What are my options?!?!?

[e!!wald]

First off what a great site I have stumbled on. Lot's of great info and success stories. Mine is not unlike some I have read. Currently in a Citimortgage LIBOR 5 yr I/O the current rate is 9.0% and is set to rest in June and am worried that we will not be able to afford it then. My current loan is for $191,900 and my house was recently appraised for $185,000. The mortgage broker we had gone through said the house had to appraise for $215,000 to qualify for a FMA loan. For what the difference is between our original loan and the appraised value of our home being relatively small, any chance you think that Citimortgage would switch to a fixed rate? Or are we looking at the Loan Mods and trying for a 40 yr loan and the like?? Again thanks to all for such a great site!!!

[Maurice Bedard]

Hi e!!wald,


Welcome to the forum and thank you for joining............


The modification given will be up to the investor on the loan, your hardship, and financials. In order to see what the options are you would need to contact CitiMortgage............you can use the number for LoanSafe members...........
1-866-255-3901

[e!!wald]

Just curious as well and may be a silly question but how do we find out who holds our loan a simple call to citimortgage or can I find out using a different avenue?? sometimes these simple phone calls aren't so simple...

[Maurice Bedard]

some will let you know if you ask..........but it would be against the guidelines in the pooling and servicing contracts that are in place between the servicer and the investor........unless it is FannieMae or FreddieMac.........

[e!!wald]

So it seems more and more people are getting turned onto this site and the phone number to Citimortgage for LoanSafe memebers is being used more and more with varying degrees of success. would it be any advantage to sending in a hardship letter first using the templates shown on this site as a guideline and following up with a phonecall a couple of days later or calling first and explaining our specific situation???

[Maurice Bedard]

You can send the hardship letter to the email we have too......as an added measure............

homeownerhelp@citi.com

[e!!wald]

So just made the call this morning and spoke with Sergio. Very polite and cordial. Took the time to explain the process and what I needed to do then gave me his direct fax line and phone #. Told me to give everything a week to review and he would call me. So here we go.....

[e!!wald]

To update our situation...
Spoke with Sergio this morning and again this evening...stated we were approved for a 3 month moratorium(sp?) in which our payments would be cut in half to $900 for the months of April-May-June, after that time our file would be looked at again to see if we could be approved for a loan mod since we are currently in the red about $500 a month from are take home pay vs all of our bills( this figure is not accurate because my quarterly bonus of $3500-$4000 was not included in this monthly talley). This does not help us I feel..
1) we are current on our mortgage and went through this process because our Arm was due to reset in June and then we thought wwe could be in trouble.
2) If we are not approved for the Loan Mod we could not afford to pay off the other half of those 3 months.
3) Where does that leave us??? I'm going to call sergio tomorrow and talk to himbut was just curious if any opinions were out there...
P.S. during this whole process we realized that the date changed to Dec. when the next reset would happen which truthfully helps more then what Sergio is proposing with the 3 month moratorium...
Sorry for being long-winded and thanks again for yourwebsite and your responses!!!!

[Maurice Bedard]

on occasion you do get a break from the adjustment...........

If the forbearance isn't going to be able to help you............then you would need to ask Sergio if there are any other options..........

[e!!wald]

spoke with Sergio again this morning and he basically told me there were no other options available other then the forbearence of 3 months especially because we are not past due. He told us since the money from my quarterly bonus was not factored into net income that after the 3 month forbearance to factor the bonus into the Net income thus giving us a surplus instead of being in the red by $500...and that this would most definately be able to get us approved for a permenet Loan Mod after the 3 months are over...that ballon payment still lingers as bothersome if we don't get approved after the 3 months but I guess will have to risk it, and put our trust in the process...we shall see...hopefully this doesn't dig us deeper..thoughts??? comments??? suggestions???

[Maurice Bedard]

This is a decision that only you can make..........what is going to happen if you don't accept the forbearance.............are you going to be able to continue making your regular payments?

[e!!wald]

Yes we manage to make our payments but when the loan resets in June we would not hence the reason for starting this process. interestingly though whilegoing through this process the date for the next reset changed to dec of 09. sergio did not no why...as it had nothing to do with his office... my point is is that sergio siad this is the ONLY wayof starting the ball rolling, even though we are curretn on our payments...he also did not know who the investor is..not that that really matters because or DTI is at 52% and we were late more then 30 days once back in sept of last year because of a myriad of issues...

[e!!wald]

So all the paperwork is prepped and the docs are being overnighted today, Sergio explained who was going to be working with us after the 3 months but we certainly could contact him . his name was Jamaar Jenkins anyone know anything on him?? Also, Wells Fargo owns the account, anyone have experiences with them as the investor??? well ig guess I can keep my stress level high for another 3 months...just hoping the end justifies the means..thanks again to Cat and everyone on these forums..

[e!!wald]

We are in the 2nd month of the 3 month forbearance period and made our payment on 4/30 for May. When checking to see if the money hit citi yet (still uncomfortable with the whole western union thing) noticed that it did and $43.80 was taken out of our principal. now we have an interest only loan so this is the first time that the principal has EVER gone down so am quite curious as to why it did??? any thoughts??? thanks

[Maurice Bedard]

You new payments should include PITI......

This is from the guidelines:

If permitted by the applicable loan documents, servicers may accept and hold as “unapplied funds” (held in a T&I custodial account) amounts received which do not constitute a full monthly, contractual principal, interest, tax and insurance (PITI) payment. However, when the total of the reduced payments held as “unapplied funds” is equal to a full PITI payment, the servicer is required to apply all full payments to the mortgage loan.

Any unapplied funds remaining at the end of the trial payment period that do not constitute a full monthly, contractual principal, interest, tax and insurance payment should be applied to reduce any amounts that would otherwise be capitalized onto the principal balance.

[e!!wald]

so we made our final forbearance payment and I called Loss Mitigation and spoke with Jason being that Jamar Jenkiins our regular contact person was out of the office, inr unning the numbers he said we were approved for obamas plan and that the next step was to order a home appraisal and to call back June 20th...hopefully this is one closer positive step towards getting out of this ARM!!!

[e!!wald]

Well Now I am Confused...
We were assigned to Jamar Jenkins who is impossible to get on the phone...
so i called the regular phone number on our forbearance agreement.
i spoke with someone named josh who was very nice if not very stressed out he told us that the owner of the loan was CMLTI whom he didn;t even know what the acronomyn was(Citigroup Mortgage Loan Trust Inc. I looked it up) and that they were not doing preapprovals over the phone) he then came bacl from being on hold and told me that they could and that it changes everyday...he told me to keep in contact with my counselor (Jamar) and when i told him i can never speak directly to him i was put on hold again. i was transferred i guess because someone named roosevelt picked up asked for my loan # and then promptly hung up on me!!! Everything was going smoothly i thought and now i am left with this...starting to get that uneasy feeling....

[Mylife]

Stay on them! We also our at the last month of an extended forbearance and the rep that was on it no longer is!! At times I feel like I'm going to have a nervous break down. I am calling and being polite every week. Sometimes get an update ,sometimes nothing. It is a hard thing to do when your stressed and just plain mad at the process when there doesn't seem to be any progress.Hang in there, stay on them. There's 5 lives that depend on my success . It'll be worth it if they come through in the end. Good luck to you and your family.

[e!!wald]

So I have been trying to get our counselor (Jamar Jenkins) on the phone which has proved to be impossible!! So I called the general number and spoke to someone who basically said they will not call back unless they are in desperate need of something!! at least she was honest!!! she also said that my file was transferred to someone else and that I should try contacting her in the next 24 hrs....needless to say the smooth sailing feeling we had early on is being replaced by nervousness and doubt....

[SillyWorld]

""Jamar Jenkins""

Hahah I also tried a million times either busy or answering machine, I think this guy is non exsistant...He is in or was one on my case, at one point Citi said he had talked to me hahah I said thats news to me....These Banks are terrible, downright Blasfamy..So much corruption its rediculas

Good Luck!

I switched to NACA and now just waiting, waiting and waiting

[affordable]

The best way I have found to reach Jamar Jenkins is to ask the mitigation department to email him and he responds within 24 hrs....I have done that couple of times!

Calling n leaving messages is waste of time.

[e!!wald]

unfortunately I found that out too late as now our case has been assigned to someone else....i think i get better results just going through the regular number so this is how i will proceed from now on...a call a day...

[SillyWorld]

The best way I have found to reach Jamar Jenkins is to ask the mitigation department to email him and he responds within 24 hrs....I have done that couple of times!

Calling n leaving messages is waste of time.

Do you have his email, maybe I can ask him status on my case as it appears Citi knows nothing other than someone is working on it, so Silly if they know its being worked on strange how they only know it is someone

[affordable]

Sorry do not have it..but the other way I have mentioned worked for me!

[e!!wald]

update time.....so i call the 1-866-blah blah blah number and get yet again my agents voicemail...so i go back and dial and speak to a representative....i explain my situation and get placed on hold...after 5 minutes victor comes back on the phone and tells me that my file is CLOSED!!!! ummmm, why I ask....to which i get that my DTI was less then 31%...to which I reply no its not....they rattle off some numbers that are not even remotely close to the numbers which were on my hardship package sent back in march and then resent in june to show the decrease in our credit card bills....victor appologizes but says the only thing he can do is send an email to candace robinson our agent and reopen our file...which means starting over again....now I have been very patient and friendly up into this point yet reply that this is unacceptable...i get put on hold again and told after 5 minutes that this is what he can do, he did find our correct numbers but its back to square one unless we can speak directly to candace....i hang up with victor and before i can scream and drive my family into a lake, low and behold candace calls!!!! this is the FIRST time in 35 days tha I nhave spoke with THE person assigned to our case. she says that because wells fargo is our holder that a ARM RESET is not enough of a hardship... to which i reply ummm i our file it shows that my wife was laid off as well...oh she says...after eviewing our numbers she casually says "well how does 5.35% fixed and increasing your loan to 40 yrs sound!!!! i said great and why all of the sudden is it this easy??? she says she will send this proposal to Wells Fargo and they are likely to accept it....instead of questioning the entire process up to this point and the huge runaround only to be offered this in 45 seconds, i bite my tongue say fantastic and hope to hear from you before the weekend!!! This whole process has been one ridiculous runaround...,thank goodness for my follow ups and note taking from day one on march 1st!!! heres hoping for better things and sorry for the long rant!!!!

[SillyWorld]

Cheese N Crackers, Citi is the PIts, I went with NACA and call Citi they claim they still know nothing...Maybe they all smoking Dope or sumthing