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)
(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.