We've been working with CitiMortgage since March 2009. I was told almost immediately that we qualified and by May I was told the terms they were proposing. So, since that time, we have been waiting for the paperwork and been in regular contact with them.
Well, CitiMortgage has failed to put the terms in writing and wanted us to simply jump in the pool before making sure there was water in it. Well, Friday we found out that they had set us up for the loan mod even though we would not agree to "unknown" terms. The amount showing as our monthly payment on our online Citi mortgage account is over double the amount of our regular payment. We were told to disregard this, as it was in error.
Finally on Friday by phone, we discovered we had a deadline which we were not even aware existed. Well, we had already made our regular mortgage payment and were told we needed to pay extra by debit card, right then, to meet the loan mod amount. We don't have a debit card. I told Christopher that we would not agree to a loan mod without it being in writing. He got angry and ended up calling me a liar and stating that we had been dragging our feet!!! You've got to be kidding me!
We have always paid our own taxes and insurance timely. While we understood, unhappily, that an escrow account was required for a loan modification, we were never advised that it would be required simply for having applied until Christopher (Executive Division) told us Friday. Citi had our insurance company send back our regular homeowner's insurance payment 2 months ago and paid it themselves (we did not agree to this).
Can they force this escrow account upon us? I am afraid we are about to be chewed up and spit out. Their offer sounded too good to be true. I guess it was since they refused to put it in writing.
Any advice on the escrow or loan mod process?