CitiMortgage Modification Offer - Not Really!!! - Loan Modification Forum

Ladyck1 · 07-01-2009, 09:58 AM

Okay - I am so glad I found this site, I really need to vent so that I can keep my composure when I speak to the CitiMortgage reps (I am sure they are just doing their job and trying to remain as profitable as possible).

Here is our story....we started the loan mod process in December 08. My file has been in the hands of 3 reps now. I sent a letter after the 2nd rep made me an offer to reduce our rate from 6.65 to 5.75 asking what other options were available to get us into a lower payment, never received a response.

When I called in about a month later, I was told the file had been re-assigned. I called that rep 3 times and she called back about 2 weeks ago and left a message. Next thing I knew we got a package in the mail with the same terms and the payment had only been reduced by $80 or $90 at most.

What options do we have? I am really looking for some tips and help on how to go back to Citi to request additional assistance in getting a lower monthly payment. Right now we are at $1973.xx, I was hoping for no more than $1600. Is this unrealistic?

And then I saw a $750 loan mod fee that we are being assessed...aren't the lenders getting government dollars for each load that is being modified?

I've read a lot on the website about principal and interest being forgiven - the principal balance is no doubt below current market value by $40K to $50K - is there any recourse we have there?

Evan Bedard · 07-01-2009, 11:30 AM

Hi Ladyck1,

Welcome and thank you for joining the forum..

It is very crucial once in the modification process to contact whoever is assigned to your case at least once or twice a week so nothing slips through the cracks. you should contact the person assigned to your case and let them know that the offer they had sent is still not affordable.

Yes there should not be a loan mod fee. Unless you are deliquent they may make you pay a little up front.

Also principle reductions are quite hard to get even if you are underwater. It is very likely though to have a significant interest rate reduction. Keep us posted and let us know how it goes.

Ladyck1 · 07-01-2009, 11:48 AM

Thanks for the support - I am really hoping to get this reduced. Your help and this site are a blessing.

07-01-2009, 09:58 AM	#1 (permalink)
Ladyck1 Member Join Date: Jun 2009 Posts: 6	CitiMortgage Modification Offer - Not Really!!! Okay - I am so glad I found this site, I really need to vent so that I can keep my composure when I speak to the CitiMortgage reps (I am sure they are just doing their job and trying to remain as profitable as possible). Here is our story....we started the loan mod process in December 08. My file has been in the hands of 3 reps now. I sent a letter after the 2nd rep made me an offer to reduce our rate from 6.65 to 5.75 asking what other options were available to get us into a lower payment, never received a response. When I called in about a month later, I was told the file had been re-assigned. I called that rep 3 times and she called back about 2 weeks ago and left a message. Next thing I knew we got a package in the mail with the same terms and the payment had only been reduced by $80 or $90 at most. What options do we have? I am really looking for some tips and help on how to go back to Citi to request additional assistance in getting a lower monthly payment. Right now we are at $1973.xx, I was hoping for no more than $1600. Is this unrealistic? And then I saw a $750 loan mod fee that we are being assessed...aren't the lenders getting government dollars for each load that is being modified? I've read a lot on the website about principal and interest being forgiven - the principal balance is no doubt below current market value by $40K to $50K - is there any recourse we have there?

07-01-2009, 11:30 AM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 1,944	Re: CitiMortgage Modification Offer - Not Really!!! Hi Ladyck1, Welcome and thank you for joining the forum.. It is very crucial once in the modification process to contact whoever is assigned to your case at least once or twice a week so nothing slips through the cracks. you should contact the person assigned to your case and let them know that the offer they had sent is still not affordable. Yes there should not be a loan mod fee. Unless you are deliquent they may make you pay a little up front. Also principle reductions are quite hard to get even if you are underwater. It is very likely though to have a significant interest rate reduction. Keep us posted and let us know how it goes. __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

07-01-2009, 11:48 AM	#3 (permalink)
Ladyck1 Member Join Date: Jun 2009 Posts: 6	Re: CitiMortgage Modification Offer - Not Really!!! Thanks for the support - I am really hoping to get this reduced. Your help and this site are a blessing.

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