Yeah, Verbal Proposal from CitiMortgage

[abcxyz]

ABC,

Congrats on getting your final mod papers, you must be so relieved!

I have a couple questions if you don't mind. We started our mods around the same time. I wrote earlier about missing documents, well we called back and checked and they finally had scanned int he bank statements. But, we received a UPS package asking us to fill out the 4506T because 60 days ahd gone by and they needed an updated form. So we signed and faxed that and we are supposed to call back on Friday to check in again.

My first question is about bank statements, I remember you mentioning in earlier posts that you were worried about the amount of money in your accounts and you had money to pay back relatives for money they had given you for the house. I had some extra money one month of the bank statements because my son had paid me some money he owed me and also we deposited some money from my sister to settle a credit card debt. I am wonderig if they questioned the money you had and if you were able to explain? Even the money I deposited doesn't equal 3 months of savings especially when you take out our income we used for expenses. all of the money wwas in our primary checking account, so I am wondering if they will question it.

Second, once you are assigned a counselor do you have an oppourtunity to go over numbers with them. I am wondering due to so many on here being denied for errors in income and expenses. I am hoping maybe we will be able to go over what they will be sending to underwriting so we make sure they aren't reporting incorrect income or expense info.

We are so close I just don't want anything to prevent our mod from going permanent.

Thanks for your time.

Hi Crewof5,
Yes very relieved, sounds like you're almost there, so keep at it and you'll eventually get done!

I'm not sure what they will question to be honest. If they do queston you, then just write your explanation and tell them you can get written confirmation from those people if they require so. I think if you just have everything written and displayed in detail then it goes a little smoother.

One thing to make sure is that the income you told them verbally matches what your paystubs say. If not, then you will run into some problems/delays.

In regard to the counsellor, I think you can go over the numbers with them. I talked about mine with my counsellor. My final number, i still think they calculated it wrong, it's a bit higher than what I expected cuz i figured out how they got the modified payment, but I didn't want to make it an issue and delay things further, so I just went with what they gave me as it is much better than my original payment and just wanted to be done with it.

Good luck, just be persistent...

[davephx]

In the final docs.... did they have you do a budget Again?

How many months of bank statements did they ask for. On Trial papers I got after 3 trial payments, just last 30 days of bank statements and no budget.

Thanks.

[aubie37]

In the final docs.... did they have you do a budget Again?

How many months of bank statements did they ask for. On Trial papers I got after 3 trial payments, just last 30 days of bank statements and no budget.

Thanks.

Dave,

I did not submit bank statements with my last set of papers to the executive response unit at Citi.

[aubie37]

Congrats too Aubie37, looks like we got finalized on the same day and more and more people are starting to get approved now.

ABC,

I never saw on any new thread, nor anywhere where you are posting in this one, what the details were for your paperwork. You indicated that you hoped it beat the 10% of your nearly $3000 a month payment. Were the terms a good reduction for you?

[abcxyz]

lighten up ABCXYZ, go back to your original posts, you were just as scared and skeptical as this person, you were so worried about everything, but you are correct, if they gave you a modification with your 6 figure substantial savings, then I am sure there is hope for everyone,
Congratulations, I hope it all works out for everyone, Everyone is just beat down by the whole system, but the fact you are done gives everyone hope. Are you going to share your final scenario as in what rate they gave you and everything.

biilw, sure i was just as scared and worried back then, everyone is, especially being that this is all new to everyone. However, i did not question the process and expect things according to my terms and what I thought, I followed the process and did what i was asked to do.

I paid that back to relatives months ago, so I could properly reflect my balances when I sent my stuff in.

In terms of scenario, nothing out of the ordinary guidelines of HAMP. I was paying a whopping almost 50% of my gross income and it got reduced to around 31 or or 33%, as according to the guidelines.

[billw32]

again, congratulations, Could use be more specific about the type of loan you had, and rate, and what it is now. I know it is personal but it does help to see what people are getting just as you were asking for specifics from several people along the way. in general, how much a month did you save off of the 3k payment Thanks

[m_nair]

abcxyz,
Congrats, What was your savings, if you do not mind?