I know this likely sounds like a completely ridiculous question, but how do I know for certain when the loan modification is complete, absent receiving a signed copy of the Loan Modification Agreement I sent to CitiMortgage?
About two months ago I received a Loan Modification Agreement, signed, notarized and returned it. At that point, I was told the modification was complete. Wrong.
Several weeks went by and I didn't receive a copy of the signed contract. I later learned that there was some immaterial issue with the escrow account calculation (those are usually adjusted annually, anyway, so seems suspect) that changed my new monthly payment by a whole $0.35/mo. I believed I was done with the process after the first contract, but instead had to sign, notarize and return yet another Loan Modification Agreement.
I completed the trial period payments (actually, made 4 so far). There's the other issue of when (or if) my next payment is due. At one point, I was told that this was similar to traditional mortgage refinancing whereby the current month's payment is *not* due. In other words, you get to skip a payment. Given the number of times CitiMortgage has lied to me, or provided absolutely and irrefutably incorrect information, I don't know what to believe.
The website, when I enter my account and look at the loan details, states the next payment is due May 1, 2012. If I look in the Monthly Statement section, it says I owe current plus all past due payments April 1. The Payment History section shows I made a payment, today, that is about twice my new payment amount (and I did not send in a payment). And as if that isn't enough, when I log into the Citi website, it states they can help get my account current, but when I go to another section is shows the Loan Modification has been approved and I should follow the terms of the contract regarding payment dates and amount.
Bottom line is the first time I sent in the Agreement, they didn't sign and return it but instead later sent me another one. If I can, I'd like to not make the April payment - as they claim I do not need to do - and on the website it says my next due date is May 1 plus the contract states the same thing (May 1 is next payment date). In the event Citi screws something up again (e.g., like they did as recently as last month over a $0.35/mo calculation), I don't want to show as not having made my monthly payment and somehow get this Loan Mod Agreement tossed out and have to start over for a third time).
Getting back to the topic of this post, how do I know when I really have a loan modification? Should I work of the assumption that since their track record is ABSOLUTELY HORRIBLE (this is the second time I've gone through the Loan Mod process, getting ALL the paperwork only to learn I my prior application wasn't assigned to someone so I had to start over... this goes back to February 2010) I should assume nothing is legally binding until I get the contract and make the April 1 payment (no, the irony of everything going sideways on me because of a "missed" payment on April Fool's day isn't lost on me)?
I've documented everything on the website, including the pages that state my next payment is due 5/1/12. However, there are so many inconsistencies on the website regarding the status of my loan I don't know what to do! I'm reluctant to trust what ANYONE from Citi says, even if on a recorded call, because - among many other examples - after making payment arrangements before I've had Citi call me later to tell me "management has 'deleted' the prior agreement we had and now your house is going into foreclosure."
Is it reasonable for me to expect to ever get a copy of that contract (I signed/notarized two copies)? If so, how long has it taken? Do I make the next payment due April 1 even though my assigned loan specialist states my next payment isn't due until May 1?
Many thanks in advance for any help!
p.s., I just received this email from Citi: "I am pleased to inform you that your loan solution documents have been received, and we are processing your new solution. Please refer to your 1st Payment Letter and/or Approval Letter for details on the amount and times that your payments are due.
It has been a pleasure to be able to work with you and provide a solution."
Only problem is I haven't received a "1st Payment Letter and/or Approval Letter" from them! Furthermore, learning they are "processing your new solution" bothersome. Isn't everything supposed to be processed right now and what happens if something gets screwed up?