I spoke with a representative at citi today regarding my situation and he told me that I'm approved for the trial period at $1,504 a month PITI. Of course, I'm excited, but after reading the posts here I'm kind of nervious.
My current payment on my first is $1,717 not including taxes and insurance. Plus a 2nd mortgage payment of $550. The $1,504 includes taxes and insurances. I am current on my 1st and 2nd mortgage and I havent had any lates. But here's the part the worries me:
Last year I made 90K (7,500 A Month). This year I'm on track to make $7,900 a month. I have other debts and real hardships that involve a death in the family and help my mother.
If they're doing the HAMP program then 31% of my gross is around $2400. Which is about what I'm paying now. They asked me what I made without overtime and I told them $5400 gross. Are they going off of the $5400?
Why did they lower my payment to $1504? Even if they we're going off of the $5400, 31% of that is $1,674. My house is upside down and I do have cc debt and an auto payment. Am I being modified on a different program? My loan is fannie.
Am I being taken for a ride here? I don't want them to deny my mod and slap me with a 90 day late on my credit report.
One more question, do they impound homeowners assoicate/insurance fee in my escrow account? Or do pay it seperate?