitor it and if this is what they are saying..........then they will need to correct it if it is inaccurate on your report.........but if I were you, I would definately need to see that in writing......just in case you would need to dispute it with the credit bureau......