Need Help With Citibank/trying To Settle

ligia

LoanSafe Member
Dec 27, 2016
3
2
1
27
hi, after several years of not paying due to a finical hardship I decided to modify my first loan with bank of America and it was successful. And now I would like to settle with my second mortgage Citibank. I called them to know who my mortgage is with now. after many transfers, they sent me to Citibank recovery and told me the case is with a debt collecting lawyer. they even provided me the number of the lawyer. does that mean my mortgage is still with Citibank? how do I settle? whats my next step?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,841
466
1,000
48
Southern California
www.loansafe.org
Hello,

Yes, your mortgage is still with Citi, but it has been sent to a collections law firm. You need to contact the law firm and tell them you would like to settle. You will need to come up with a fair price to offer your lender when applying, and this will need to be included in your hardship letter you send in. Most professionals suggest to start out with a low offer like 5% and slowly work your way up until you can negotiate an agreeable amount. We have seen many people able to settle these loans for as little as 10-20% of the outstanding balance.
 
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ligia

LoanSafe Member
Dec 27, 2016
3
2
1
27
Hello,

Yes, your mortgage is still with Citi, but it has been sent to a collections law firm. You need to contact the law firm and tell them you would like to settle. You will need to come up with a fair price to offer your lender when applying, and this will need to be included in your hardship letter you send in. Most professionals suggest to start out with a low offer like 5% and slowly work your way up until you can negotiate an agreeable amount. We have seen many people able to settle these loans for as little as 10-20% of the outstanding balance.

I was very confused on how to begin this process but ur advice really helped me. thank u soo much!
 
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ligia

LoanSafe Member
Dec 27, 2016
3
2
1
27
So after I tell them I want to settle ....will they ask me anything else like my financial info
also how do I make a hardship letter?
 
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Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,841
466
1,000
48
Southern California
www.loansafe.org
You are welcome. Yes, they will most likely ask for your financial information, but not a hardship letter.