Hi everybody! I have been reading through this forum and see that some are in the same boat as us. I am hoping someone can help us or guide us to some help - we seriously need it.
About 8 months ago we contacted Citi regarding a loan mod and after a long back and forth we agreed to the 3 month trial payments under a new interest rate and lower payment. The 3 month trial period turned into a 6 month trial period. All that time we were told and promised that our interest rate would stay at this new rate and that our monthly payment would be the same as our monthly trial payment in this trail period.
Last week Wednesday we called in to make yet another payment and were told that our modification was approved and that we should receive the paperwork in a couple days and to sign asap and return. We were told that our new monthly payment would be 1073.73 and interest rate would be 3.5%
Well when we got the paperwork it was a complete 180 turn and our new modified payments are now higher than our original monthly payment! Now they are wanting 1473.67 with an interest rate of 7%
We called tonight and were told that ( all of a sudden ) we don't qualify because my husband makes over 31% which is total crap! The monthly payment is over half of his monthly paycheck and they even said he was 900$ in the hole on a monthly basis and that he did qualify ...back when we started this whole fiasco! My husband even took a pay loss in order to keep his current job and they knew that and saw his pay stubs! How can they do this and is there anything we can do? We called and they just totally blew us off, told us to sign and not worry. WTH? We did everything we were told to do, send in all required paperwork and what...we were lied to this whole time?
Help? Anyone? Please!