Citimortgage investment home mod

[heidi79]

With help from *** and this website, I was able to help my parents modify their loan.

I have a rental property with CITIMORTGAGE and have just started the process, I want to share any info I find out and see how this whole thing goes. As many I'm sure, we are kind of apprehensive in applying for a mod on a rental property.

I went on the website and entered all the financial information and then they asked for a fax of: 2 years income tax returns OR 2 paystubs OR 2 Bank Statements. Seemingly very simple. I faxed over 2 Years if Income Tax Returns and I'm hoping for the best!

The loan is at a 7.7% and is adjustable. The tenants haven't paid and we haven't been able to keep up the huge payment, it's now 3 months past due, I'll continue to post with any updates, maybe someone else can draw good info from this.

[Evan Bedard]

Hi Heidi79,


Congratulations on achieving a modification for your parents. Good luck to you on your investment property and I hope everything goes well.

[heidi79]

Thank you Evan, with so many houses being investment properties, it would make sense to also help owners with these types of houses. The investors behind these notes want to get paid too. Thank you for your well wishes!

[Evan Bedard]

Yes you are so right many homes out there are investment properties, and if these investors are smart they will modify them to the best of their potential. Your very welcome and keep us posted on your progress

[heidi79]

Update: So I called Citi today to make sure something was being done, of course, they hadn't even looked at the paperwork. The rep did confirm that all pages were recieved.

She went on to explain the "process" She said an email gets put together with the docs and the loss mit dept. comes up with some type of "resolution", she said that would take about 2 weeks, then that we would be contacted with the proposed "resolution" and something would be faxed over for us to sign and return.

After this, she said (if we accepted the resolution) they would continue to look at our paperwork for a permanent modification. I made sure she knew that the house is not the one we live in and that it's a rental.

She took all of the financial information over the phone once again and in the end we were $-50.00 negative (don't ask me why, according to my numbers it should have been a surplus of $300.) She said that the negative wasn't so bad and after this is when she put the email together and forwarded it. She asked the reason for falling behind and I said the escrows blowing up and the house being vacant and with tenants that didn't pay.

I'm being specific just in case someone else could find the information useful!

Soooo, I'll follow up with them if nothing comes through in the next 2 weeks and see what happens!

[heidi79]

Update: I called Citi for follow up on the paperwork, it's been more than 2 weeks of course and no info from them yet, I pretty much knew that I would not really get a reply from them.

The rep I got on the phone looked up the account and then came back and basically told me that because the house was not owner occupied, it would not be considered for a modification. I explained to her my previous conversation with a rep, that I had given the financial info over the phone and online, I also asked her why the form would even ask if the house was rented and how much the rental income was if they don't don't modify rental homes? She had no answer so I asked to speak to a supervisor. After a long wait he came on and basically said "the guidelines don't allow for me to modify an 80/20 adjustable rate loan" "Pay us half of what you owe and we can then talk about you getting current on the account"

The investor is Citimortgage themselves. Unbelievable, the bank will not modify the very loan that is responsible for the most problems in the market! So now basically, we're at square one again, I'm not sure what to do from here any info would be greatly appreciated.

[lasvegash]

have you had any luck?