| Citi Mod. Help. Please??
I am a new member here and hoping to get some direction. My family and I live in CA and have been trying to get a modification on our home loan for one and a half years now. I am at the end of my rope and don't know if I should proceed at this point or change direction. In a nutshell:
Initially, back at the end of '08, we hired a "loan modification company" to help us modify our home loan along w/ two investment properties we had at the time. The rep. took 10,000.00 and never did a thing. We ended up severely behind on our mortgages and out 10k. We tried to save them but lost our investment properties after draining our bank acct. to try to get current w/ them. At that point we were left w/ no reserve, three small kids and one home in dire need of modification.
That's when I started trying to get a mod. on our home myself. We have a 30 yr. interest only 6.75% loan on a 750,000. mortgage. I was going through the process of a Citi mod and during a routine status check on May 12, 09, Citi rep. Elizabeth Camacho recommended to me that we change our modification to a HAM govt. mod. I was very reluctant but she encouraged us to apply and then assured us we were "approved" for a 2% int. loan which would change our pymt. from 4700. to 2520. This sounded too good to be true but we've been hopeful and complied w/ all requests since then. I have called nearly everyday for status reports and had so, so much conflicting information it is amazingly frustrating. The one concern I've had since the beginning is that our loan is 750,000 and all I've read about the HAM program states there is a cap. on the loan amt. that is 729,000. *Everyone* at Citi has reassured me that this is NOT a problem and that they don't follow that rule (was told over and over again that it's decided on a "case by case basis and based on income vs. mortgage). I have notes w/ names including a rep. in the "executive response team" who told me that "the cap *can't* be less than 750 or you wouldn't have gotten so far".
So, we're in (i think) the home stretch of this HAM, I was asked to fax some final tax info and in doing so I talk to a rep. this morning who tells me---guess what----that we won't qualify because our loan exceeds the max. amt. for a HAM approval. This has been going on since May, we've been paying the new amt. for 4 mos. w/ probably a hundred phone calls and countless hours on the phone to be told this NOW?
What??? This is insane.
She assured me that they would find "something for us" but I'm really, really worried now. I'm really afraid they're going to get back to us, say they can't help us and require that we pay all arrearages NOW (which would be the difference btwn our "old" pymts. of 4700 and the HAM pymt of 2520 PLUS 3 pymts we were behind on when we were approved. If that happens, because we've used all of our reserves, we'll be on the street w/ our 2, 4 and 8 yr. old kids.
I don't know if anyone has the patience to read through this but we're desperate and scared. I don't know if we should trust another modification co. at this point or trust this rep. at Citi who says she'll make sure we get "some kind of modification".
Any advice/direction from someone who has been through it or has legal knowledge would be greatly, greatly appreciated.
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