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success with reduction of principle balance under National Mortgage Settlement with Citimortgage?

Discussion in 'CitiMortgage' started by buzzy, Jan 16, 2013.

  1. buzzy

    buzzy LoanSafe Member

    Has anyone had success with obtaining approval for National Mortgage Settlement Program for principle balance reduction through Citimortgage? I see a lot of BOA customers having success but none with Citimortgage
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    buzzy,

    Has Citi told you that your loan qualifies for that program? If you want to check you can also contact the executive response team here;

    CitiMortgage Executive Response Team
    (1-636-261-7200)

    Mike Cardace, Citi
    homeownersupport@citi.com
  3. buzzy

    buzzy LoanSafe Member

    Mr. Cardace,
    No, Citi has not told us that our loan qualifies for the program as of today they are still treating our request like a loan modification. We keep being told that it has to go to underwriting and we will know something in 3-4 weeks. I am confused on Citi processing our request as a modification. I though the process would be processed as a refi. We have requested in writing to be considered for the National Mortgage Settlement Program for principle reduction balance. We can afford the monthly payments but not the "house" as we are 100,000.00 plus underwater and near retirement age. We would just like to be able to make the payments and have the home paid off by the time we retire or at least some equity built up so we can sell it when we retire and downsize. Thank you for your help.
  4. FontanaFire

    FontanaFire LoanSafe Member

    Well, I can tell you officially that we were DECLINED.
    First, we were declined the other mod options twice. (2 years in a row).
    Then, after the settlement, we were told that we were declined because "we weren't in default."
    Now- the settlement agreement was supposed to help people who were current on payments (I thought)- but here this woman was telling me in no uncertain terms that because we paid our mortgage, we didn't qualify for a loan mod.
    So we stopped paying.
    8 months later, we've been declined again, and are facing foreclosure.
    No explanation has been provided yet, 2 weeks after we were told.
    And they turned around and put us with a different loan servicer now, confusing matters more.
    (side note: Their representative always told us something different on the phone than in her letters. She even told me to ignore the letters!)
    Sorry, I wish I had a different answer for you.
  5. buzzy

    buzzy LoanSafe Member

    FontanaFire, This is not the first time I have seen a posting where after you apply for a principal balance reduction of your mortgage that Citimortgage then transfers your mortgage to another servicer. Your mortgage has to be owned and serviced by Citi in order to qualify for the program under the National Mortgage Settlement program. Do you find it a little strange that Citi is transferring mortgages to a different servicer when you inquire or apply for this program??? I for one would like to see the entire guidelines for approval and declining applicants from this program. All you receive from Citi is the run around and no straight answers. You may be current on your mortgage payments.... you may be behind in your payments... and you have to have an underwater mortgage..... that is what is posted on the National Mortgage Settlement web site.

    I WOULD SUGGEST EVERYONE CONTACT THEIR LOCAL GOVERNMENT REPRESENTATIVE AND COMPLAIN, COMPLAIN AND COMPLAIN, DO SO IN WRITTING, DO SO WITH PHONE CALLS- DO WHATEVER IT TAKES TO GET THEIR ATTENTION AND GET LEGISLATION PASSED TO HELP THE 90% OF HOMEOWNERS UNDERWATER IN THEIR MORTGAGES.

    Our home values will not be increasing without their help.
  6. FontanaFire

    FontanaFire LoanSafe Member

    I'm right there with you Buzzy. I had the very same thoughts and suspicions as you. I will be contacting the CA Attorney General. She has "balls" and her office has asked for feedback. My house is worth half of what we paid for it and we are the only ones who purchased just before the big fall that are still living here. We live in a zip code that is always in the top 3 for underwater and foreclosure homes. Like I said. Citi is evil.
  7. buzzy

    buzzy LoanSafe Member

    FontanaFire,
    I will have to check out the Feb 2013 walkers. I just wish the government would help home owners directly instead of giving funds to the banks when they foreclose on a home.... who do you think needs the help more the banks or the homeowners? If they pass legislation that would allow underwater homeowners to have some type of principal balance reduction-- it would be a huge help to the economy. For example, if an underwater homeowner, as an incentive to keep their home were to receive a 1% -5% reduction per year for a maximum of 5 years this would allow homeowners to either equalize or build some equity. Otherwise, what incentive do we have to remain and incur financial hardship difficult to recover from? Many intelligent homeowners are doing their homework and realize they can walk away from their current home... walk down the street.... and purchase a foreclosed home at a fraction of the cost of the one they currently own- in reality saving thousands of dollars- and immediately building equity. Some home owners are "emotionally" attached to their homes and are ashamed to do what is financially responsible- walk away from a bad investment!! I ask you, would you continue purchase stock that was plummeting in value in hopes of it someday earning dividends? Intelligent homeowners are doing what is smart financially - and walking away!<!-- google_ad_section_end -->
  8. HateCiti

    HateCiti LoanSafe Member

    Hi Buzzy! I agree!!!

    Same thing with me... They said they serviced but now sold my loan to private investor CMALT which is CitiMortgage Loan Trustee, go figure!
  9. buzzy

    buzzy LoanSafe Member

    FontanaFire, Please keep me posted and the outcome of your contact with the CA Attorney General and good luck to you.
  10. knksmommy

    knksmommy LoanSafe Member

    We are in the same position. We are requesting a principal reduction as we are $140,000 upside down in our home. Citi keeps giving us the run around. First they need this and then they need that....then we get told it has gone to an underwriter, then we get a denial and call and they say they aren't sure why that letter went out but that it hasn't been denied, is still with the underwriter. Like you, we have many homes around us with people just walking away from them. Our first is Fannie Mae serviced by Citi and Citi owns our second. We are barely making the payments....

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