CitiMortgage Launching Road to Recovery Events for 2012

[mjcardace]

CitiMortgage Launching Road to Recovery Events for 2012

Hi Folks!




CitiMortgage’s Road to Recovery homeowner assistance program kicks off its 2012 schedule on Tuesday, April 24 in Orlando, FL. Through this program, CitiMortgage are invited to meet with mortgage assistance experts in private, one-on-one consultations to discuss what options may be available to them. During 2011, CitiMortgage representatives met with borrowers at 25 market events to discuss potential solutions including modifications, deferments, repayment plans, and alternatives to foreclosure such as a short sale or deed in lieu. Based on our successful 2011 tour, we're pleased to announce that we will be expanding this program to 35 markets in 2012. The schedule for the first 10 events is:

Orlando, FL April 24 (Tuesday)
Fort Lauderdale, FL April 26 (Thursday)
Tampa, FL May 01 (Tuesday)
Jacksonville, FL May 03 (Thursday)
Cincinnati, OH May 08 (Tuesday)
Columbus, OH May 10 (Thursday)
San Diego, CA May 16 (Wednesday)
Riverside, CA May 22 (Tuesday)
Los Angeles, CA May 24 (Thursday)
Cleveland, OH May 31 (Thursday)

Location information for the first four events is below. We will provide updates when the schedule and exact locations for the remaining 25 events are finalized.

Even if you have missed multiple payments or if you believe you may miss payments in the future, we encourage you to attend and to speak to our Homeowner Support specialists. They will work with you to identify potential options based on your situation. If you plan to attend, you can find more information on what to bring to the event at www.citiroadtorecovery.com. If you are unable to attend but are still looking for assistance, call CitiMortgage at 1-866-272-4749.

Orlando, FL
Tuesday, April 24, 2012
12:00PM – 7:00PM
DoubleTree Orlando Downtown
60 South Ivanhoe Boulevard
Orlando, FL 32804

Fort Lauderdale, FL
Thursday, April 26, 2012
12:00PM – 7:00PM
Sheraton Fort Lauderdale Airport & Cruise Port Hotel
1825 Griffin Road
Dania, FL 33004

Tampa, FL
Tuesday, May 01, 2012
12:00PM – 7:00PM
Renaissance Tampa International Plaza Hotel
4200 Jim Walter Boulevard
Tampa, FL33607

Jacksonville, FL
Thursday, May 03, 2012
12:00PM – 7:00PM
Omni Jacksonville Hotel
245 Water Street
Jacksonville, FL 32202


Thx!
Mike Cardace, Citi
michael.cardace@citi.com

[Evan Bedard]

Awesome Mike, thanks so much for sharing this event with the community!

[mjcardace]

Hi Evan! My pleasure. I hope there are some folks who can attend!

Mike

[Evan Bedard]

Me too, we have many members here with Citi in the SoCal area and Florida as well. Thanks again for taking the time to share this with the forum!

[city of light]

I am underwater on my home and own a Freddie-backed mortgage. The servicer is Citimortgage.


I bought my home in Reno, Nevada for 469,000 in 2006. I invested my nest egg (money from the sale of my home in Idaho and from my mother's estate) of $200,000 as a down payment.


I refinanced in 2011 to get lower monthly payments at lower interest. The mortgage is now $234,800 @ 4.8%, with payments of $1,263.


My home is currently worth 216,000.



To my mind, I've already paid for it and I should be mortgage-free. But, in the real world, all of my equity is gone and I still owe more than it's worth.


I'm waiting to hear if I qualify for Nevada's Hardest Hit Funds.

Feeling like there’s no hope.

[mjcardace]

Hi city of light, question, when you refinanced in 2011 was it under HARP? If you're not currently facing a financial hardship/income loss/risk of being past due in near future etc, I don't want to connect you with Citi's Homeowner Assistance team. However, Freddie backed mortgages are eligible for refinance under HARP if:

• The mortgage loan must have been sold to Fannie Mae or Freddie Mac on or before May 31st, 2009
• The current loan-to-value (LTV) ratio is greater than 80%
• Homeowner must be current on the mortgage at time of refinance, with no late payments in the past 6 months, and no more than 1 late payment in last 12 months
• Homeowner must have a reasonable ability to pay the new mortgage payments

I'm not sure if this would help, but we can always look into it. If you like, send me an email.

Regards,
Mike Cardace, Citi
michael.cardace@citi.com

[Evan Bedard]

Great advice mike, it is just important to find out whether or not city of light received an actual refinance or a loan modification last year.. Like you stated if you did receive a refinance in 2011 you will not be eligible for HARP as your mortgage must have been originated prior to May 31, 2009..

[city of light]

Hi Mike, My refinance in 2011 was not under HARP. I worked directly with Citimortgage. At that time, I asked for a principle reduction as well, but they wouldn’t consider it. My refinanced loan went to Freddie Mac at that time. I am a 57 yr old underemployed teacher. I’ve been taking withdrawals from my retirement to stay current, but I’m experiencing financial hardship and don’t know how long I can keep this up. I really need a principle reduction.

[Evan Bedard]

Hi Mike, My refinance in 2011 was not under HARP. I worked directly with Citimortgage. At that time, I asked for a principle reduction as well, but they wouldn’t consider it. My refinanced loan went to Freddie Mac at that time. I am a 57 yr old underemployed teacher. I’ve been taking withdrawals from my retirement to stay current, but I’m experiencing financial hardship and don’t know how long I can keep this up. I really need a principle reduction.

Unfortunately, many homeowners are very far underwater on their mortgage(s) and banks are just not offering principal reductions.. The national mortgage settlement was recently established in which some lucky homeowners may receive a principal reduction from their servicer.. However, unfortunately this program/settlement does not include mortgages that are backed by Freddie Mac or Fannie Mae, which is just ridiculous if you ask me..

http://www.loansafe.org/forum/wells-...tion-faqs.html

[city of light]

The folowing is my most recent correspondence. This is futile. Rules, arbitrary and capricious, stand in the way of achieving justice.

Hello Ras Brantley,


Unfortunately, you misread my letter, which I copied for you below, so you may reread it accurately. I am not unemployed! I simply do not have a full time job with health insurance benefits, vacation, & retirement. Since the collapse of the economy, I have been steadily working at three different contract teaching jobs, and I'm still only scraping by. I had to buy individual coverage health insurance, and it's expensive.


You write, "your investor does not offer a principle reduction program". That is your answer? You disappoint. You don't even give a reason as to why your employer, Citimortgage, does not offer a principle reduction program. I have to believe it's because you don't think you have to. You don't have to provide market corrections or principle reductions to right the wrongs. You are not interested in doing the right thing. If you are "too big to fail", then you are also a big bully. Am I right?


I've tried repeatedly for months to get Citimortgage to work with me, and it's just not working.


My next step is to seek legal representation, maybe join a class action suit against Citimortgage. I was really hoping we didn't have to litigate a solution. I'm so disappointed.


city of light


PLEASE TRY TO REREAD, NOT ROBO-READ:
Hello Ras Brantley,
Thank you for responding. I hope you can help me.
I bought my home in Reno, Nevada for 469,000 in 2006. I invested my nest egg (money from the sale of my home in Idaho and from my mother's estate) of $200,000 as a down payment.

I refinanced in 2011 to get lower monthly payments at lower interest. The mortgage is now $234,800 @ 4.8%, with payments of $1,263. My home is currently worth 216,000.
My refinance in 2011 was not under HARP. I worked directly with Citimortgage. At that time, I asked for a principle reduction as well, but they wouldn’t consider it. I was informed that my refinanced loan went to Freddie Mac at that time.
I am a 57 yr old underemployed teacher. I’ve been taking withdrawals from my retirement to stay current, but I’m experiencing financial hardship and don’t know how long I can keep this up. I really need a principle reduction.
To my mind, I've already paid for my home and I should be mortgage-free. But, in the real world, all of my equity is gone and I still owe more than it's worth.
I applied for Nevada's Hardest Hit Funds back in January. I still have not heard if I qualify.
What can you do for me? I appreciate your time and effort.
city of light




On May 16, 2012, at 10:27 AM, Brantley, Ras wrote:

Hello Paris Almond,

Thank you for your prompt response. Unfortunately, per your investor guidelines, unemployment income is not an acceptable form of income. Also, your investor does not offer a principle reduction program. However, they do offer an unemployment forbearance that will allow borrowers to make partial payments until they obtain a job. If this is something you are interested in or you have any other questions please feel free to ask.

Thank you



Remember, you can reach me at (877)245-2511, EXT. 0475428, Monday - Friday 8AM - 5PM CST, or email me at ras.brantley@citi.com***.


Ras Brantley
Executive Response Specialist
CitiMortgage Inc.
1000 Technology Dr.
O'Fallon, MO 63368
Phone| 1-877-245-2511 x 0475428
Fax| 1-866-940-8124


ABOUT THIS MESSAGE
† Calls are randomly monitored and recorded to ensure quality service.
1 Hours of operation provided reflect general hours for the homeowner support specialist unit.
2 If contacting your homeowner support specialist through email please do not include confidential information.
CitiMortgage, Inc. is a debt collector and any information obtained will be used for that purpose.

Please Note: In the event you are subject to an Automatic Stay issued by a United States Bankruptcy Court or the referenced debt has been discharged in Bankruptcy, this communication is not intended to collect a debt.





Remember, you can reach me at (877)245-2511, EXT. 0475428, Monday - Friday 8AM - 5PM CST, or email me at ras.brantley@citi.com***.


Ras Brantley
Executive Response Specialist
CitiMortgage Inc.
1000 Technology Dr.
O'Fallon, MO 63368
Phone| 1-877-245-2511 x 0475428
Fax| 1-866-940-8124


ABOUT THIS MESSAGE
† Calls are randomly monitored and recorded to ensure quality service.
1 Hours of operation provided reflect general hours for the homeowner support specialist unit.
2 If contacting your homeowner support specialist through email please do not include confidential information.
CitiMortgage, Inc. is a debt collector and any information obtained will be used for that purpose.

Please Note: In the event you are subject to an Automatic Stay issued by a United States Bankruptcy Court or the referenced debt has been discharged in Bankruptcy, this communication is not intended to collect a debt.