Citimortgage Final Approval - 98% there!

[Citified]

Hello All,

I am new here but wanted to share my story regarding my HAMP process. Thankfully, everything has gone pretty smoothly and Citimortgage has managed to stick to their timeline. I had no idea other homeowners were dealing with problems and getting the run-around until I found this site during my process. I hope you all get the help you need and that those who are having nightmarish experiences dealing with these servicers, get things squared away!! Hopefully my story will help give some hope to the whole process. The waiting game can be stressful!

I started the process back in late July by clicking on the "Homeowner's Assistance" link on the Citimortgage website. I answered all the questions online and submitted my info, then faxed over my paystubs and and W-2 forms right after. Then I waited.

About 3 weeks later, I received a letter in the mail that Citimortgage (Loss Mitigation) had been trying to contact me but to no avail. I never received any calls, not on my cell, nor at work, but I contacted them that very evening that I received that letter.

It was a very brief conversation just to go over what I had submitted. They basically asked me the same questions I had answered online, so I'm sure they were just cross-checking. She told me over the phone that I was pre-qualified for HAMP, and what my new payment would be. I was never in default, but I was struggling and knew it would get worse for me (a salary cut & furloughs in my future).

Original Loan Payment:
$2293.14 (P&I and PMI)
5.875% Interest
30-year fixed
(Property taxes and homeowner's insurance were paid separately by me)

HAMP Trial Payment:
$1613.56 (beginning with September 2009)

Approx. $680 less a month!

I was told I would receive a "Fed-Ex" package that I would have to sign for. When I asked if I could have that routed to my work address instead, they said no, that it had to go to my home address. I was a little concerned, because no one is home during the day, but then less than a week later I received a UPS package at home, and it was left on my doorstep--no need for me to sign.

During the time of my initial inquiry online to the time I received the letter, I had been doing lots of research and reading online regarding HAMP so I knew what to expect. I found all the sample forms online, that I would be receiving in that "Fed-Ex" package and "practiced" filling them out. I gathered all the information and documents they were asking for, so when I finally got the package, I had everything and knew exactly where to sign, and what to include. Within a day, I was ready to send it back. My documents included a phone number I was to call when I was ready to send it back in the mail to them. They went through the checklist with me and made sure I included everything they needed and that I signed in all the right places.

A week later I called to verify that they received it (after tracking it through on UPS's website). They said they had everything I needed and now I was just to wait, but continue making my trial payments which I did sometimes up to 2 weeks in advance. I was initially told over the phone to make 3 (beginning in October), but when my September payment was due, I was no longer allowed to make my payment online like I normally did. I was prepared to pay my original payment amount. I called and they said I was to make the trial payment amount ($1613.56) which I was happy, because that gave me some cushion to put into my savings.

Throughout the 3-4 months, I called approx. 4 times, just to make sure things were on schedule and that they had everything they needed from me. At one point, they said they didn't receive my 1099 forms. I *KNEW* I had sent them in, as well as gone through the checklist on the phone with someone about it. I had copies of the whole packet I sent in, as it was sent in and I knew it was included. I offered to fax it or overnight it in, and then they said there was some miscommunication and had found it. Whew!

Fast forward to November. I was prepared to make my "final" payment (for December) for the trial. I made it early once again, and just waited. Occasionally throughout the process, I would check my status online on the Citimortgage website. At this time, I had also received my new Property Tax bill in the mail, so I was unsure what was going to happen with that. I knew it had to be in by December 10, so I was getting nervous.

On November 17th, I received this status update online as well as an email:
Your mortgage assistance request has been approved. Expect your mortgage solution package within the next 5 business days.

We appreciate your patience during this time and look forward to helping you find a mortgage solution to manage your financial needs.



Of course I was ecstatic!!! It is now November 23rd. I was hoping to receive my final package over this weekend, but I didn't. I just got off the phone with Loss Mitigation. I was told my file was sent "back to the closer, by the underwriter" and that I was indeed approved. I asked if she could give me information on what my final new loan payment would be and she said didn't really have the "final" information yet, that some notes on my account indicated a "target amount" of $1768.94. That's about $155 more than my trial payment, yet that is still a HUGE help for me. Even if that indeed is my true final payment, I will be happy. She had no information about an ETA for my packet would be, but told me to call back on Wednesday to see if it had been sent to me yet. Apparently, it has not been sent yet.

I am grateful that things have gone so smoothly, *so far*. I never had to resubmit any information through the process, nor did I receive phone calls about missing anything. I'm glad the 1099 issue was taken care of. I'm not at the end just yet, but I hope to get there very soon, which will help alleviate some of the stress of that darn waiting game we've all been playing lately.

Hang in there, folks!

I will update when I have more information!

Thanks for reading.

[Evan Bedard]

Hi Citified welcome and thank you for joining.

I am grateful that things have gone so smoothly, *so far*. I never had to resubmit any information through the process, nor did I receive phone calls about missing anything. I'm glad the 1099 issue was taken care of. I'm not at the end just yet, but I hope to get there very soon, which will help alleviate some of the stress of that darn waiting game we've all been playing lately.

Congratulations on the modification!

Please keep us posted on the final results!

[johngor]

That sound good as they are getting you done before your trial modifcation was over. Also good call on how you sent in your paper work. I took a half a day to gather the paper work as it was critical to have it done correctly.

[Citified]

Thanks!

I also forgot to mention that according the Citi website, they've already paid my property taxes as well, so I don't have to worry about paying nearly $2K within a couple of weeks.

All in all, I've paid 4 trial payments, so the timing does seem about right. Hopefully this all ends well!

[davephx]

1099?

Did you do a Sch C with income and expenses or just like one 1099 for self employment source. I did a year-to-date P/L never asked for any 1099's so am curious.

I first applied in March, was told approved in May but no trial amount just that they are backlogged and be patient. Kept calling said would be contacted by a processor, only contact was a foreclosure notice.

Than back on in July and restarted because they were so far behind in October so now just made 5th trial and told won't be sent to underwriting till January.

Those that got in line after us seem to have a easier time, but many of us should have been in processing a long time since first sent in Homeowners Asst package as I did in March 2009 and had the run around until July and then redo in October because THEY wre so backlogged!

[Citified]

Received my final loan documents by UPS today. They were left at my door. I will sign and return by December 7, 2009. Final modification monthly payment is $182 higher than my trial period payment, but still $500 less than my original loan payment and I am happy!

[jashag]

Congrats! I wish I can win the battle I am facing. As a self employed person they will only look at the deposits that went in my business account and not the personal. I am trying to see if my underwriter will reconsider looking at the personal bank statements.

[davephx]

So they are looking at year-to-date??? bank statements???

You said gave them 9 months P/L you show $6200 of income they claim $1022. Are you sure you don't have business expenses Citi is using. Remember for self employed its the NET from self employment not Gross.

From another post you are right it should not make any difference what account income goes into - although makes it easier if separate business account. But you are self employed and can have a DBA which is technically the same as a personal. There is no HAMP rule about this and surprised.

Did you have to send in 9 months of bank statements??? I did year-to-date P/L and all they require is last 30 days of bank statements.

Unless its a NACA where they do the circles around business income and expense sillyness from bank statement which can be far less accurate (misses business expenses on credit cards etc.

My gross is high but lots of usual business expenses so net is actually fairly consistent with prior tax returns and within a few hundred of what trial is based on. Maybe since your newly self employed... they are digging deeper without consistency from tax returns.

I had drop in income but that was not my major hardship, excessive debt wiping out all my assets from two years paying on two homes (couldn't sell old) and massive esculating debt because of 2 homes and cc was the hardship. Having to pay $2k month on old home trying to sell and based on appraisals had 100k of equity in in 2007. Never a late payment till early 2009 paying the huge debts until I was wiped out and old home gave up to foreclosure sale.

Just trying to get into the minds of the underwriters when odd things come up.

[jashag]

Thanks Davephx for a good advise. My couselor asked for 6 months of banks statements actually. I gave her 6 months of business and 9 months of personal.

I will definately fight for this. By the way when I was logging in my Citi site for updates, it was saying the file is in review for a final approval. I tried loggin in today and the message is gone and in fact when you go to the Home Affordable link it has all the information that the underwriter had put in. My income shows $1022... The gross is at $12200.. which is my 6 month of deposits in my business account but they took that ytd on the deposits and divided by 12 and that's how they came up with the income of $1022. Now that shows to me that they dont know what they are doing. You dont take the deposits and divide by 12?

[davephx]

So assuming no business expenses gross monthly would be 2044....than x 31%

Seems odd underwriter can't figure out is for six months 12200 gross which has to be doubled for annual... dah....

[jashag]

Hi Davephx

Spoke to my couselor today and noted that I have my insurance license that does not state anywhere about my DBA name. The couselor has emailed the underwriter with my new license to relook at my file again. Now it is the waiting preiod for us.. Hopefully now that they will look at my personal bank statements. Please pray for me so that it goes through

[erm01930]

My whole experience had been going very smoothly as well, until...

I received the same "Your mortgage assistance request has been approved. Expect your mortgage solution package within the next 5 business days." message on October 20. When the package didn't arrive, I called to Citimortgage to check the status. I was told my loan had been rejected by underwriting because they needed bank statements from my husband's business. I sent those in immediately (via fax AND email) and have been calling every week since.

It is now December and the "Your mortgage assistance request has been approved. Expect your mortgage solution package within the next 5 business days." notice is still there when I log into my account. No one can tell me anything and the "Loss Mitigation Specialist" assigned to my account has not returned any of the voicemails or emails I have sent him.

I am worried I am caught in some weird limbo because "the computer" thinks I have been approved so no one will nudged to look at my account. I am at a loss as to what happens next.

[champak]

Hello All,

I am new here but wanted to share my story regarding my HAMP process. Thankfully, everything has gone pretty smoothly and Citimortgage has managed to stick to their timeline. I had no idea other homeowners were dealing with problems and getting the run-around until I found this site during my process. I hope you all get the help you need and that those who are having nightmarish experiences dealing with these servicers, get things squared away!! Hopefully my story will help give some hope to the whole process. The waiting game can be stressful!

I started the process back in late July by clicking on the "Homeowner's Assistance" link on the Citimortgage website. I answered all the questions online and submitted my info, then faxed over my paystubs and and W-2 forms right after. Then I waited.

About 3 weeks later, I received a letter in the mail that Citimortgage (Loss Mitigation) had been trying to contact me but to no avail. I never received any calls, not on my cell, nor at work, but I contacted them that very evening that I received that letter.

It was a very brief conversation just to go over what I had submitted. They basically asked me the same questions I had answered online, so I'm sure they were just cross-checking. She told me over the phone that I was pre-qualified for HAMP, and what my new payment would be. I was never in default, but I was struggling and knew it would get worse for me (a salary cut & furloughs in my future).

Original Loan Payment:
$2293.14 (P&I and PMI)
5.875% Interest
30-year fixed
(Property taxes and homeowner's insurance were paid separately by me)

HAMP Trial Payment:
$1613.56 (beginning with September 2009)

Approx. $680 less a month!

I was told I would receive a "Fed-Ex" package that I would have to sign for. When I asked if I could have that routed to my work address instead, they said no, that it had to go to my home address. I was a little concerned, because no one is home during the day, but then less than a week later I received a UPS package at home, and it was left on my doorstep--no need for me to sign.

During the time of my initial inquiry online to the time I received the letter, I had been doing lots of research and reading online regarding HAMP so I knew what to expect. I found all the sample forms online, that I would be receiving in that "Fed-Ex" package and "practiced" filling them out. I gathered all the information and documents they were asking for, so when I finally got the package, I had everything and knew exactly where to sign, and what to include. Within a day, I was ready to send it back. My documents included a phone number I was to call when I was ready to send it back in the mail to them. They went through the checklist with me and made sure I included everything they needed and that I signed in all the right places.

A week later I called to verify that they received it (after tracking it through on UPS's website). They said they had everything I needed and now I was just to wait, but continue making my trial payments which I did sometimes up to 2 weeks in advance. I was initially told over the phone to make 3 (beginning in October), but when my September payment was due, I was no longer allowed to make my payment online like I normally did. I was prepared to pay my original payment amount. I called and they said I was to make the trial payment amount ($1613.56) which I was happy, because that gave me some cushion to put into my savings.

Throughout the 3-4 months, I called approx. 4 times, just to make sure things were on schedule and that they had everything they needed from me. At one point, they said they didn't receive my 1099 forms. I *KNEW* I had sent them in, as well as gone through the checklist on the phone with someone about it. I had copies of the whole packet I sent in, as it was sent in and I knew it was included. I offered to fax it or overnight it in, and then they said there was some miscommunication and had found it. Whew!

Fast forward to November. I was prepared to make my "final" payment (for December) for the trial. I made it early once again, and just waited. Occasionally throughout the process, I would check my status online on the Citimortgage website. At this time, I had also received my new Property Tax bill in the mail, so I was unsure what was going to happen with that. I knew it had to be in by December 10, so I was getting nervous.

On November 17th, I received this status update online as well as an email:
Your mortgage assistance request has been approved. Expect your mortgage solution package within the next 5 business days.

We appreciate your patience during this time and look forward to helping you find a mortgage solution to manage your financial needs.



Of course I was ecstatic!!! It is now November 23rd. I was hoping to receive my final package over this weekend, but I didn't. I just got off the phone with Loss Mitigation. I was told my file was sent "back to the closer, by the underwriter" and that I was indeed approved. I asked if she could give me information on what my final new loan payment would be and she said didn't really have the "final" information yet, that some notes on my account indicated a "target amount" of $1768.94. That's about $155 more than my trial payment, yet that is still a HUGE help for me. Even if that indeed is my true final payment, I will be happy. She had no information about an ETA for my packet would be, but told me to call back on Wednesday to see if it had been sent to me yet. Apparently, it has not been sent yet.

I am grateful that things have gone so smoothly, *so far*. I never had to resubmit any information through the process, nor did I receive phone calls about missing anything. I'm glad the 1099 issue was taken care of. I'm not at the end just yet, but I hope to get there very soon, which will help alleviate some of the stress of that darn waiting game we've all been playing lately.

Hang in there, folks!

I will update when I have more information!

Thanks for reading.

Hello:

Could you please tell me where online did you find the details of the package? I am also approved on the phone and my trial payment is going to begin from Feb 1st and I am waiting for some package from them. Not sure what all they are going to ask in that package. Basically me and my wife both are out of jobs and they offered us 2% 40yrs reset at 5yrs and then 1% every year.