ASC modification SUCCESS!!

[Moe Bedard]

See if they will let you submit a revised financial statement based on the fact that during the process your husbands income has changed.........they might let you do that without having to start the process all over again.......




Citigroup was incorporated on March 8, 1988. On October 8, 1998, Citicorp merged with and into a subsidiary of Travelers Group, and Travelers Group changed its name to Citigroup Inc.
Citigroup is the investment company and the group is made up of these brands.........

Citi
Citibank
CitiFinancial
CitiInsurance
CitiMortgage
Citi Alternative Investments
Citi Cards
Citi Investment Research
Citi Markets & Banking
Citi Microfinance
Citi Private Bank
Citi Smith Barney
Banamex
Primerica

[alisoncg]

HI everyone, You all haven't heard from me for a little while now because I was waiting for our loan mod papers to come in. They were delivered today and I have a couple of problems. First of all the letter is dated August 29th, today is September 19th. It says I have 5 days from the date of the letter to respond which passed two weeks ago. The other problem is that they rolled our past due payments into the loan without changing the current interest rate or locking it in. The letter says that "step rate" changes will be reflected in the terms of the mod agreement and the interest rate may change in accordance with the note. Nowhere does it say they have locked in the interest rate. Our payment went up $65.00 a month and we had asked them to lower the rate due to a change in income over the last year. They are asking for a contribution amount which is equal to the amount of late fees currently outstanding on the loan just $380.57 which is good. I don't know what I should do now. I have not called yet, I was hoping for some guidance before I call them. I am also wondering if I were to accept this, would that disqualify us for the program starting Oct.1st? One last question, I asked two weeks ago who the investor was and they told me it was the Citigroup. The papers today say Wells Fargo. I am confused. All help is well appreciated.

[Moe Bedard]

Investors can change on the loan...........that quickly, although a large portion of ASC's loans do have Wells Fargo as an investor, so it could have been them all along.

If you can not afford the modification then you will need to call ASC and tell them that you will not be able to accept the modification and see what other options are available from Wells Fargo on your loan.......

[alisoncg]

Thanks ***, what about the program starting Oct.1st if they won't budge. Do I ask them if the investor is participating?

[Moe Bedard]

You can ask............

[alisoncg]

I called and asked and was told that they have no info. on that yet. The person I spoke with today said that they have already tried to negotiate with the lender and what I was offered is the best they will do. I am afraid if I commit to this loan mod. I will be eliminating my chance of any govt. assistance for a period of time. I did find out who my negotiator was and left an e-mail for him. So far, I have not heard a thing. This mod.is simply going to put us back in the same position we started in.

[alisoncg]

Hello Everyone, After not hearing anything back from ASC yesterday (after leaving several messages for my negotiator) I called again today. I was told that our loan was fixed at the 7.70 for the life of the loan but the investor would not go any lower than that interest rate. She did tell me that the modificaton is a one time only, and if we are ever late again we will not be able to get another mod. I told her the interest rate is too high for us and she said our only other option would be to refinance with another company. Who in the world will refi a loan that is past due?? Here's my big question and I can't seem to find the answer to it anywhere, If we accept this mod. (which we only have a couple of days to do) can we still try to get help on October 1st? I was once again told today that they don't know who the investor is on my loan although the return address on the DHL envelope says Wells Fargo. Is it safe to assume they are the investor? Once again, thanks for everything

[Moe Bedard]

You would need to call FHA and ask your question..............and you would also need to ask ASC if the investor is going to accept a short payoff from the new refinance loan.............



1-800-CALL-FHA (225-5342)

[alisoncg]

Thanks ***, I called Hope and was not given much help. It seems that nobody knows all the ins and outs of this program starting October 1st and that amazes me. All these people who are in the business but can't give any answers is unbelievable. I was directed by Hope to call a HUD counselor which in my area is CCCS. I called them and their recording says they will return your call the next business day. I only have until Friday to get the loan mod papers back to ASC or they said we will not be offered another mod and our house would go into foreclosure. I am a nervous wreck and really can't spare another day to wait for a return call. I am really afraid if we accept this mod, we will be ineligible for any other programs. If anybody knows anything, please let me know asap.

[Moe Bedard]

You need to call FHA not HOPE it is their guidelines and their program and you need to call ASC and see if the investor is even going to accept it first...............
1-800-CALL-FHA (225-5342)

[alisoncg]

ASC will not even tell me who the investor is. The return envelope that was sent with the loan docs lists Wells Fargo Home Mortgage on the return address. Is it safe to assume they are the investor?

[Moe Bedard]

It could be, but the servicer is not required to tell you that information...........they are hired as the servicer for the investor to service their investments for them. So ASC is who you would need to ask if the investor will accept a short payoff.........

[alisoncg]

I just wanted to update everyone on our current status. As I said in a previous post, we got our loan docs last Friday which was the 19th. Funny how the letter was dated August 29th and states that we have 5 days from the date of the letter to respond Thank God for Moe's advice about keeping everything including the envelopes becuse I have proof that it was not received until last week. Now the fun begins.......I had questions about the documents and followed their instructions about calling them to ask any questions I may have. HAH!!! Fat chance. I have been calling 4 to 5 times daily to no avail. Each time, I am transferred to a different dept. and nobody has any answers to my questions. I decided to call Hope today to see if a counselor could decipher the docs. for me. They were of no help at all since my loan is not FHA and their computer has no info. about our loan. I would also like to add that they knew NOTHING about the voluntary write down of loans which starts less than a week from today on Oct.1st. After getting no answers from them, I called CCCS (Consumer Credit Counseling Service) and was told they could squeeze me in today. I went to meet with a counselor there who although she was very nice, was not all that helpful either. She did read the documents for me and felt the same way I did about them. Nowhere does it say the rate was locked in. It does say the rate will be 7.70 yearly which we agreed should mean for the life of the loan. I guess I was looking for the words "locked in" or "frozen" not "yearly" The counselor advised me to accept the mod and be happy I got one with ASC. Incidentally, when I first walked into the office and she looked at the docs, she rolled her eyes when she saw it was ASC!! There was another counselor in the office at the time who said that she has not seen any mortgages where the interest rate was lowered if you currently have a rate less than 8%. In other words, if someone has an adjustable which is at a high interest rate, most of the banks or investors will lower it by one percentage point but not usually any more than that. Since we are already at 7.70, we should be happy with that. Also, believe it or not she knew nothing about the October 1st plan. I can't believe this goes into effect next week and NOBODY seems to know much about it other than what we have read on the FHA website which we got right here on this forum from the good folks here. All I can say is, if anyone out there is holding their breath hoping to get in on the principal write-down, good luck.

[nblair70]

We are just starting our loan modification with ASC. We did hire a third party to negotiate for us after they turned us down the first time. Our income is about 6900 and expenses around 6700 so they turned us down. Then they wanted 2500 a month for 4 months with a final of 25,000. So....we decided to work with a company to help us with the modification.
Our payment went from 1800 to 2100 to 2300 to 2500, during the same time our income went down by about 2,000 a month for 6 months. Not a good combo.
I hope someone will have mercy on us and help us save our house. Hell if my tax dollars can bail them out, the least they can do is write my loan down - right?

[alisoncg]

Absolutely, but like I said, it seems that nobody knows where to begin to get the bail-out help some of us so badly need. I can honestly say that we purchased a home which was completely affordable for us when we bought it 5 years ago. It is in a great community but the house itself is one of the smallest models and has none of the bells and whistles some of our neighbors have. We were very realistic when we bought and let our needs come before our wants. When we refinanced 2 years ago, all the money went back into the house for fencing, a screen enclosure, etc. I really feel that we were very practical in our purchase and there should be some advantage for folks like us. I read your previous posts and was so sorry to hear how desperate you have felt over your situation. I can certainly relate though. We are in a community where most of the homeowners are well off and don't have any problems with money. It's embaressing when we have to decline an invitation to something because we can't afford to go. Some of our friends and neighbors thought I was mad at them for some time now because I avoided getting together with them. This situation has been very depressing for me and just like an alcoholic needs to stay away from the influence, I felt that it was best to not expose myself to situations which depressed me. Listening to neighbors who have interest onlyor low interest loans talk about their vacations, home purchases and improvements, etc. only compounds the feeling of depression I have for our situation. I felt it was best to just avoid it and have damaged some friendships as a result. This mess just trickles down and affects everything doesn't it?

[nblair70]

I understand what you mean. I am starting to lose hope that this will ever work out for us. I am sooo ashamed of what we have done. When we got into the house, we really could afford it, but somewhere over the last few years things really went in the crapper. The sad thing is I had no idea, and really - I didn't want to know. I did ask, you know if everything was ok, and I was assured that it was. I thought we were a little behind on the credit cards, not in the sh*t pile we are in now.

I just found out that according to ASC we are "in forclosure" and have been since Aug 22. Which is funny because the never sent us any notice of that fact. The last communication we have with them is an agreement on Aug 22 for the forebearance and then we call them at the begining of this month to make sure it showed we were supposed to pay on the 16th - which they confirmed they had that in their system.

I'm just very confused with this whole process, it's awful and quite possibly the worst thing I have ever gone through. I honestly don't think my marriage will survive this, especially if we lose the house. I'm not sure I will ever be able to trust him again, certainly never with the finances. And where am I going to go when they kick me out of my home? Who in the heck will rent to me, because the credit cards are in about as bad shape as the house.

I just want to close my eyes and have it all go away.

[alisoncg]

Oh please don't say that, you can come live with my family if you need to! I have been divorced twice, I know, I know, three times is the charm. If your marriage can't survive this, maybe it wasn't strong enough to begin with. Sometimes although we think we will never survive, a fresh start turns out to be the best thing for us. Don't ever give up hope. 6 years ago we lost our dream home to a sinkhole (we live in Florida) and I thought it was the end of the world. The doctor even had to put me on meds for the anxiety. In the end it took us quite some time to settle it by suing our homeowners insurance company. I thought I would lose my mind, the house got infested with toxic mold and my son got very sick. To make a very long story short, it all worked out in the end and we were able to get out and buy a new home. I remember at the time, my attorney telling me something I will never forget. A home is what you make it, wherever you make it. A home is wherever the people you care about are and a place where you are at peace. But at the end of the day, it's only bricks and mortar. I know your situation seems unbearable, but you can get through it. If I did, anybody can. Please don't give up hope.

[RONJOHNSON]

nblair70,

Keep the faith. Keep the faith. It will get better. What state are you in?

[nblair70]

Thanks for the encouragement. It's been really, really tough. My husband called today and they told him that we have been in foreclosure since March. All we got at that time was a letter that indicated we were behind and they wanted all the money. At that time we worked out what we thought was a repayment, moving our payment up to 2300 a month, which we paid for 4 months straight.

Then on Aug 22 we found out we had been denied the loan mod. So we called them again and made another arrangement - 2500 a month with a last payment of 25,000.

We hired someone to help us, and skipped the first payment (per what the negotiator said to do). So they put us back in forclosure and now the negotiator is working with them. They did confirm they are working with this third party.

The TPN sent over the package (with the hardship letter, expenses and income statement, etc.) to ASC today. We are hoping for a settlement on the 25,000 and a reasonable payment moving forward.

Monday I will start to make some phone calls, both to the TPN and ASC - I am still confused about what happens now and wondering if they will suspend moving forward with the forclosure while they work with the TPN.

[Moe Bedard]

alisoncg,


Congratulations on the modification!!

[RudyJay]

Yeh CONGRATULATIONS Alison... Like you say ... it all works out in the end... good luck and enjoy your home

[RONJOHNSON]

Congrats Allison.....By the way, I sent out my loan mod packet-with a letter attached "documenting what I understand the memo to say (fixed rate, etc), check number issued for contribution payment, tracking number of UPS, etc.). I called yesterday and they received all of the documents. I was told that my 1st payment will begin Nov 1, 2008. I already have my check payment ready for it. Once the payment is received 1 Nov, they will update the record online so I can see the new interest rate reflected. I'm not ready to say it is a success until I have seen it online. Once I do, I will shoot an e-mail to the group. By the way, I called ASC 60 times in a 2 week period to make sure my stuff was together and my files were documented appropriately in the system. I spoke to at least 15 supervisors (I nominated the employees for award)---just so they can keep an eye on my stuff. Hey, I had to try to work the system by being really nice and it's paying off so far. Anyways, I will let everyone know what's going on next month. Keep the faith!

[nblair70]

I am still waiting on word for my ASC loan mod. I call the TPN tomorrow...so far they have received my paperwork, are processing the paperwork and assigning a neogitator (sp?) to my case. So I am stashing money aside in anticipation of a downpayment. Hope I have good news soon like the two of you!

[RONJOHNSON]

OKAY...........I have successfully been approved for the loan modification. Please add me as a success story, *** and Moe. Thanks to all of you for your help (Allison and ***). My 1st payment is in 10 days. I received the final papers last night validating the payment with the new coupon book, etc. I am a success story now, thank you Jesus. I wish the rest of you all the blessing and success. This forum has truly been a great help to me. Thank you for creating this wonderful site. Now, I need to focus on my 401K, LOL.

God bless, Ron.

[RudyJay]

RONJOHNSON

Good job... sleep well and good luck ..Congratulations