I am current on both my 1st mortgage with Wells Fargo and my 2nd mortgage with Citi Mortgage.
1st Mortgage (Wells Fargo - firstname.lastname@example.org%) - $209,500
2nd Mortgage (Citi Mortgage - 30yr @7%) - $97,500
Homes in my neighborhood are selling on average for $250,000 when and if they sell.
Back in Dec 2011/Jan 2012, I requested a settlement from Citi Mortgage. I went through all the paperwork. I received a settlement offer of $9,700. Due to the timing of bills (medical), I wasn't able to come up with the $9,700. I tried every option to come up with the money.
In March 2012 I had some funds available for settlement and submitted all of the paperwork again. I received a settlement of $25,000. Confused why the settlement went from $9,700 to $25,000 in 2 months while home values are dropping, I called the settlement rep and got no answers. I had $10,000, but not the $25,000 in funds.
In June 2012, I submitted the paperwork to request a principle/payment reduction modification. It took weeks to get all of the required paperwork submitted and accepted. I finally received a decision on the modification. DECLINED!
So here I sit and gone through every option available to me with Citi Mortgage to lower my payments with no relief.
I am now faced with my only option.
Stop paying Citi Mortgage!!!!