Citi Residential Loan Modified!!!!!!

[Dawn V]

I'm in an adjustable mortage with Citi Residential Mortgage, formally, AMC. My loan went up $400 October, 2007. It is about to go up again in May, 2008. Tomorrow, I am going to contact them to see if I can modify my loan.

My first question is what type of questions are they going to ask me? What expenses will be included. I started a spreadsheet for them so that I will be ready to answer any questions that they will have.

My second question is...
I would like to have the opportunity to refinance, but my bankruptcy was finalized December, 2007. I've been told that I have to wait 2 years before anyone will refinance me. I have a hard time believing that because there are so many lenders out there. Any reccomendations?

Any assistance would be appreciated... Thanks

Welcome to the forum and thank you for joining......

No there are no lenders out there except hard money lenders that will refinance and I guarentee you that their terms will be worse that what you have now. Two years is optimistic, more like 3 years from the date of discharge, even DU will not do high LTV's and BK at 24 months any longer, it is going out to 3 and 4 years. We are back to the old rules that we should never have left.

FHA is 3 years, nothing less, nothing more, unless you can prove death of wage earner, serious and compelling illness that caused unemployment for a protracted period of time or loss of employment due to loss of jobs in a regional event (divorce and relocation do not count). Then they shorten the time to 24 months with those extenuating and mitigating factors uncontrollable by the borrower and third party documentation must exist.

Your best option is modification and that frankly is the only option. The hard money boyz are after one thing, to set you up for failure and own your property in the long haul. Sub-Prime as we knew it over the prior 5 years is history, gone, risk models were non-existent, toxic and total failures. As witnessed on this forum. So, please take up the task of modification, there are no refinance programs that allow BK in the recent past, particularly in the last 6 months, modification is the route.

Please in Tell Your Story there are a whole bunch of ASC threads, use them as your guide these folks are difficult at best and hopeless at worst. You will need 2 years W-2's, most recent 2 pay check stubs, list of all household bills, consumer, utility, groceries, gas (auto), insurance, etc...and they will take it by phone, please do not be lulled into that process, get the modification package to document the income and expenses right away from them, they will tell you that you can do it by phone, that is crap. They need the documentation and they will hold it up and cause problems themselves. So...get the package right away and send it in 3 times, your name, property address, loan number and last four of primary borrower SS# on each page, they loose things too, this way it will have a good chance of getting where it needs to go. The threads have fax numbers and the Loss Mit numbers on them. If you need them as you can not find them .... please repost to Tell Your Story and let me know, I will repost and get them to you.

[Dawn V]

Thank you, Poppy!

I've obtained a LOT of information from your forums. I'm working with my mortgage company and I will post and let you know how I made out.

~Dawn

Please keep us posted, ASC is very difficult they have a different story for every different hour in the day. Please work to modify and fax all agreements as you understand them back to them to be placed in your file, make sure that your loan number, property address, name and last 4 of SS# are on every page and fax 3 times, that way they will get in your file.

As for a new mortgage, unless you want something worse, that is not in the cards right now.

Do let us know how you are doing, please.

[Dawn V]

Hi everyone!

Read EVERY forum because you will learn on this site! I began reading and educating myself on which steps to take and it worked.

Like everyone else, I was in the adjustable rate mortgage nightmare. My mortgage went up $500 then it was increased another $100 three months later.

I began on 2/12/08 & I received my modification letter on 6/11/08.

Here's what I did:

I began by contacting The Hope Organization 888.995.HOPE. This organization has “teamed” up with many banks to assist people “beat” foreclosure. This organization will try to work with your lender to lower your interest payments so that you can afford your house.

Be prepared! When you contact this organization, the call will take, roughly, 20-30 minutes. When you call, have your financial information handy. They will ask your income and every expense you have. The associate will tell you to wait 10 days and contact your mortgage lender for an update. It did take longer for my bank to receive this information.

In the meantime, I began exploring the internet, reading forums, and educating myself. I found that this forum to be most helpful. It was this site where I obtained the CEO’s email address from ***'s list for my mortgage lender. I submitted the following information in an email:
1. Hardship letter
2. Pay stubs (2 mos)
3. Bank Statements (2 statements)
4. A letter stating it was ok for a credit report to be conducted.
5. W2 information
6. My expenses --- I put this information on an excel doc. My income and
every expense I had. I broke it out by: weekly, monthly, semi-monthly, and
yearly.

I sent my email with a return receipt. About 30 minutes after I sent my information, I received a receipt stating that the CEO has read my email. The next business day, I received a call from the Office of the President from my mortgage lender. My remained with the Office of the President.

Document EVERYTHING! Every time you call, email, or receive a call, write it in a journal. Write the numbers you call or the number to a fax. Beware, as fax numbers can change. Always verify the number before you send the fax.

Today, I received my modification papers. My interest rate went from 9% to 6.8% & most importantly, my payment went down $500 a month at a fixed rate.

I hope this information will help someone. Be patient as the process does take 3-4 months. Best of luck to all of you dealing with the adjustable nightmare. My heart goes out to you all.

~Dawn

[RudyJay]

Congratulations on your hard work..it paid off. rj

[schwefls]

Congratulations Dawn, so happy for you

[RudyJay]

DawnV

If you don't mind me asking what were your terms? rj

[Dawn V]

I don't mind the questions at all...

I am in a locked rate for 7 years. By then, my bankruptcy will be almost behind me. I'm so grateful that Citi Residential was able to help me.

[RudyJay]

DawnV enjoy.. you deserve it.. rj

[frazzeled]

Dawn V, Congratulations, I am also with Citi-Residential and all I keep hearing is that my file is in for review, I will call you when I hear something.Did you receive a call about your mod being approved or just a letter in the mail. I started the process Jan 8th and still waiting.

[Dawn V]

Hi Frazzled:

Yes, I received the same speech. I was concerned because I NEVER received any letters or anything. I was the one that did the calling. Are you going through the Office of the President at Citi?

January 8th!!!! That's quite a while. I began my process as I said earlier 2/12 with the Hope foundation. Then the beginning of March is when I emailed the CEO.

[frazzeled]

Hi Dawn, Yes I am going through the Office of the Pres. I started Jan 9th with customer service, called Hope Now on Jan. 22nd and emailed Ms. Farid late Feb. and received response early March from "Gina" faxed all requested docs on March 19th. And since then I have only been able to talk with my LN once. So I emailed farid again late May, and stil no response as to what the actual status is. Very frustrating. I was current until I did not make May's payment. I wish as many times as the collections department calls asking for payment that I could get calls and updates on the loan mod. Thanks for listening.

[Dawn V]

Dear Frazzeled,

When you call the office of the President, try to remember that they are on the West Coast. Call 5:30pm their time. I assure you that they will NOT be there. Instead, ask the person that answers the telephone for your loan status. I did that because I wanted to be sure that the person that I was working with wasn't "bluffing" me. I felt assurred after they told me that they were waiting for approval.

You said that you are receiving calls from customer service... be VERY cautious. Try your best to make your payment within the same month at least. (due June 1st, but try to at least pay it by June 30th.) You don't want to jepordize your modification.

keep your head up and good luck =)