ASC for 1st & CitiMortgage for 2nd - Loan Modification Forum

still hopeful · 10-07-2008, 01:10 PM

My husband & I have an investment property in AZ. Our monthly pmt for the 1st mortgage is $946.81 and the monthly for the 2nd (HELOC) is $$729.42. We only get $1,000 monthly rent. Since we are $676 negative, we think that the best option is to just list it as a short sale. Or do we have any other options?

We sent a letter to ASC about a week ago requesting a loan modification and we're in the process of sending one to CitiMortgage. My question is...Is requesting a loan modification a waste of time? I don't think that either company would be able to bring down our mortgage payment to a point where we are just a little bit negative if not break even.

The weird thing about it too is that the HELOC was originally with Homecomings Financial in both our names but I guess when they transferred it to CitiMortgage, it just shows that the loan is only in my husband's name. Does this matter? The only thing I can think of is it would matter when filling out the Workable Solutions Financial Statement because I wouldn't be able to use my income. Would sending a QWR help us?

10-07-2008, 01:10 PM	#1 (permalink)
still hopeful Junior Member Join Date: Sep 2008 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	ASC for 1st & CitiMortgage for 2nd My husband & I have an investment property in AZ. Our monthly pmt for the 1st mortgage is $946.81 and the monthly for the 2nd (HELOC) is $$729.42. We only get $1,000 monthly rent. Since we are $676 negative, we think that the best option is to just list it as a short sale. Or do we have any other options? We sent a letter to ASC about a week ago requesting a loan modification and we're in the process of sending one to CitiMortgage. My question is...Is requesting a loan modification a waste of time? I don't think that either company would be able to bring down our mortgage payment to a point where we are just a little bit negative if not break even. The weird thing about it too is that the HELOC was originally with Homecomings Financial in both our names but I guess when they transferred it to CitiMortgage, it just shows that the loan is only in my husband's name. Does this matter? The only thing I can think of is it would matter when filling out the Workable Solutions Financial Statement because I wouldn't be able to use my income. Would sending a QWR help us?

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