Approved for Traditional Mod through Citi/Freddie

[Sunbeam]

I posted this under the CITI threads, but wanted to post here also. I hope that is okay. I am soooooo happy today!
I am elated today! Been working on this since February of this year. Today we have confirmed that Freddie has accepted our proposal to change our ARM (5.65%, set to reset in 5 years) to 4.5% fixed for the remainder of the loan. We had 25 years left on our loan, they are extending the terms to 40 years to help us get out from under debt we incurred saving our house structurally. This saves us a total of over $600.00 per month. AND once we have the non-secured debt paid down (which we can now attack) we can pay down our mortgage faster than 40 years.

Our solution might not fit everyone, but it is just what we needed and fought hard to get. HAMP was not for us, we had other circumstances that put us into a bad financial situation and after jumping up and down, writing letters to CITI management, congressperson and Freddie directly and showing documentation that proved we didn't get in over our heads by being stupid, just unlucky (foundation failure) we were offered this arrangement.

We were never late on payments. We cut every little luxury out. I was fortunate enough to be able to pick up tutoring work as a teacher. This saved us because my husband has some furlough every month.

If you want the whole saga, see "Wit's End" under Citimortgage threads.

If not for this forum, I would have lost the drive along time ago. Everyone has a different story to tell, some are similar, but for the most part we want to save that thing so precious to us and our families: Our Home.

Keep fighting. Be polite, but firm. Document everything and don't take the first, second, third, etc answer you get.

Good luck to all!

[Evan Bedard]

Congratulations Sunbeam that is amazing! I just love tradiotional modifications! You were able to acheive an affordable mod without even missing a payment and ruining yourt credit

[jimbojones35]

Congrats, Sunbeam!
Would you mind sharing the contact info/addresses of the CITI mgmt individuals you contacted? Citi is my investor & I would like to get some traction on my loan (officially started this process in May09). Thx so much!

[Sunbeam]

Hi, Thanks for posting. I am only too happy to help. I kept calling loss mitigation at the number posted by loansafe.org and kept getting conflicting answers. I then wrote to my congressperson (see my letter at "Wit's End" and to Freddie Mac) philip_theis@freddiemac.com is the contact person with Freddie Mac who I cced on my letter which was sent to my congressperson. Once I did these two things, I was called by loss mitigation and Freddie Mac the same day (beginning of August) and told a negotiator was assigned to my case...the negotiator is the key...once you have that person, they need to be in your court. Be willing to work with them, answer their calls, respond to their requests....I really believe this group wants to get your loan modified and will work with your information to make it most appealing to your investor if you work with them.

Let me know if you need any additional help. Be firm, polite, and if you don't understand something, ask for clarification. If you get upset or frustrated, express it, but don't every attack the person who is trying to help you.

[jimbojones35]

Great, thank you. I will contact my congressperson as well.

[bloominga]

Sunbeam, I am so happy for you! It is an especially hearwarming conclusion because you actually got what you fought for and it will keep you in your house, and that was all that you wanted. It is so uplifting to hear some successes for a change.

Hope all continues to go well for you.