Trying To Settle The Second With Citi

HighlanderDP95

LoanSafe Member
Nov 4, 2010
23
1
3
My second mortgage adventure has been documented elsewhere. I am still underwater with my first, but slowly creeping toward equity as to the first. After not hearing from Citi since early 2011, I thought I would see what the potential for settling would be all these years later.

I called up Citimortgage Recovery, gave them my information and their response was: send us over a Title Report and then we can start settlement discussions. That was a new one to me. Anyone have this experience or insight?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,850
466
1,000
49
Southern California
www.loansafe.org
That is a good sign! Yes, there have been quite a few members here that had similar responses. I say you do not delay and see if you can strike a deal while the iron is hot. Start low as in 3-5% and work from there with the hopes of settling somewhere in the middle of your threshold.
 

HighlanderDP95

LoanSafe Member
Nov 4, 2010
23
1
3
Crap, not a good sign. They have asked me for financials, which I do not want to provide and is against the Tom Eason plan.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,850
466
1,000
49
Southern California
www.loansafe.org
I know this is a tough one. In the past, many members refused, but some people complied and were still able to settle. I think the deal is if you have a lot of money as in 50-100% of what is owed, then it is not a good idea. But if you really don't have much cash you are hiding, let's say 10-20% of what is owed, then you might consider taking a gamble and sending them your financials. In the end, it is your call.
 

HighlanderDP95

LoanSafe Member
Nov 4, 2010
23
1
3
Now I am concerned that I waited too long, because my financial situation is better now that it was a couple of years ago.
 

HighlanderDP95

LoanSafe Member
Nov 4, 2010
23
1
3
I gave it shot without disclosing financials. My letter really focused on how depressed the RE values are in my neighborhood. For example, my exact plan type sold across the street for $490k two months ago. I still owe $500k on my first alone and that house had new carpet, paint, etc. My house, on the other hand, has ten years of wear and tear from a family of six, including a severely autistic son. Based on my math, my second will not be $0.01 above water until the sale price hits $550k. That could be years.
 

HighlanderDP95

LoanSafe Member
Nov 4, 2010
23
1
3
Since I never provided the requested financials, Citimortgage never responded to my initial offer. The prior urgency to settle went away and the house is still over $100K from being in the money, so I decided to go back to doing nothing.
 

Jzone

LoanSafe Member
Jun 20, 2017
204
28
28
70
Since I never provided the requested financials, Citimortgage never responded to my initial offer. The prior urgency to settle went away and the house is still over $100K from being in the money, so I decided to go back to doing nothing.
Could you provide the contact number you called at Citi? I am in a similiar situation after bankruptcy, but the number on my statement just takes to me an automated system to make payments. When you press 0 for help, all you get is on hold music.