Citi Loan Modification

Beth1974 · 01-28-2009, 07:39 AM

Hi. I am new to this site. I am in a very similar situation to the last poster. My husband and I are still living together but are working toward a divorce. We separated for a short time this summer and as a result became behind in our mortgage payments. We moved back together and are basically living together for financial reasons. We have a 3yr old who we also need to provide for. We tried a hardship assistance with Citi Mortgage which was just a disaster since even though we were approved for a temporary reduction in our payment, they apparently did not recognize their own approval and never credited any of the reduced payments we were sending them. So that ended up with us behind for a few months and now unless we come up with $3,000 by March our house will be in foreclosure. HELP!! Whenever we try calling citimortgage we get transferred a million times, tell the same story over and over and then get diconnected. We spend hours of our life on the phone with them and get NOTHING in return. Very frustrated. We just want to try to refinance so one of us can live in the house at a lower monthly payment and the other can move on. Otherwise citimortgage is going to end up with another foreclosed house on their hands. Any advice would be appreciated at this point.

Moe Bedard · 01-28-2009, 01:25 PM

HI Beth,

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

Does the income from either one of you seperately support refinancing the house alone?

Is there equity in the home that will allow for a refi or does the property have negative equity?

Beth1974 · 01-29-2009, 12:33 AM

Hi again. We both make OK money but with our debt/income ratio being what it is, especially mine, I am not sure that either of us could qualify alone. I could afford it if our almost $2000 could be reduced to maybe $1400. I know that may be impossible. Unfortunately we bought our house in June of 2005 when the market was at its peak. We put alot of cosmetic work into the house and made it very nice, but still have more to go. So basically we are negative in equity at about $30,000. Help!

Beth1974 · 01-30-2009, 03:59 PM

Hello? Anyone out there? I would welcome any advice, opinions...really at a loss right now as to what to do.

Hate Citi · 01-30-2009, 04:22 PM

Why not ask for a short sale?

Do you Really want the house?

Moe Bedard · 01-30-2009, 04:51 PM

At this point, since alone a refinance looks like it is not going to be a possible option,

you can try for another modification..............but it would have to be with the both of you.............you can contact the CitiMortgage number that we have here for LoanSafe members and that will put you directly in touch with the office of homeownership preservation..........to see what the options are from the investor on your loan............
1-866-255-3901

Beth1974 · 01-30-2009, 08:30 PM

Thank you for your advice, I will contact the above number. I hope they talk to me and don't put me on hold and then disconnect me. I am sorry if I sound bitter, but have not had great success with Citi Mortgage. In response to HateCiti, a short sale means we would have to continue to live in the house together until it sold...which could be a year or more. Not a good option. As far as wanting the house, I am not sure, but am sure I don't want to go bankrupt if we foreclose.