Around last week, I contacted my Mortgage Co. (Citi) about the status of my delinquent account, due to being laid off. I have been about 3 months behind on payment and was told the account has been sold off or similar to a Collection Agency. I've had the property for 7 years and until 2007 & '09 was paying then after being laid off twice got behind. This is a first mortgage.
A couple of days later, the collection agency contacted me saying how they took over the loan and wanted me to start making some type of payment or pay the full amount due. It caught me by surprise since I hadn't received anything in writing from them or Citi. So we spoke and I mention about making pmts and they wanted to receive the funds straight from my checking acct. The next day I talked to some friends and one mention that I should write a letter to the CA asking for some documentation about them taking over the account before making any pmts.
The last time I talked to the CA, they mention a letter was sent on 2/26/2012 but I hadn't received it, so I did write a Validation Letter asking them to send information about them taking over the acct. After sending my letter, I received their letter around 3/1/12. Their letter did state they took over, how much I owed and do I want to make some type of payment arrangement.
Today I received a reply letter from the CA and said it will suspend all contact until I receive the validation letter information I had requested, which would take between 45-60 days. I told them I received the letter and agree with it. They said I would need to send an email letter stating I agree and now willing to negotiate new payment plan.
My question is this the right thing to do or should I wait the 45-60 days for the validation reply letter stating all terms or whatever? Is it possible I may can find some other mortgage company to finance the account?
Any suggestions on what I should say about how much I can pay. I've never been through anything like this and would like to keep the house.