Is a second Mod possible with citimortgage?

[Sid Farcus]

For the HARP refinance the loan would need to be backed by either Fannie Mae or Freddie Mac, I remember you mentioning that your loan was investor owned, but you had not mentioned who the investor was.

If you want to check if it is either Fannie Mae or Freddie Mac you can check here;

For Fannie Mae: 1-800-7FANNIE (8am to 8pm EST)
www.FannieMae.com/loanlookup

For Freddie Mac:
1-800-FREDDIE (8am to 8pm EST)
www.FreddieMac.com/mymortgage

Do these just check whether your first mortgage is owned by Fannie or Freddie or whether both mortgages are, for those that have a 1st and a 2nd mortgage.

[rosalinda]

Cat,

I just got a response from Brondy. It appears my case has been transferred to another department. not sure what this means-- no longer be handled by the Executive Response Unit, means a long process for me? what options do i have? start over with Frank? or deal with the transfer? any advise?

[Cat Damiano]

You will have to see what department your file was transferred to and go from there. Without having this information, we wouldn't know the reason.

[rosalinda]

Same Executive Response Unit, but why a different person??? i'll reach out to him and see where we can get.

[Cat Damiano]

Maybe Brondy is taking a leave or something. I was with Chase, but when my RM changed, I was relieved because the original one was moving at a snails pace. lol. The second one was quick and efficient and knew what he was doing.

[rosalinda]

Thanks for the comfort. not sure about my case though. Brondy has been spontaneous. I guess it was my mistake to start the process before defaulting.

[rosalinda]

and Brondy has been talking to me all morning today.

[Cat Damiano]

Well what does Brondy say then? Why are they transferring you to someone else?

[rosalinda]

When I started this process 2 months ago, I was not delinquent. I was warned that if I started then, I may not get approval and would just need update documents later. i took my chance to save my credit, and realized i was too optimistic. i got denied due to non delinquency. I was also warned that by the time they have to reactivate my case - at my request, Brondy may not be the one to handle my case any more. and this is exactly how it turned out. It appears they have sub units under the Executive Response Unit?

I am just thinking if i could start fresh with Frank or go along with the new rep?

[rosalinda]

Brondy simply said she no longer handles my case and gave me the new name Christo and his contact info. I sent an email to Christo and have not heard back.

[rosalinda]

got a call back. reactivating case.

[Cat Damiano]

Are you still going to be able to go through Brondy since they were helping?

[rosalinda]

The new rep is Christo. He was going to start from 0. After I told him all docs were submitted 2 months ago. He now only ask for bank statements and pay stubs for the last two months. He said he will submit my updated docs to underwriting and will get back to me Monday since he will be out Friday. Looks like we are in the right track.

Both Christo and Brondy are in the Executive unit. Hope he handle matters similarly.

[Cat Damiano]

That name sounds familiar, he may have been with the ERU for quite some time.

[rosalinda]

still with underwriting. 1 week now.

[ksimm]

Rosalinda Christo is also working with me any updates from underwriting for you,my has been in underwriting since last Thursday

[rosalinda]

ksimm,

great! i sent my additional docs electronically last Monday 12/5/11, mailed originals on the same day. looks like i maybe a few days ahead of you. Christos said it can take from 3-10 business days with underwriting, but this can be because underwriting had reviewed my docs before. will see what happens next week.

just curious, do you have problem communicating with him through email? since he sends everything in secured pdf file (password protected), even for a simple statement with no secure information in it? i've been working with him since last week to reset my password, because the last one doesn't work anymore. he said it's their new policy.

[ksimm]

I do not have any problem communicating with him through email,but everything he sends me is secure. I am in the foreclosure process right now and really need a mod...I make 3600 month with about 1000 going to bills and have over 5k in the bank now. My loan to debt ratio is small in my opinion,so I am hoping they can help out my loan is FHA so we will see. My currenty payment is 898.00 with a 4.85% intrest, so hope they can do something

[rosalinda]

are you saying your debt to income ratio (898+p.tax+ins+HOA)/3600 is smaller than 31%? is your house upside down?

[ksimm]

Yes my comes in a around 24% and I don't know if my house is upside down. I make plenty of money to pay the note,just have not I guess do to bad money management,but that has since changed so I am hoping for a mod I can afford a repayment plan, but Chris wanted to go through the loan mod first, so I am thinking they can help cause I already could have been doing a repayment plan.

[rosalinda]

http://www.zillow.com/

this website will give you an idea if your house is upside down.

does your payment of 898 include the p.tax and insurance already? because 898/3600 is 24.9%. if you add p.tax, your debt to income ratio maybe higher than 31%.

[ksimm]

yes everything is included in the 898.00 payment.

[rosalinda]

ic. you have an interesting case. let's see what happens. please keep posting as i will too...

[rosalinda]

just received an email saying my application has been approved, from Brondy!!

don't know the terms yet...

[ksimm]

Thats great who is Brondy, and post your terms when you know them I am interested in knowing who they modified it

[Evan Bedard]

Yes that is awesome news they said you have been approved. Please keep us posted on the terms:-)

[ksimm]

I come with some good news myself loan my loan mod has been approved went from a 4.89 intrest rate to a 4.0 intrest rate, better yet I get to keep my home......yaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaa......thx citimortgage..

[Cat Damiano]

rosalinda and ksimm,


That is such great news, Congratulations to both of you!

[rosalinda]

good news indeed!

Brondy is the first ERU rep who handled my case the first time around. it was then transferred to Christos.

[rosalinda]

I got to talk to Christos this morning.

The offer is actually a good one: 4% for 25.5 remaining years (it looks like they can stretch the remaining 24 years to 25.5 years to try to hit the 31% PITIA - this is new to me, and I love the fact that I don't have to go for a 40-year term with a high interest rate).

New mortgage payment is $3065.45 vs $3366.20(before mod). But will have to include escrow of $761.21/m in the account, which make new payment $3826.64.

While the offer is great, I don't believe they got the my income amount correct. My calculation shows I need to bring the monthly payment down another $300 by stretching the remaining term to 30 years to reach 31%-32%. So I asked Christos to check with underwriting. Will talk to him tomorrow.

[Cat Damiano]

Let us know what you hear. Did Christos feel that the figures seem off too?

[rosalinda]

he kind of said that the numbers were from documents I submitted. but my income is simple. simply the hourly rate*2080. I didn't even deduct the rental loss shown on my tax return.

[rosalinda]

It turns out that the new guidelines only require mortgage payment (not PITIA) to income ratio to hit 31%. I accepted the new interest rate of 4% for the remainder terms. Terms/details will not be finalized until after trial period ends. Trial period of 3 months starts Jan 2012.

Hopefully everything work out OK.

[Cat Damiano]

Hi rosalinda,



Were they trying to say that about the new HAMP guidelines for the Non GSE (not backed by Fannie Mae or Freddie Mac), if so, that isn't accurate information. The new guidelines that came out on Dec. 15th are still stating under eligibility;

The borrower’s monthly mortgage payment (including principal, interest,
taxes, insurance, and when applicable, association fees, existing escrow
shortages) prior to the modification is greater than 31 percent of the
borrower’s verified monthly gross income.

[rosalinda]

Cat,

Mine is Non GSE (not backed by Fannie Mae or Freddie Mac).

So it is still PITIA to income? is this to qualify for mod or they should modify new new payments to 31%? or the same?

do you have a link to the dec 15 guidelines?

[Cat Damiano]

Yes it still says that your payment including PITIA would need to be above the 31 percent. That is under the eligibility portion, and here it the link;

https://www.hmpadmin.com/portal/prog...andbook_34.pdf

[rosalinda]

Cat,

HAMP Guidelines

doesn't this link says PITIA <38%. and
mortgage payment 31%?

the link you posted: are you referring to page 176, Non Approval Notice, item 2?

[Cat Damiano]

No I was referring to page 51 eligibility, under;

Minimum
monthly
mortgage
payment ratio

[rosalinda]

Thanks. Cat.

I've ask Christos to order the numbers for me to see how underwriting came up with the payment. I just can't get the numbers right over the phone.... will see.

i already started making trial payment, because i was told if i reject it, i will never get another HAMP.

[rosalinda]

completed trial payments. closed around 3/5/12. back on track.