My Loan Mod w/ CIT Group -Success!!!!

[Jenyphur]

I am going to use this forum and thread to document my Loan Modification process with CIT Group.

Here is my story:

Live: Phoenix, AZ
Purchased House: 5/2005
Initial Interest: 6.23%
Type: 2/28 ARM Interest Only
1st Loan: $180,000
Payment: $950.00

First Rate Increase - 6/2007
New Interest: 9.23%
Payment: $1500

Called in Dec, 2007 asking for help on adjustable rate as I just received another letter stating it was going to adjust again on 2/1/2008. They told me flat out there was nothing to do because the loan didn't qualify as it is an interest only loan. He told me I could try to re-fi and cut my spending as a way to pay my raising mortgage.

Second Rate Increate: 2/2008
New Interest: 10.15%
Payment: $1673.00

Although I have never been 30 days late on the mortgage I have been 30 days late twice in the past few months on a cc payment because of the higher payments to the mortgage company.

This month I have only paid $1500 so technically I'm past due for Feb for about $200.

I called Hope Now today http://www.995hope.org/ and talked to a debt counselor. She went through my budget and finances and told me I needed to get a loan mod. I told her I tried that already. She asked for their number and she immediately called them with me on the line. When they answered, she informed them that both of us where on the phone and they immediately transferred us to the loan mod department.

At first, John told us I didn't qualify because my debt to income ration was about 50% and they wanted to see about 65-80%. She then stated that the income I gave was with my boyfriend and that we aren't married. He asked for just my income, my car, etc. It was eerily silent on the other end except for the click clacking of him typing numbers. Then he said it looked like I DID qualify and he started going over numbers.

Here's basically what he said it would be:

Back to 6.235 but the payment would be around $1250 because it's now no longer an interest only loan. I guess it changed during the first rate adjustment. Ok..that's about a $400 savings. He said he was assigning the case to himself and that it would take between 2-3 weeks for everything to go through. He gave us his name, his direct line and his extension. He told me to call back on the 21st to check with him as he has 50 loans on his desk to go through by the end of the week.

Ok..it all sounds WAAAAYYY to good to be true especially after reading a lot of the horror stories here.

I will document the entire process here so as to help others that might be dealing with this company.

Please everyone wish me luck. I really, really need this. I can not refinance my house due to the VERY unstable market here in AZ. There are 4 foreclosures in my neighborhood and they are causing the comps to fall even further below the fair market value.

[Andrew]

Just keep on top of them. That is a great rate!!!

You go, get it in writing and don't look back...yes don't I know Phoenix is bad, just moved from there in November....was bad then and worse now. Keep at it, call, call, call and fax, fax, fax......do not let yourself fall through the cracks in the process and it sounds like you got an organized and professional individual to deal with. Amazing at this lender, when you are finished I need his name and number.....please, snivel, grovel and whine.

[Jenyphur]

Just checked in with John and he hasn't heard back yet but that the recommendation was in progress. He said to check in with him next week.

You go girl...and keep us posted and remember call, call, call and fax, fax, fax....I want you to be the next success story....

[Jenyphur]

ME TOO!!!! I really, really, really need this! I mean REALLY!!!!

[Jenyphur]

As promised I said I would be back to update. Well..today I called again and I was APPROVED!! I actually received the documents by Fed X TODAY. Here's the good news....the new rate is 7% FIXED for the next 329 months! Whoohoo.

Ok..here's the weird thing. I have not filled out ONE piece of paper, not faxed them over anything, etc. All I have to do is sign the mod, have it notoroized and poof...it's done. It's the strangest thing! For once in my life, this has been a VERY EASY process.

[Moe Bedard]

Jenyphur,
That is AWESOME news.........Good For You!!!!
That is a SUCCESS!!!.......

[Jenyphur]

I feel like I CHEATED somehow since I didn't have to go through all the yucky stuff most everybody else has. I will say that I think the phone call to HOPE had a LOT to do with my success. They wouldn't even talk to me before.

[Moe Bedard]

You shouldn't feel like you cheated.......if I were you I would go buy a lottery ticket

YOU WON!!!!!!!!!!!!!!!!!!!!!!!!!


CONGRATULATIONS !!!!!!!!!!!!!!!!!!!!!!!!!!!!

Take a well deserved rest and no worries.....

[LosingFast]

Is this CitGroup, or does this John person represent CitiMortgage and/or CitiFinancial? If he does, would love to have his number.

Thanks.

[Moe Bedard]

Losingfast,
Jen went to HOPE for help and got in touch with a counselor who helped her to contact her netotiater at Citi because she was told at first that her loan didn't qualify for a modification.........so HOPE was the ones that helped her.

[Jenyphur]

Yes, that's correct.

I called my loan company (CIT Group -not CITI) about 2 months ago asked for help..they said there was nothing they could do.

About a month ago, I heard about HOPE and called them and they contacted CIT Group with me on the phone and got me in touch with Jon who is the loan mod guy. He was great, btw.

Within a few weeks, I had my loan mod papers in front of me to sign. I know have a FIXED 7.0% principal/interest loan for 330 months. I"m happy.

My payment will be higher than my original initial payment but that's because I had 6.33% AND it was interest only. It's now principal and interest.

[Jenyphur]

Just another quick update.

They DO read these forums! I just got a call from Jon and he told me he (or the VP I think) saw this on the internet and just wanted to call and thank me.

WAIT!!! I should be thanking HIM and the CIT Group. I'm seriously telling you that my entire life has changed. I know it sounds overdramatic but I'm being completely serious. The fact is that I was losing sleep over my financial issues. The stress was just getting to me. It was affecting many aspects of my life..I was grumpier and shorter with my kids, always worried about how much higher it would go, etc. I can now relax and actually plan and work my budget..yes..we are now on a nice tight budget so I can get myself out of cc debt.

So one more time...Jon (or John) and the entire CIT Group....THANK YOU SO MUCH. You have restored my faith that big companies are willing sometimes to help out the little guy (or girl).

Jen

[03penny]

Congratulations to you and a note to everyone else that there are still a lot of good, knowledgeable and professional people in the mortgage industry. Cudos to you and thanks to CIT group and Jon or John. The basic rule is "Reality Rules". There are no more fantasies in this business. You did a great job making the lifestyle changes to keep your home and your lender worked their part. The interest only loans were what I can an exotic product, that wooed people into thinking that homeownership was a lot less expensive than it really is. You have done a great thing for yourself and the lender has done a great thing for themselves. When all parties come with good will it can work our really well.

Thank you CIT Group and please keep reading, we welcome the Lenders/Servicers to read this forum and see just what the borrower is experiencing. We hope that some of the other Lender/Servicers take a page from your book.

So from us on behalf of this borrower and your customer.....


THANK YOU FOR BEING THERE FOR HER !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!