Citimortgage my story

[juana]

I ahve a sub prime loan that will reset in 2 months. Currently i am in good standing with every payment but i know once the interest resets i wouldnt beable to pay. I applied for a loan modification but they said that I dont qualify. I tried to refiance by no lender wants to touch the upside down loan. What should i do next?

[Moe Bedard]

juana,


What is the reason why you didn't qualify for a loan modification? Did you ask them what other options are available to you?

[juana]

They would not tell me why i did not qualify for a loan modification. I asked but they said they themselves dont know. They only input the income and expense data and the computer pops out an answer. I think it is bogus because i called twice and submitted 2 different scenarios and both times i was rejected. The representive said she has not seen anyone that has qualified for a modication. They said there is nothing they can do for me.

[Moe Bedard]

Well, the line that she hasn't seen anyone qualify for a loan mod is definately untrue..............we have numerous Citi success stories from this forum alone.........I think you are just talking to the wrong dept. and because you are not delinquent they have nothing to collect...............

Try calling into this number and see if they can't help you out..........

Workable Solutions
Ph 1-800-926-9783
Fax 1-301-696-4473

[Moe Bedard]

If the file is getting referred back to the original number you were calling from the workout dept., then that could be the way the file is coded and you might not qualify for a workout...........

[juana]

I sent my hardship letter to the email addresses in the morning and later in the day i received a phone call from a man who said he was going to assign another person to my case. A couple of hours later that person called me. She said to fill out the expense vs. income and prove of income and fax to her. I am thankful to even get a response.

Now i need help with the expense vs. income.

They want recent paystubs. is June pay stubs ok or does it has to be august? Ive worked hard the last 2 years. Recently ive give myself 1 day off a week so my check is a little less. So do i base my income on the future lower income or my old income? I will rent out one of the rooms in the house. Do i include this? But the roommate has not move in yet until next month. My boyfriend helps with some bills like my cell phone and cable. Do i only put the expenses that i pay?

She also mentioned that the most popular kind of modification they are doing now are the 7 years fixed and that it is amortized therefore payment may be higher then what i am paying now on my interst only loan. i dont understand because why would i modify to a higher payment? Dont they have other programs.

With this understanding, should i give my expense/income a larger surplus.

Thanks

[Moe Bedard]

juana,


You would need to use the most current month of pay stubs so August would be the ones to use.........and you can also go over the financials with them and they can help.

A modification can in some cases raise the payment if the investor requires for the payment to be fully amortized as part of the modification by including Principle, Interest, Taxes, and Insurance.

[juana]

Just to keep you posted. Ive faxed all the necessary paper work for my modication on Fri. They willl start the process on Monday. I am expected to wait 6 to 8 weeks before knowing.

[Moe Bedard]

Thank you for the update............Good Luck with the mod...
Let us knows how it goes......

[Jaime Cuamatzi]

I wish you the best of luck with your mod also Juana.

[juana]

While I am waiting for word with Citi Residential, I think it's time to attempt a loan mod on my second loan. My second loan, with Bank of America, is for $95,000 at 8.75% for 300 months. I called they today to see if they can lower the interest. They told me that I dont qualify for a loan mod because they dont do loan mods on second loans. Is this true? What would be my next step?

[Moe Bedard]

If the investor is not doing modifications on seconds there really isn't much you can do to change that............

But just in case you asked a CSR the question...........try calling Loss Mitigation and see what they tell you.............

Bank of America
Loss Mitigation
1-800-936-6362

[juana]

Wow! You are a goddess, Kat. I called the phone number you gave me. We went over the expense vs. income. I gave them a little surplus which qualified me for the modication. They are going to mail me some paper work in 10 days and if I accept the terms, i can get it notarized and sent back. Other wise i can call back to see if there is any other programs available. Like I said you are goddess. Thank you.

[Moe Bedard]

You are welcome......

Keep us posted on how it goes............

[juana]

It is not final but the terms for my loan mod with Citi is 4% for the life of the loan. I am waiting for it to be approved later this week.

[juana]

Ok so they told me that the terms have been approved and that the papers will be sent to me. I guess my loan modification with citibank has come to an end. Now it is time for me to give credit where credit is due. I just want to thank *** for all your help. It is amazing how one person can help so many.

[Moe Bedard]

Congratulations!!
That is awesome news!!!
I am so happy for you!


Please let us know when you receive the docs and if you have any questions on them......

[elpjohnson]

Congratulations!!!! This is great news for you and your family! Enjoy!