Citimortgage Loan Modification

[Alguerra]

Hello,
I recently modified my loan through Citimortgage. While I was happy they were willing to help me (finally!), I feel I did not receive the adequate hardship assistance. While the counselor from loss mitigation was nice, I feel she did not provided me with good options to my case. I felt forced to sign the modification papers as she said that was my only option. The bad part is that while I feel I did not get much help, I still can't afford my new payment.

What can I do? I really need some help and I do not want to loose my home, is all I pretty much have left. Anyone has any ideas or suggestions? Anything will help extremely. Al

[Evan Bedard]

Hi Alguerra welcome and thank you for joining.

I recently modified my loan through Citimortgage. While I was happy they were willing to help me (finally!), I feel I did not receive the adequate hardship assistance. While the counselor from loss mitigation was nice, I feel she did not provided me with good options to my case. I felt forced to sign the modification papers as she said that was my only option. The bad part is that while I feel I did not get much help, I still can't afford my new payment.

What can I do? I really need some help and I do not want to loose my home, is all I pretty much have left. Anyone has any ideas or suggestions? Anything will help extremely. Al

If you have already signed the agreement some lenders will require that you wait at least 12 months before you reapply. Call in and ask right away if you can reapply.

What were the terms for the modification?

[Alguerra]

The terms were a reduction of my interest rate from 6% to a 5%. However, I was advised that if things were to change in my financial status that I can always reapply for hardship.

[Evan Bedard]

Ok perfect than I would reapply asap. That was a very small reduction in your interest rate. Most modifications are starting around 2-3% and gradullay working there way up to about 5% fixed for life of the loan..

[BadBobMo]

Look's like in-house try for HAMP!
Good Luck

[kiranedison]

I applied for the loan Modification April’09; I was given a trial plan in June and after making 3 payments my loan was modified permanently with the singing of agreement ‘Home Affordable Modification Agreement’ form 3157.I made 2 payments also after the loan modification.

Suddenly after 2 months my loan Modification was cancelled without any reason. When I protested citimortgage reps said the agreement was good and in the website they did not correct it. I am following up with them, no proper response from the reps.I took this matter to CEO of Citimortgage,he assigned this matter to one rep,she said will fix in 3 or 4 business days. Now she is not responding.
>>
I have few questions:
>>
1. Can the citimortgage cancel the permanent loan modification on their own and ask me to pay with earlier interest rate?
2. If the citimortgage goes for foreclosure of my home, can I fight with them in the court based on the permanent loan Modification agreement we signed.
3. I am willing to honor the loan modification agreement I signed with citimortgage and willing to make the payment.
4. Whether anyone is having the same exp with citimortgage.
>>

[Social Apocalypse]

Citi is acting really odd... they keep offering what they call their "FDIC" modifcation, it's "in house". I don't trust them. They won't send a written offer of the modification, only asked me to commit to it with paperwork and a VERBAL of what they are giving me. NO WAY! That's what got me INTO THIS MESS!!! I want to see a document!!!!

[Sunbeam]

Originally Posted by kiranedison

I applied for the loan Modification April’09; I was given a trial plan in June and after making 3 payments my loan was modified permanently with the singing of agreement ‘Home Affordable Modification Agreement’ form 3157.I made 2 payments also after the loan modification.

Suddenly after 2 months my loan Modification was cancelled without any reason. When I protested citimortgage reps said the agreement was good and in the website they did not correct it. I am following up with them, no proper response from the reps.I took this matter to CEO of Citimortgage,he assigned this matter to one rep,she said will fix in 3 or 4 business days. Now she is not responding.
>>
I have few questions:
>>
1. Can the citimortgage cancel the permanent loan modification on their own and ask me to pay with earlier interest rate?
2. If the citimortgage goes for foreclosure of my home, can I fight with them in the court based on the permanent loan Modification agreement we signed.
3. I am willing to honor the loan modification agreement I signed with citimortgage and willing to make the payment.
4. Whether anyone is having the same exp with citimortgage.
>>

Forgive me for sounding overly optimistic, but it sounds as if your situation is some kind of hiccup in Citi's database. I would call daily and if you do not hear back from the rep assigned, get back in touch with the CEO. I believe your situation will be corrected, just don't let them off the hook.

Let us know how this turns out.

[kiranedison]

Thanks for your suggestion.If the Executive res team do not fix the problem,again i want to bring to the attention of CEO as followup.Citi guys giving seleepless nights,they do not reply to calls and they do not give email id's.

Do u have any idea about the 4 questions i asked?

[BadBobMo]

HOME AFFORDABLE MODIFICATION AGREEMENT
(Step Two of Two-Step Documentation Process)
You should be in good shape! They were trying to get over on you and lost their way! LOL
If you have to fax the signed Doc back to them!

[davephx]

Alguerra - Is it HAMP or internal.
Is it based on 31% x Gross etc
If they only needed on the Waterfall to go down to 5% to get to 31% that is all they can do if its HAMP.

If internal its probably the best they can do since you for some reason don't qualify for HAMP

This isn't "lets make a deal" They numbers work or they don't. If the 2nd or huge HOA does is making it not affordable they can't do anything about that etc.