Citi Residential Lending - Do they deal?

[Johnny]

Okay, so this is a first for me - I'm not working now, the house income is about $500/month, and until I get a job, we're basically on life support. Savings are gone thanks to being in a low paying job for too long, and I have no other equity at all. Until now, I've managed to make all payments and be good, but now I'm at the edge and needing to try and put things off a little. If I can delay or modify my mortgage for just a month or three, I'd be able to pull things back out once I get a job again.

I called Citi Residential Lending - they apparently have no loss mitigation procedures at all - they want to put me 30 days out immediately, and get the foreclosure process going - and I have no idea where to turn. If I pay mortgage, that means no other bills are paid, no gas for the cars, no food for my kids, Etc. Help!

Thank you for joining and Welcome.....

Citi does have Loss Mit, however if you are not working then there is no income for them to work a modification or forbearance from...you need to contact HOPE 888.995.HOPE.

We do have success stories from Citi here and they do have Loss Mit in place, big time.....so the area that you were speaking with was collections and they lied.....go figure, they do that a lot in collections, call back in and get the loss mit number and get transferred to that department.

However, be aware without income their hands are tied, they need income to make modification and forbearance work.

[Moe Bedard]

Johnny,
Welcome to the forum and thank you for posting............
Citi does have a loss mititgation and we also have a few successes in the Citigroup family for loan modification in the Success Section of the forum.........
that being said, you are going to be hard pressed to get a modification with income that low......they look at the household expense versus the household income which would include the mortgage payment, when making the decision to modifiy. The also can't count on possible future income that is not attained yet. If your loan amount exceeds the value of the home you might want to find a real estate agent well versed in Short Sales and try that route because it will hurt your credit far less than a foreclosure.......

You are in a catch 22 as you are going to need more that $500 income to get a modification......

I don't know if they will be able to help you, but you might want to try HOPE at 1-888-995-HOPE or try Bostonian of 2007