Citi Residential now AHMSI SUCCESS!!

[Northwood_dad]

Hi all,
I am just beginning the process of trying to modify our loan with citi residential lending. Our original loan was made with Ameriquest and I beleive at the time they knowingly worked with the appraiser and made sure our house was worth enough on paper to make the loan. Anyway the loan was for $113,000.00 starting at 8.35% for the first two years and then adjusting after that. We are almost 4 years into the loan and the interest rate is at 10.125% and the payment has gone from $922.00 to $1331.00. It could go as high as 14%. Ameriquest said at the time I took the loan out that I could refi with them at the end of 2 yrs and I would get a better rate as long as all my payments were on time. I held up my end of the deal and when 2 yrs rolled around I went to refi and guess what? We don't to refi's in Michigan anymore. And I could not get a better rate with anyone else as our home had declined in value $36,000.00. So for the past year and a half I have been using every available dollar to make upgrades to our home in hopes of raising the value, but I now feel it was a waste of time,money and energy as I am pretty sure it has probably declined in value even more. My wife is getting laid of from her job and there is a chance that my salary could be reduced. We have just become 30 days late on our Mortgage payment with citi, after never missing a payment in almost four years. I sent an e-mail to the address on this site and got a call back the next business day from a fella named Steve. Unfortunatly I missed the call and when I called back he was out for the day and that was this past Friday. I will be contacting him first thing monday morning and asking humbly for a loan mod. I just happend upon this site while searching for mortgage help and I thought I would share my story and the results with everyone. I hope I can add it to the stories of success. Anyway thats it for now, I'll keep everyone posted on my progress and Good Luck to others that are doing the same.


Sincerely Robert

[Moe Bedard]

Hi Robert,



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

The email address and contact number would be for CitiMortgage and CitiFinancial.................so they may not be able to look up your loan info.
with CitiResidential, I can put you in touch with the executive team to start your loan modification...........they should be able to help.
Call
CitiResidential executive team
1-866-461-0913


Please keep us posted on your progress......

[Northwood_dad]

Hi all,
Ok, I spoke with Steve from the office of the President and found out the investor on our loan is Deutsche bank. Has anyone had any experience with this bank in regards to loan mods? I am sending out the "Workable solutions" application today so now the ball is rolling. Wish me luck as I do the same for anyone else in this situation.

Robert

[Moe Bedard]

They are a difficult investor..........but they have approved modifications....it just takes a while....so just be sure to follow up frequently..........and you are working with Steve.........so you are in good hands.....

Good Luck!

Keep us posted........

[Northwood_dad]

Well if they want to be too difficult they will be the proud new owners of a home that is 50K underwater and I will begin my life as a renter which don't sound to bad...no insurance...taxes.....upkeep. Thanks for the info though it is greatly appreciated and we will continue to try and get a mod. I,ll keep you updated.

[hardworkingman]

1. With Indy Mac2. Deutsche Bank is Trustee on 536K 1st, 105K Second3. 7 months behind, 30 days into foreclosure, just stopped a shorts sale in progress.4. Called and updated financials yesterday and was told to make two modified payments while investor considers loan mod.5. They are calling the two month payment period a forebearance for a stipulated agreement which should come in the mail once payment is recieved (paid today).6. Is this for real? Am I being duped into just paying until foreclosure?Does anyone know why Deutsche Bank has a bad reputation?

[Moe Bedard]

hardworkingman,

With IndyMac as your servicer..........I think they are waiting until the dust settles to work with their investors on modifications...........they have not quite finalized their sale to the private investors so I think that may be the reason for the forbearance as it will not be the FDIC working on the modifications after that time.

Deutsche Bank itself doesn't necessarily have a bad reputation......most of the servicers that service their portfolios do..........
Deutsche Bank is just strict with their investment portfolios.......they are very large, global, and they are expanding.

[hardworkingman]

Thank you ***,
As I recall, part of the purchase agreement is a promise to continue the FDIC Loan Modification Model, is this correct?

Again, thanks,

[Moe Bedard]

I am gathering the info as it becomes available...........I think that you may be right that they are going to keep the "mod in a box" model which is good for IndyMac customers.........but I still think that the transition is what is causing the temporary delays at the moment.

[Northwood_dad]

Update,
So my paperwork has been submitted for 11 business days and it has been forwarded for further review, whatever that means. To top things off I received a letter in the mail from my employer saying that all salaried employees will be subject to a 10% reduction in pay. So now I have to send in that letter and wait for it to be entered into the system. And here I sit waiting while things keep getting worse not sure of what to do. Do you spend whatever little savings you may have to satisfy the collections dept. or do I not make any payments until I get an answer to my mod attempt? And is there any truth to the collections dept. saying they can take your info and tell you if you qualify for a mod over the phone? And they say that the way I,m going about this and using this site takes longer, Is this true? I know the moderator cant answer these questions, I,m just wondering what everyone else is doing in similar situations. I'll keep updating as it warrants.

[Moe Bedard]

You are talking to collections..............they will say whatever they can to get money out of you, that is their job. You are dealing with the dept. that is the office of the president..............so you are at the top of the food chain................collections is at the bottom............an no they can't take your info for a mod..............what they want your info for is to see if you have money to make a payment and that is it.....because that is how they make their money. I think the success stories on this forum speak for themselves.

[Northwood_dad]

Update:
So I get a letter today telling me that the servicing of my loan will be transferred to American Home Mortgage Services. What does this do to the process that I have already started with Citi residential???? And has anyone had any success with American Home Mortgage Services? Guess I better make some phone calls to try and see what is going on. Sheesh......just keeps getting better!

[Moe Bedard]

yes we have successes with AHMSI................and the process is fairly quick with them because we have a system in place that I can help you out with............once they get your loan over there.

[Northwood_dad]

Update,
So now my servicer has been swithced to AHMSI. I reached Jeanne Drake's voice mail and left 2 messages before I was contacted by an Amy Macedo. I now have to refax all of my info. But she said that my investor (Deutsche Bank) is doing modifications, even though my mortgage is in an investor pool. She said any money sent in for our late payments would be held in suspense until the loan is modified, which if it is our first payment would be in May and any amount we were behind at that time would be added to the principal. So thats pretty much, it I will keep udating as it warrants. Thanks to everyone on this site, It has been very helpful.

[Moe Bedard]

Sounds good.............thanks for the update..........

[Northwood_dad]

Update,
Been almost 2 months since I submitted our paperwork and still no answer to our modification application. I have been told for a couple weeks by Amy Macedo that our file is in managments hands and we should be hearing somthing soon. This just seems to be dragging on and on. I see quite a few people have been getting approved in the last few days and weeks. I pray we are next........patiently waiting........

[myredrobbin]

I'm to waiting a reply from Amy, I started in early February and I'm still waiting patiently I was supposed to hear back last week from management, who ever that is I don't know,anyway I know she is really good at what she doe good luck to you.

[SleeplessinNH]

I also applied in February and Amy is my negotiator. My file is with management and I was supposed to receive an answer last Wednesday (4/8)...................still waiting and getting more worried by the minute!!!

I guess all we can do is pray and wait!!!

[GirlsMom]

I was supposed to hear this past Friday and was practically catatonic with worry by the time I got through to Jeanne Drake's office today (ph#949-784-6011). They looked up my account and told me my mod had been approved last week. They also told me that my negotiator is completely swamped. So, keep the faith.

[SleeplessinNH]

Thanks very much GirlsMom! I think I'll call the office tomorrow!

Well, it's 11 PM in NH so I guess I'll try to get some sleep. Will update all tomorrow!

Goodnight!

[myredrobbin]

I have called Jeanne Drakes number and I never get a hold of anyone?

[GirlsMom]

Lindsey, Jeanne Drake's assistant, actually answered the phone when I called the number yesterday. Maybe I just lucked out.

[Kirby'sMom]

Originally Posted by GirlsMom

Lindsey, Jeanne Drake's assistant, actually answered the phone when I called the number yesterday. Maybe I just lucked out.

I usually get Lindsey, too, although there are times you can't get through. I've called twice yesterday and twice so far today, with no luck. I have my paperwork all ready to overnight back to them and then we're done (yay!!) but I had wanted to ask why we're being charged the $500 fee and the late charges when, according to the guidelines, we're not suppose to be.

[GirlsMom]

The modification I got is not due to Obama's plan. It is strictly AMHSI's modification. That's the reason for the $500 fee & the late fees.

[Kirby'sMom]

Originally Posted by GirlsMom

The modification I got is not due to Obama's plan. It is strictly AMHSI's modification. That's the reason for the $500 fee & the late fees.

I figured that was what ours was, too, but thought it wouldn't hurt to ask.