Citi involved in lawsuit settlement

[HFHLC]

I was wondering how this settlement with these large banks affected anyone waiting to hear on a loan mod from Citi?

[Evan Bedard]

I was wondering how this settlement with these large banks affected anyone waiting to hear on a loan mod from Citi?

Welcome to the community. Citi is one of the five major mortgage servicers participating in the national mortgage settlement, but servicers are sending out letters to those who are eligible in the next upcoming months so we have not yet seen anyone approved for the settlement..

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

National Mortgage Settlement

It will take time to figure out which individuals are eligible for help from the settlement. If you are eligible, you should receive a letter in the next 6 to 9 months. In the meantime, you can learn about the National Mortgage Settlement from its website, including


Who is eligible for help?
The details of the settlement
Scams related to the settlement



The settlement will provide assistance for eligible:

-Homeowners needing loan modifications
-Borrowers who are current, but underwater and in need of refinancing.
-Borrowers who lost their homes to foreclosure.


Learn more about the National Mortgage Settlement.

[HFHLC]

I was wondering how this settlement with these large banks affected anyone waiting to hear on a loan mod from Citi?

What if citi is just the servicer to the loan? They told us once that the loan belonged to some company we've never even heard of before.

[HFHLC]

We received something in the mail asking us to sign it only offering a $90 settlement. Of course we didn't sign it; but it made us think that its yet another scam.

Citi (according to them) is just the servicer; not the owner of our loan. What happens then?

[Evan Bedard]

We received something in the mail asking us to sign it only offering a $90 settlement. Of course we didn't sign it; but it made us think that its yet another scam.

Citi (according to them) is just the servicer; not the owner of our loan. What happens then?

Even if your mortgage is only serviced by them you may qualify for the program. The only two investors that definitely are not participating in the settlement are Fannie Mae and Freddie Mac. Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement. You the links below to determine if your loan is owned by either Fannie Mae or Freddie Mac:

• Does Fannie Mae Own Your Mortgage? Loan Lookup Tool
• http://www.freddiemac.com/mymortgage

[HFHLC]

We already know that its not owned by FNMA or Freddie. What do you think of the $90 settlement we were sent in the mail?

[Evan Bedard]

We already know that its not owned by FNMA or Freddie. What do you think of the $90 settlement we were sent in the mail?

What do you mean by a $90 settlement? Do you mean you were offered a loan modification with a payment reduced by $90?

[HFHLC]

No, we were sent paperwork in the mail from some attorneys office offering a $90 settlement as part of this suit. In my mind, if we were to sign that and accept it -- that would let them off the hook to work on a loan modification with us. Its still sitting in our mail received pile.

[Evan Bedard]

No, we were sent paperwork in the mail from some attorneys office offering a $90 settlement as part of this suit. In my mind, if we were to sign that and accept it -- that would let them off the hook to work on a loan modification with us. Its still sitting in our mail received pile.

There are many scams out there in regards to loan modifications and also those for the new mortgage settlement.. What was the name of the attorney's office that sent you this paperwork?

[HFHLC]

I'm at work; so I really couldn't tell you. I can check and even send you a copy if you'd like.

[Evan Bedard]

When you get home if you can just provide the name and address of the fir who sent you this letter. Are you meaning that they are offering you a $90,000 settlement to be reduced from your mortgage balance?

[HFHLC]

No, its $90.00 settlement. Unbelievable huh? I'll sign in later from home and get you that info.

[Evan Bedard]

No, its $90.00 settlement. Unbelievable huh? I'll sign in later from home and get you that info.

That really does not make much sense or sound like it is apart of the mortgage settlement.. I do not know why they would send you a settlement for only $90..