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Virgin Mortgage Payment Skipper Needs Help knowing what to do!!!

Discussion in 'CitiMortgage' started by vivavegas, Dec 1, 2011.

  1. vivavegas

    vivavegas LoanSafe Member

    Long story short - bought our dream house in Las Vegas in 2005 (one of the worst economies in the nation now especially for real estate). We knew we were buying at the peak of the 'bubble', but since we had sold at the peak as well, we dumped tons of money down on it thinking the bubble would never sink below that. Isn't life great sometimes when it throws you unexpected curve balls? House was valued at over $500,000 when we bought it, but we got a 'fantastic' deal at $470,000. We owe about $330,000 on it and last time i checked market values in my neighborhood were around $220,000. We LOVE our house though and so have had no problem skimping by to make payments on a house we knew we were losing money on all these years. I'm a strong believer in honoring contracts and have been so upset at how good hardworking people who are making their payments are never approved for any type of modifications or deals by our good old trusty government or the lenders/banks who got bailed out! Anyways, got laid off in September so that was our very first month EVER being late on a payment and missing a payment. It totally stresses me out to not be paying on our house. We've since picked up a new job but it is out of state. We are lucky enough to be able to still stay here for now but he eventually needs to move within the next 6 months. We have so many questions? What's our best move? Do we want to try for a loan modification and try and rent our house. Our loan is an adjustable one (they wouldn't refinance us to a fixed one 2 years ago because our house wasn't worth as much as the loan) so that's scary to me, as well as the ideas of renters. Do we try and get a short sale? We're missing payments not only because we got laid off and didn't know our financial future right away, but also because it seems like no one at Citimortgage would ever talk to us before hand because we were good,current payers. This will be our 4th month of missing payments though. We went to one of Citimortgages 'events' a few weeks back, but all they did was ask for a bunch of information and a hardship letter. I read some of you say to have NO CONTACT with the banks. I'm just not sure which route we should take though. We obviously need to move out of state next year but we are so confused as to what we do about the house that isn't worth enough to sell on our own. Plus I don't think the rental market is great here and i doubt we could rent it for as much as we need to make the mortgage. It makes me sad that we invested so much money on this house and now we will have to walk away from it. It makes me mad that banks don't work with people like us who aren't stiffing them out of the entire bill like so many others have done. Citimortgage has made some good money on us. We put $113,000 down on the house and have been paying mortgage payments for almost 7 years (with 3 or 4 of those years being MORE than the allotted payment). Any advice you have for us would be MUCH appreciated.
  2. mjcardace

    mjcardace LoanSafe Member

    Hi vivavegas, I'm Mike and I work for Citi. I'm truly sorry to read about your situation. Was there any follow up from us after the event you attended? I understand you have hesitation about talking to us, and that many people say to not talk to the banks. This forum is great for getting information, asking questions, and hearing about other people's experiences, but if you need help understanding all possible options, I think it's important to have conversations with the company that services your mortgage. Don't let more time pass. Frank Eliason from Citi and myself have been trying to help get CitiMortgage customers the help they need for a long time. Let me at least put you in direct contact with someone from our team so you can have a conversation about your home.

    Mike Cardace, Citi
  3. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Thank you so much Mike for reaching out to homeowners here and assisting them with their progress. The help Frank and yourself are providing is greatly appreciated!
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome and thanks for joining the community. I'm so sorry to hear the unfortunate circumstances that have occurred this past year and this is a tough decision on what you need to do.

    Since you are moving out of state next year a loan modification may not be the best route to take. This can sometimes take up to a year or more to accomplish and with home values at 220,000 in your area, even if you rented the property you may still end up having to pay more out of pocket to cover the monthly payments.. But with all the money you have invested this is something you will really wanna think about.

    You definitely will want stick around this forum and feel free to join other discussions. Most everyone here is a homeowner just like you and going through the same things.

    Please keep us updated and I wish you the best the luck in your fight!

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