New Member here- Waiting for "Underwriters Decision" on Loan Mod @ Citi

[addacolor]

Hello Everyone,

I may be premature in writing this, but I am hoping that our loan mod works out fine. I have been told that the Underwriters decision could be today (Friday Aug 10th) or no later than Tuesday Aug 14th.

Brief Synopsis: 5/22/2012 Started Loan Mod process. Submitted all paperwork and provided all necessary documents they requested. Have provided them with updated requested documents as they became available (i.e; paystubs, bank statements, etc.)

Worked with one rep (excellent by the way) until August 1st, and was informed I had a new rep. Have not spoken with this person yet. A scheduled callback is tomorrow, Saturday Aug 11th @ 2:00 p.m.

So wish us luck that this "Underwriter" understands we want to save our home.

We have sold all of our furniture and held numerous garage sales.

I will keep you all updated.

[Evan Bedard]

Brief Synopsis: 5/22/2012 Started Loan Mod process. Submitted all paperwork and provided all necessary documents they requested. Have provided them with updated requested documents as they became available (i.e; paystubs, bank statements, etc.)

Worked with one rep (excellent by the way) until August 1st, and was informed I had a new rep. Have not spoken with this person yet. A scheduled callback is tomorrow, Saturday Aug 11th @ 2:00 p.m.

Welcome and thanks for joining the community!

It sounds like everything is going good and I hope you are approved for a modification. The process seems to have went very smooth for you so far and it would be amazing if they made a decision this next week since your account has only be in review for less than 3 months. A couple of years ago this process was extremely difficult and it would easily take 6-12 months before the bank made a final decision..

Good luck!

[addacolor]

Well too good to be true….usually isn’t true!
I was spoiled! Since writing the first post…things have gone downhill, sliding on both feet, and no end in sight.
I intend to contact these men to see if they can help. I keep meticulous records. Every action on my account I have logged the date, time, person who I talked to, what they said, etc. Everything including letters and copies of all my paperwork submitted is chronologically in order. (I’ve got a 2” notebook filled already.)
Michael Cardace
michael.cardace@citi.com

Frank Eliason
frank.eliason@citi.com
Brief history:
5/22/2012- Started process and worked with an EXCELLENT support specialist (Don’t mind mentioning her name because she is fantastic…Lisa Ferguson!)
5/22 – 8/1/2012 Worked closely with Lisa-submitting required documentation, etc. She returned multiple scheduled phone calls, answered emails, had her email set to inform me that if I sent her an email that she would get back to me with a certain time frame. Very gracious and educational, but most of all professional and knowledgeable.
8/1/2012 Submitted to Underwriting (Told by Lisa that our case would required 7-10 business days for the underwriter to return his decision.)
8/2/2012 Assigned a new representative. Cristian O. Not going to name him because he is very poor, well guess I really can’t judge, because this person failed to return 2 (two) scheduled phone calls. Never talked to the person and no one anywhere can tell me why he has failed to return our scheduled calls.
1^st Missed scheduled phone call: 8/11/2012 @ 2:00 p.m. MST-NEVER CALLED. Waited 3 hours for this call.
2^nd Missed scheduled phone call: 8/13/2012 @ 10:00 – 10:3- a.m. MST-NEVER CALLED
8/13/2012 11:00 a.m. MST-I called 1-855-843-2549 ext. 0366409 (Supposed to be Cristian O’s extension) I got “Alexus” ( general cust rep) who “Could not tell me anything on my account”. What? Really, so I asked for a supervisor. 20 minutes later I get “Stephanie-Account Manager”. I explain the whole situation and 15 minutes later I ask to have another representative assigned to my account. She was polite but curt and said she would reassign it. HOWEVER, 2 minutes of silence while she is doing this, she disconnects me. ( I have to take a break because of my frustration level. I’ll let my husband call back tonight.)
8/13/2012 5:14 p.m. MST Husband calls same extension as earlier today and he gets “Gerisa”. After explaining the WHOLE situation, (I asked her to read the notes on our account so we would not have to waste her time explaining everything, but she says she cannot see any notes.) WHAT? Anyway…after explaining, she says this, “Underwriting coming back with an answer within 7-10 days is unrealistic. When you are assigned a new representative, the process starts all over.) WHAT? He asks for a supervisor in the Homeowner Support Specialist department, she transfers him. OK TIME FOR SOME SMILES AND HIGH FIVES! At 5:31 p.m. MST we are connected to “Terrance”. Yea, finally a professional rep again. Again, after explaining everything to him, he promptly does this:
1. Informs us that our new Support Specialists name and extension. He also schedules a call back with her on 8/14/2012 @ 12:30 p.m. MST. (I will keep you up to date on this one.)
2. Sent an email to the underwriting department because, “there definitely should have been a decision by today on this account.”)
So Citimortgage Executive Team, you have some fantastic people working for you! Please give Lisa Ferguson a plaque for Employee of the Month because she is fantastic! I have the names of lots of good people that we have dealt with along the way and I would be happy to provide you with all of their names. But there are also so really bad reps out there. You are big cooperation and this is to be expected I guess, but I have 2 (two) requests………

1. Can you check to see what is going on with our account?
2. Can we PLEASE have Lisa Ferguson re-assigned to our account?
Thanks for listening and thanks for understanding that we love our home and are doing EVERYTHING to stay in it.

[DJJHOME]

This sounds like my experience, only I've been trying for a modifcation for over a year. This is my second time waiting over 60 days for my request to be reviewed for underwriting. Please keep posting your experiences.

[BrianInMaryland]

I have been waiting for underwriting for over a month also. it seemed like everyday they asked for documents that I had already sent. then they put me in for a program we knew I didnt qualify for and got a letter yesterday saying I was denied.

my exec rep has been really good also, but its frustrating to play this little game of theirs. my 2nd in 100 percent underwater, and im about to send a settlement offer and if that doesnt work, probably stop paying it since it seems they only do something if you arent paying.

[Evan Bedard]

I have been waiting for underwriting for over a month also. it seemed like everyday they asked for documents that I had already sent. then they put me in for a program we knew I didnt qualify for and got a letter yesterday saying I was denied.

my exec rep has been really good also, but its frustrating to play this little game of theirs. my 2nd in 100 percent underwater, and im about to send a settlement offer and if that doesnt work, probably stop paying it since it seems they only do something if you arent paying.

Hello Brian,

If you are considering trying to settle your 2nd mortgage I definitely recommend checking out the following thread. Also it would not be wise to do so until you get everything resolved with your 1st mortgage and it is affordable. You do not want to waste thousands trying to settle the 2nd mortgage and later find out the 1st mortgage is unwilling to do a modification and you are forced to walk away..

Strategy for Settling Your 2nd

[BrianInMaryland]

if I settle my 2nd or whatever, my 1st is fine I think. I would still like to get a interest rate reduction if possible, especially since my arm is based on the LIBOR.

[Evan Bedard]

Yes I just wanted to make sure you didn't settle the 2nd without making sure your 1st is affordable or in default. This being because an underwater 2nd mortgage is in no position to pursue foreclosure on your property.

[BrianInMaryland]

Yes I just wanted to make sure you didn't settle the 2nd without making sure your 1st is affordable or in default. This being because an underwater 2nd mortgage is in no position to pursue foreclosure on your property.

gottcha, yep, I have read thru most everything posted on here over the last 18 months of lurking...

[Evan Bedard]

Awesome, great job being due diligent and doing all the necessary research to be successful during this process! I wish you the best of luck and please keep us posted on your progress!

[addacolor]

Awesome, great job being due diligent and doing all the necessary research to be successful during this process! I wish you the best of luck and please keep us posted on your progress!

Just a F.Y.I. Each case is differnet, I understand this. My particular case is the 1st and only mortgage we have on our house. (Just to clarify.)
Good luck BrianInMaryland

[addacolor]

Well folks,

Great news! I received a callback from another professional and knowledgeable representative named
"Tracy A" from the Executive Team just now. Good news! She is handling my case as of now.
AGAIN, a professional, knowledgeable and wealth of good customer service! She answered all my questions and let me know that she personally would be handling my case from now on.

THANK YOU EXECUTIVE TEAM!

I will keep you all posted on the progress. (This deserves a smiley face! )

[hangtough]

Keep after your status and only talk to your assigned rep. Know her schedule and
call first thing in the morning. I had good luck with that. It took the underwritter 31 days to
get our mod completed. During that process I called my rep 2x per week and she encouraged mto do so.
They do like to get thing done by the first of the month.

[murgurl]

I have a sale date for 8/23!!
I owe and am current on my first to B/A 200k
I owe the HELOC to CITI 211k
The BPO value of home is 380k!!!!! They say my file is in UW and I will have an answer soon. I have heard this many times in the last few months...Everybody I talk to (outside of CITI) can not believe they would move forward and FC on an underwater house.......any comment or suggestions

[lifeslessons]

I wish you good luck addacolor,

it has been awhile since my last visit here...back in 2009 we applied for a hamp and after a long road in 2010 we were granted one..since then things have changed and we have a big reduction in my income..half of what it was back in 2010..so we once again tried for the hamp tier 2 just 11 days ago and they just told me today when i called in that we were declined because they did not want us to loose the incentive from our hamp 1 ..which is $1000 a year for being current on our mortgage...lol i think that is the problem ...we are just 29 days past due...we have been struggling to keep it current, but we are tired and drained.. now we have asked for help and can not get it because we do not fit the immenant default or 60 days past due...they told us to call back on monday cause our account is locked right now because of the decline...
can you imagine 11 days since they got the hamp package with info from us, gone to underwriting and already declined...
i do not know if they will offer us an in house or something else...we are hoping and in desperate need of relief...we are underwater and we are at 39 percent of our gross income for our current mortgage payment...
anyone with any input as to if this sounds right or any suggestions as to what we should do next please feel free to chime in..
thank you in advance...

[STAYING HOPEFUL]

I wish you good luck addacolor,

it has been awhile since my last visit here...back in 2009 we applied for a hamp and after a long road in 2010 we were granted one..since then things have changed and we have a big reduction in my income..half of what it was back in 2010..so we once again tried for the hamp tier 2 just 11 days ago and they just told me today when i called in that we were declined because they did not want us to loose the incentive from our hamp 1 ..which is $1000 a year for being current on our mortgage...lol i think that is the problem ...we are just 29 days past due...we have been struggling to keep it current, but we are tired and drained.. now we have asked for help and can not get it because we do not fit the immenant default or 60 days past due...they told us to call back on monday cause our account is locked right now because of the decline...
can you imagine 11 days since they got the hamp package with info from us, gone to underwriting and already declined...
i do not know if they will offer us an in house or something else...we are hoping and in desperate need of relief...we are underwater and we are at 39 percent of our gross income for our current mortgage payment...
anyone with any input as to if this sounds right or any suggestions as to what we should do next please feel free to chime in..
thank you in advance...

I feel your frustration, we too were approved for HAMP back in 2009/2010, but due to decline in income we are now trying to get another modification, I was encouraged by our HOPE rep to apply for hamp (revised 6/1) and right away it was declined since our investor was not participating in it which I would have appreciated being told by the rep and never was, had to send in updated docs to be reviewed for "traditional mod", when I last spoke with a rep from the executive team she told me it was being reviewed at the investor level (which after reading on here is something they tell everyone), so I wait, I pray, I cry, and this is all I think about, it's such a heavy burden to realize our home could be taken away from us, I tried so hard not to get this far and once it went past 90 days there was no choice, we have suffered a true financial hardship and really need some kind of break in our lives. Not too many people understand unless of course you come on here and can relate to others in the same boat. Hopefully you can be reviewed for something else

[lifeslessons]

staying hopeful,

Thank you for your reply I wish you the best in getting a mod of some kind..Im sure they will find one for you...
What I can not understand is ...I have a friend that has not paid her mortgage in 10 months..she tried to make good once she
got 90 days past due , but in talks with the attorney from her bank it just failed..they wanted all the back $$...after that they broke off contact and more time went by and just this past week she found a bright orange envelope on her door from the bank saying they can help... why do they put people through such stress in ones life and they end up offering help in the end anyway...

I do not like to play games and hope that Citi will come back to us and offer us a new sustainable mod , or im affraid our mortgage will go late...then maybe they will offer to help us with a goverment program...we want to stay in our home , will not do a short sale...if it ever gets to that we will stay as long as we can with out paying and then file for Bankruptcy and walk away...

Evan have you ever heard of an 11 day turn around for a mod with a decline ...i know we have the numbers for a mod, but because we are not late they shot us down i am sure....they said cause they dont want us to loose good standing...lol yeah ok....why fix what is not broken yet is what i think it is....

[addacolor]

Ok team,
Just an update. After contacting the Executive Team...as suggested on other threads...I am now working again with a professional support specialist. Her name is "Tracy A." She keeps every promise (calls when scheduled, etc.) and is encouraging as to the status of our modification. (I mentioned her before in this thread.)
THANK YOU EXECUTIVE TEAM! Thank you for stepping up and being professional and providing better customer service when requested.
No answer to the modification as this moment, but still praying that it will happen.
I'll keep you updated!

[addacolor]

CELEBRATION!
We have been approved for our modification! The plan is something we can afford so we can stay in our family home.
Thank You Citimortgage Executive Team!

[STAYING HOPEFUL]

addacolor, that is great! what are the terms of your new loan?

[yucky]

may i ask how long it took from start to finish just asking, i started in june the underwriter took my file on augst 3rd, they now said it would be another 30 to 60 days i have an fha loan and they told me that the underwritters for fha have to be certiifed and they only have a handful of certified underwritters, thank you

[rockandroll]

may i ask how long it took from start to finish just asking, i started in june the underwriter took my file on augst 3rd, they now said it would be another 30 to 60 days i have an fha loan and they told me that the underwritters for fha have to be certiifed and they only have a handful of certified underwritters, thank you

Yucky--- I began our process in March we received approval this month five months

[yucky]

Yucky--- I began our process in March we received approval this month five months

thank you so much for your reply i hope mine is that fast also

[debofred]

This is January 14,2013. We sent our original paperwork in March , 2012. We have re-applied 3 x. Supposedly our file went into Underwriting in
late October. We do hear from our rep once a week. She says we do not need to submit more paperwork. We are receiving monthly Notice of Intent - pay up by the 23 of Jan ?? Our rep says records indicate we do not have a foreclosure date.

We do have some equity. I pay our mortgage everyother month - which equals the amount we should qualify for if we were approved for a loan mod.

Any suggestions. This loan is a predatory loan - and I have filed a complaint with the Comptroller of the Currancy and have a case #.

Our loan is a jumbo with interest only - we have paid over $450K to Chase interest only.

Any advice will be appreciated. Thanks. DJ

[rockandroll]

DJ- You may think you are paying what your modification will be however untill the Underwriter gives you a figure you really do not know what the offer may be also

Also I would start calling every five days or so- pick it up your rep can reach out to the underwriter to see what is up with it and check your own account in the internet -
good luck

This is January 14,2013. We sent our original paperwork in March , 2012. We have re-applied 3 x. Supposedly our file went into Underwriting in
late October. We do hear from our rep once a week. She says we do not need to submit more paperwork. We are receiving monthly Notice of Intent - pay up by the 23 of Jan ?? Our rep says records indicate we do not have a foreclosure date.

We do have some equity. I pay our mortgage everyother month - which equals the amount we should qualify for if we were approved for a loan mod.

Any suggestions. This loan is a predatory loan - and I have filed a complaint with the Comptroller of the Currancy and have a case #.

Our loan is a jumbo with interest only - we have paid over $450K to Chase interest only.

Any advice will be appreciated. Thanks. DJ

[debofred]

Thanks for your info. How do I look up my loan on-line? It is with Chase.

Also- because I have a jumbo loan - I was told by my HUD rep that she could not help me stave off foreclosure.??? Why? Does anyone know who can help?

[Cat Damiano]

Thanks for your info. How do I look up my loan on-line? It is with Chase.

Also- because I have a jumbo loan - I was told by my HUD rep that she could not help me stave off foreclosure.??? Why? Does anyone know who can help?

I replied in the other thread. With Chase you would go to chase.com, log into your online account, and the information in regards to your modification process should be able to be located there.