CitiMortgage My Story - Page 3 - Loan Modification Forum

giari3 · 09-03-2009, 12:58 AM

QUESTION: Has anyone had a change of income after they started the pre-trial mod payments? If so, who did you send in your new income to? My original income was gross $750 & my husband was $4450, my income is now $350-$400 & my husbands monthly income is now $4150 gross. So we have a reduction of about $600 per month from the time we originally started. I have called the Exec. Office and Loss Mit/Collections and nobody knows if I should send in proof of reduced income. Old payment was $2777 (impound account). New payment is $1601.00. Do I keep persisting in hopes of getting perhaps another $200 reduction making my payment $1400.00? Or do I leave it alone and hope that I am qualified just the way it is? I have to resend my 2008 taxes to them and I was thinking of sending a note with a copy of new income reduction. Feedback would be great. Thank you!!!

SillyWorld · 09-03-2009, 01:14 AM

They understand you salary will go ups and down, they would need to know only ifd you are sure it will stay lower..

MAXIE19 · 09-03-2009, 03:52 AM

Be careful that the reduction does not create an issue of affordability for you. As little as $500 could mean a difference between qualifying or being denied due to insufficient income. Perform the NPV test and see where you stand on the new numbers with regards to the benefits of modification vs. foreclosure.

Citi would probably update your financials prior to your permanent modification, however, doing your research before their request gets you prepared and may even give you the chance to pull your income back to an acceptable level if the reduction has changed the affordability picture for you.

giari3 · 09-04-2009, 06:52 PM

SillyWorld & Maxie19: Thank you both for your response! I have to re-send a copy of my 2008 taxesand proof of residence (utility bill). I will include our recent paystubs with a note informing them of our updated income. Let's see what happens.

SillyWorld · 09-04-2009, 08:30 PM

Quote:

Originally Posted by giari3

SillyWorld & Maxie19: Thank you both for your response! I have to re-send a copy of my 2008 taxesand proof of residence (utility bill). I will include our recent paystubs with a note informing them of our updated income. Let's see what happens.

GOOD LUCK!! But I would not look for any answers untill after the Holiday

giari3 · 10-29-2009, 11:32 PM

Hello Everyone,

So I have ended my 3rd month pre-trial Obama Loan Mod. I will be making our 4th payment on Monday. No permanent loan doc's yet. During this time they have called me or sent me letters via UPS, requesting Tax Return for 2008 (which I had already sent to them 3 times on previous ocassions). Then they said they needed my last 2 proof of income stubs ( which shows a reduction of about $400). Today, I received a form that we needed to sign requesting to the IRS our 2007/2008 Tax Return (AGAIN!!). So I hope that my pay reduction does not blow our chance of being quailified. I will keep you guys posted as soon as I hear something! It has been a long journey, but hey we are still here and have not lost our house yet!!! Everyone have a great weekend. Do not give up!!! Ask questions, make phone calls, write everyting down. BE PERSISTENT!!! Good Luck!!!

SillyWorld · 11-06-2009, 05:20 AM

ONce they do a House Appraisal then you know its almost ready for the real trial

09-03-2009, 12:58 AM	#51 (permalink)
giari3 Senior Member Join Date: Feb 2009 Posts: 79 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMortgage My Story QUESTION: Has anyone had a change of income after they started the pre-trial mod payments? If so, who did you send in your new income to? My original income was gross $750 & my husband was $4450, my income is now $350-$400 & my husbands monthly income is now $4150 gross. So we have a reduction of about $600 per month from the time we originally started. I have called the Exec. Office and Loss Mit/Collections and nobody knows if I should send in proof of reduced income. Old payment was $2777 (impound account). New payment is $1601.00. Do I keep persisting in hopes of getting perhaps another $200 reduction making my payment $1400.00? Or do I leave it alone and hope that I am qualified just the way it is? I have to resend my 2008 taxes to them and I was thinking of sending a note with a copy of new income reduction. Feedback would be great. Thank you!!!

09-03-2009, 01:14 AM	#52 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,139 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMortgage My Story They understand you salary will go ups and down, they would need to know only ifd you are sure it will stay lower.. __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

09-03-2009, 03:52 AM	#53 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMortgage My Story Be careful that the reduction does not create an issue of affordability for you. As little as $500 could mean a difference between qualifying or being denied due to insufficient income. Perform the NPV test and see where you stand on the new numbers with regards to the benefits of modification vs. foreclosure. Citi would probably update your financials prior to your permanent modification, however, doing your research before their request gets you prepared and may even give you the chance to pull your income back to an acceptable level if the reduction has changed the affordability picture for you.

09-04-2009, 06:52 PM	#54 (permalink)
giari3 Senior Member Join Date: Feb 2009 Posts: 79 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMortgage My Story SillyWorld & Maxie19: Thank you both for your response! I have to re-send a copy of my 2008 taxesand proof of residence (utility bill). I will include our recent paystubs with a note informing them of our updated income. Let's see what happens.

10-29-2009, 11:32 PM	#56 (permalink)
giari3 Senior Member Join Date: Feb 2009 Posts: 79 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMortgage My Story Hello Everyone, So I have ended my 3rd month pre-trial Obama Loan Mod. I will be making our 4th payment on Monday. No permanent loan doc's yet. During this time they have called me or sent me letters via UPS, requesting Tax Return for 2008 (which I had already sent to them 3 times on previous ocassions). Then they said they needed my last 2 proof of income stubs ( which shows a reduction of about $400). Today, I received a form that we needed to sign requesting to the IRS our 2007/2008 Tax Return (AGAIN!!). So I hope that my pay reduction does not blow our chance of being quailified. I will keep you guys posted as soon as I hear something! It has been a long journey, but hey we are still here and have not lost our house yet!!! Everyone have a great weekend. Do not give up!!! Ask questions, make phone calls, write everyting down. BE PERSISTENT!!! Good Luck!!!

11-06-2009, 05:20 AM	#57 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,139 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMortgage My Story ONce they do a House Appraisal then you know its almost ready for the real trial __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

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