Citimortgage 1st and 2nd success - Loan Modification Forum

kj37270 · 10-06-2009, 08:21 AM

The last six months have been a struggle but I finally feel like it was all worth it and we will be able to stay in our home for good. Both of my mortgages were with Citimortgage and they owned the loans. My modification on both my loans is as follows: Original first mortgage was a 6.5 % Jumbo Arm set to adjust in 2014, monthly payment $4,024 with a 2nd mortgage at a fixed 9 %, monthly payment of $752. Modification on first is 2.875% years 1-5, 3.875% year 6, 4.875% year 7 and fixed 5% for life of the loan making my payment for years 1-5 $2,892. Modification on second is fixed 2% for life of the loan making my payment $358. Thank you to everyone who contributes to this site it was a great tool in getting a successful modification.

Evan Bedard · 10-06-2009, 09:16 AM

Hi kj327270,

Quote:

The last six months have been a struggle but I finally feel like it was all worth it and we will be able to stay in our home for good. Both of my mortgages were with Citimortgage and they owned the loans. My modification on both my loans is as follows: Original first mortgage was a 6.5 % Jumbo Arm set to adjust in 2014, monthly payment $4,024 with a 2nd mortgage at a fixed 9 %, monthly payment of $752. Modification on first is 2.875% years 1-5, 3.875% year 6, 4.875% year 7 and fixed 5% for life of the loan making my payment for years 1-5 $2,892. Modification on second is fixed 2% for life of the loan making my payment $358. Thank you to everyone who contributes to this site it was a great tool in getting a successful modification.

Congratulations! That is an excellent modification!

jimbojones35 · 10-27-2009, 05:19 PM

Hello KJ37270:
Could you please share whether or not you were current on your loans and what "strategy" you used to get loan mod approval? My servicer is ALS, but the investor is Citi. I have been rejected for a loan mod, but am current (on the brink of defaulting). I'd like to understand how to get Citi's attn via my servicer (if possible). I started this process > 6 mo ago with the lender.
Thx for any insights.

Sunbeam · 10-27-2009, 07:10 PM

Beautiful! Yes, please let us know the strategy you used and if you were current on your loans. All the best to you!

heidi79 · 10-27-2009, 08:09 PM

this sounds kind of what a permanent hamp mod should look like but it's a jumbo, congratulations to you, please be so kind as to share on how you achieved this to pay it forward.

kj37270 · 11-02-2009, 09:16 AM

I was current on both loans and applied for help on citi's website, i then called the loansafe number and was put on a three month reduced trial payment plan. I was told throughout the entire process that my second loan would not be modified because I didn't qualify after reducing the payment of my first mortgage. I received notification that I qualified following my three trial payments and then i was told that they were modifying my second as well as the first, up to that point I had asked about the HAM plan stating they would automatically modify second loans, but no one knew what i was talking about when i brought up the subject.

BadBobMo · 11-02-2009, 10:36 AM

Quote:

I was told throughout the entire process that my second loan would not be modified because I didn't qualify

Quote:

what "strategy

One thing is tey good income but my guess is that was under water w/2nd and just might some lender very happy. But if you have $$$ and can stay out of BK more power to everyone that can do this type of mod.
Good for you now get some real sleep!!

BadBobMo · 11-02-2009, 10:41 AM

Sorry repost:
One thing is looks like they have good income, but my guess is they were under water with the 2nd, and just might have made some lender very happy. But if you have $$$ and can stay out of BK more power to everyone that can do this type of mod.
Good for you now get some real sleep!!

10-06-2009, 08:21 AM	#1 (permalink)
kj37270 Member Join Date: Mar 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Citimortgage 1st and 2nd success The last six months have been a struggle but I finally feel like it was all worth it and we will be able to stay in our home for good. Both of my mortgages were with Citimortgage and they owned the loans. My modification on both my loans is as follows: Original first mortgage was a 6.5 % Jumbo Arm set to adjust in 2014, monthly payment $4,024 with a 2nd mortgage at a fixed 9 %, monthly payment of $752. Modification on first is 2.875% years 1-5, 3.875% year 6, 4.875% year 7 and fixed 5% for life of the loan making my payment for years 1-5 $2,892. Modification on second is fixed 2% for life of the loan making my payment $358. Thank you to everyone who contributes to this site it was a great tool in getting a successful modification.

10-27-2009, 05:19 PM	#3 (permalink)
jimbojones35 Member Join Date: Oct 2009 Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citimortgage 1st and 2nd success Hello KJ37270: Could you please share whether or not you were current on your loans and what "strategy" you used to get loan mod approval? My servicer is ALS, but the investor is Citi. I have been rejected for a loan mod, but am current (on the brink of defaulting). I'd like to understand how to get Citi's attn via my servicer (if possible). I started this process > 6 mo ago with the lender. Thx for any insights.

10-27-2009, 07:10 PM	#4 (permalink)
Sunbeam Senior Member Join Date: Feb 2009 Location: N. California Posts: 302 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citimortgage 1st and 2nd success Beautiful! Yes, please let us know the strategy you used and if you were current on your loans. All the best to you!

10-27-2009, 08:09 PM	#5 (permalink)
heidi79 Senior Member Join Date: Jan 2009 Location: Miami, Florida Posts: 250 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citimortgage 1st and 2nd success this sounds kind of what a permanent hamp mod should look like but it's a jumbo, congratulations to you, please be so kind as to share on how you achieved this to pay it forward.

11-02-2009, 09:16 AM	#6 (permalink)
kj37270 Member Join Date: Mar 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citimortgage 1st and 2nd success I was current on both loans and applied for help on citi's website, i then called the loansafe number and was put on a three month reduced trial payment plan. I was told throughout the entire process that my second loan would not be modified because I didn't qualify after reducing the payment of my first mortgage. I received notification that I qualified following my three trial payments and then i was told that they were modifying my second as well as the first, up to that point I had asked about the HAM plan stating they would automatically modify second loans, but no one knew what i was talking about when i brought up the subject.

11-02-2009, 10:41 AM	#8 (permalink)
BadBobMo Senior Member Join Date: Feb 2008 Posts: 194 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Citimortgage 1st and 2nd success Sorry repost: One thing is looks like they have good income, but my guess is they were under water with the 2nd, and just might have made some lender very happy. But if you have $$$ and can stay out of BK more power to everyone that can do this type of mod. Good for you now get some real sleep!!

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