Loan originated 10/2007 for $670,000 with RBS (Royal Bank of Scotland)
Terms: 30year 5/1 ARM interest only payments.
CitiMortgage assumes 5/1 ARM loan approx. 2/2009
CitiMortgage modifies the loan on 6/2009 and makes it a 28yr. 4 mo. fixed rate loan with and introductory rate of 3.4% till 6/2011 then 4.78% for the remaining life of the loan.
3.4% payments: $3720.57 till 6/2011
4.78% payments: $4199.02 till 11/2037
When you think of the mortgage crisis…..I’m the guy that walked into this loan unemployed and used a business name and “stated” income to qualify for financing. My wife had a job in which she earned only 56K/yr.
We had no business taking on a loan that size but the house had not been completely built and we needed to finish it before we sold it. And a mortgage broker convinced us that this would be a way to not lose everything at the time. I quickly got a job after we signed the papers.
Long story short….we still own the home, it is still not finished and my wife and I work full time and had been doing ok with payments until last September when my salary was cut $2000.00/mo.
I’m at a loss here……I started working with Citi one year ago when they raised my payment $600.00 to $4200.00/mo.
At the time I was able to make the payment due to the amount of overtime I had always worked since we first got the loan in 2007. I have not worked overtime since September/2011 and these loan payments are 40+% of my wife and I gross income.
After another round of sending them income statements, tax returns, hardship affidavits….etc, etc…..they still have not offered a mod. I have exhausted an 11.5K personal line of credit to keep my loan current. (This may have been foolish).
I have not missed a payment in my 18years of home ownership (3 different properties).
They have given me till 5/16 of this month to come up with the $4200.00. I do not have it and am maxed out credit wise everywhere else.
Every week I call Citi….they tell me that the underwriter is still looking at it. It’s been a year!!!!!
What the hell?????????
They have forced me to be delinquent. And today she tells me that the underwriter gives priority to those in foreclosure.
Is that what it is going to take????
I have to ruin my credit in order for them to help us???
I know they modify Jumbo loans. They did it for me before. (Terms)
If I could just get them to bring it back down 600.00. I’m confident my wife and I could handle it. Although now I’m even further behind due to my stupid idea of using my personal LOC to keep current.
Zillow says the place is worth 724,000. We owe $631,000 w/ citi and $30,000 on a HELOC w/ BECU
But how do you sell a half built house????
2000 S.F. (finished) + 1000 S.F. (studded walls and wires) = 3000 S.F
Any suggestions…..very much appreciated