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Not Freddie Mac or Fannie Mae backed... now what?

Discussion in 'CitiMortgage' started by MonteCarlo, Mar 2, 2011.

  1. MonteCarlo

    MonteCarlo LoanSafe Member

    I have a mortgage with Citi. It's not backed by Freddie Mac or Fannie Mae.
    what can I do for relief or help to lower the interest rate?

    I've lost my high paying job and now have a new one but it's significantly less that I use to make.

    How can I get loan modification or any other sort of assistance if it's not backed by fannie or freddie? I am not late with my payments yet!
  2. facha

    facha LoanSafe Member

    We have a private investor loan with Citi and had the HAMP modification in July of last year. Read up on the eligibility requirements to see if you can qualify otherwise, Citi has in-house mods as well. Read the handbook section on HAMP: https://www.hmpadmin.com/portal/index.jsp Are you late on payments, if so by how many months?
  3. MonteCarlo

    MonteCarlo LoanSafe Member

    I am not late and I have savings.

    I am looking to refi at a lower rate but the current mortage is over the value of the property
    .
    There is a program that allows refinancing up to 125% of market value. This is my goal, but my current mortage is not fannie mae or freddie mac backed. Any ideas?
  4. facha

    facha LoanSafe Member

    The only 125% program I know is HARP and you do not qualify because of the Fannie/Freddie issue. Citi will not refi your loan if you do not have a hardship. Is it difficult to make the monthly payment (do you need to dig into your savings)? Also how large is your savings, if it's a large amount, they will NOT refi. This is all based on the house being worth less than you owe. Why haven't you tried to modify?
  5. MonteCarlo

    MonteCarlo LoanSafe Member

    I didn't think I could modify if:
    1. it's not freddie or fannie back
    2. I am not late
    3. I have substantial savings (outside my IRA)

    The payment is 45% of my gross monthly income. I feel trapped at this 6.75% interest rate
  6. facha

    facha LoanSafe Member

    You have options. It is really important that you read the HAMP section of the handbook I attached on the earlier post. Knoweldge is power, as most forum members have learned. You have to make the savings disappear, you should not have more than three months of mortgage payments in savings, preferrably less. Close the accounts and put the money into a safe deposit box, NOT another bank. Wait two to three months and then apply for HAMP, the reason for the wait is that you need to provide bank statements. Retirement funds are not considered savings.

    One question I did not ask is when did you buy your house, if it's after 1/1/09, you are NOT eligible for HAMP?

    Check this forum frequently and you will be amazed at the info available here.

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