Loans over $730,000

**David Lee** · 06-16-2009, 07:27 PM

Like Many, we are also caught up in the mortgage mess. In 2005 we decided to build our dream home and with our income level at the time and assets at the time (mostly Real Estate) we thought we could easily afford it. We were then hit with a double whammy... Our real estate portfolio (20 properties in AZ, ID and CA) was shrinking by about $100,000 per month and my income from Real Estate sales was also declining right along with the home values. Our first with Citi is at 1.4 M and we also had a second with Chase for 250k. In 2006 our house was appraised at 2.1 mil and today our especially hard hit community ion Northern CA has brought the value of our home down to a recently appraised value of $710k. We have been working to get a loan Mod for nearly 8 months now (going through the typical stuff, faxes not received, new person assigned, need to get updated package submitted) and were JUST told that we dont qualify due to the loan amount being over $730k... Our first payment is 7k per month and although we SHOULD be asking for a principal reduction, all we really need is a modest rat reduction to put us back into the black each month.

Has anyone had any success with higher loan amounts ? It doesn't make sense to me that Citi would want to take a NEARLY 1 Million dollar loss (after factoring in late payments and costs to resell) instead of helping us a bit with our interest rate.

We have just received the NOD and suspect that the house will be foreclosed on by Mid Sept

Can anyone offer advice???

**Maurice Bedard** · 06-16-2009, 07:58 PM

Hi David Lee,

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

Have you tried contacting Citi to see what options the investor on your loan has for a modification................you may want to start by contacting the executive team and check and see.............
1-866-255-3901

Keep us posted on your progress.............

**David Lee** · 06-16-2009, 08:02 PM

We have been in contact and were only offered the HAM program which we didnt qualify for as our loan was over 730k. Nothing else was offered. I checked the FM/FM sites and our loan is owned by neither. It appears to be a portfolio loan. Someone told us that there is a chance that our loan was "written off" as a result of Citi trying to get as much dough as possible from the government which is why they are not eager to do anything for us. Does that make sense? Would it make sense for them to lose 900k foreclosing.

**Maurice Bedard** · 06-16-2009, 08:12 PM

It doesn't make sense.........

The number that I posted was the executive team..........if that is not the number that you had previously tried..........it may be worth a shot.

**David Lee** · 06-23-2009, 07:07 PM

Hi Cat... I was very pleased when I called your secret phone number. Spoke to a very informed person who was able to look at my situation with the eyes of how to make it work, not how to turn it down... I have re-submitted my package to them and am in the process. We are hopefull that we are finally in front of the right person.... We do have a hardship, we have income loss, we have no net worth and are negative each month with our bills, and our house is worth about 800k LESS than what we owe.... If we are not what these programs are meant for, I dont know who is.. At this point we are just praying that our file is in the hands of the person that will halp save our hosue... Thanks for being there.....

**Maurice Bedard** · 06-23-2009, 07:23 PM

I am so happy that you were able to connect with a rep that will try to help........

Keep us posted on your progress and Good Luck!!!

**I'mSickOfThis** · 08-15-2009, 12:21 PM

Hi Moe,
Do you have an executive number for the folks at Bank of America so that we can contact them regarding our loan that is also over $730K?
Thank you in advance.

**tazzaro** · 08-16-2009, 01:05 AM

Hi,
Yes, we also have a homeloan that is over 729,000. w/ citi. We were "pre-approved" for the HAM program back in early May and I have asked about that program amount cap. w/ every phone call. I was told by every single rep. (including one from the "executive response team" that the loan amt. was NOT a problem and that the program was dependant entirely on income vs. mortgage pymt, etc. Well, when we got down to the point of having permanent papers signed ((4th trial pymt. being made) I was finally told by a rep. what I suspected all along--that we don't qualify due to the mortgage amount being over 729,000.
I was pretty upset and told her about all of the wrong answers I had been given during the (loooong) process (we started the modification request process in the beginning of '09). She called me the next morning to tell me that there had just been a "new plan" unveiled that morning (Aug. 9th) that allowed for loans up beyond 729,000. She said it was still under the "HAM" program and that the terms of our loan would be slightly different but still MUCH better than they are w/o the modification. I'm suspicious, well, for obvious reasons but also because I can't find anything anywhere about any "new" govt. plan---sounds fishy to me.
So, she was submitting our paperwork for documents and then it was supposed to go to underwriting. I'm planning on calling back this Tues. to get an update and expect to be given the run-around but I just hope, hope, hope that this plan truly exists.
Anyway, if it does exist, it should be able to help you as well.
Let me know how things go. I'll update once I get to talk to our rep. also.
Tammy

**MAXIE19** · 08-16-2009, 04:50 AM

Tazarro:

Most lenders/servicers do have in house programs for jumbo loans mirrored after the Obama plan. I have been told that they use the same guidelines for all mods now whether HAMP or not Sounds like the rep is talking about one of their in house programs not necessarily a new govt plan. I am with Chase and do not qualify for the Obama plan but I am being considered for one of their traditional programs using the same guidelines. My loan is over a mil.

**tazzaro** · 08-17-2009, 12:49 PM

Ah. Makes sense. Thanks for the info. I'm so worried about being strung along. Thanks so much. I hope you're able to get some relief soon! Have you considered NACA?
tammy

**I'mSickOfThis** · 08-17-2009, 02:16 PM

Hi,
I filled out all the information for NACA this morning, then I got to the last page, the page where you have to set up a face to face meeting or schedule a phone call - and there's only one location in FL. 208 miles away. So I try to do the phone call - and there are no dates available.