Comments on: Citi Mortgage Loan Modification for This Grateful Homeowner

By: john

john — Mon, 16 Nov 2009 03:51:46 +0000

I have been playing this modification game for 3 months now and am growing tired of them repeatedly writing to me only to say there is missing information in my application. I have heard this is a tactic of there’s but I don’t see their angle in the long run. Do they want this to end in foreclosure? I am from the state of Washington and I would like to know if I can walk away from this mortgage with no recourse. I would like to know if I can walk away and not be liable (moneywise) to Citi or anyone else. My credit is already shot because I applied for a loan modification so I’m not going to worry about that. I cannot seem to find any useful information about walking away, when it comes to the particulares, on the internet. I am broke, so most legal help seems to be out of the question. If I knew I could leave Citi and this house behind I would do so immediately. After my divorce and after she moved away is when the problem started and now I just want to start fresh.

By: Yosi

Yosi — Tue, 10 Nov 2009 00:42:26 +0000

I was approved on the phone for the Citimortgage modification program. They said the package would be sent out immediately and we should have it in 2 weeks. Several calls later and more than a month later, so package. Always saying its been recent, its in the mail. I asked for a UPS track number – They don’t have one
I met a lady that hadn’t received her package in 5 months, all the time the reduced payment is reported to the 3 credit companies, reducing our scores, yet we still aren’t accepted in writing

The problem I have is that I have no idea what I’ve agreed to do here, other than a phone call saying “you’re accepted”. Based on the Citimortgage promise of getting the docs to me asap so I can go over them, I agreed to it. Now I see the Citimortgage team have no way on fulfilling their promises

After getting legal advice, I was told to make full payments, as normal, but submit the payement with a note stating the purpose.

Can anyone advise on how to get paperwork from them once verbally accepted and then there also appears to be issues of ‘lost paperwork’ getting it back to Citimortgage

Does Pre Obama know that his plan here isn’t working? People are lossing their credit, waiting for acceptance, and if not accepted will not only have bad scores, but will owe the difference made from the lower payments.

Citimortgage needs to be held accountable by the FED Gov. It’s their programa that Citimortgage legally must provide, but they’re damaging more than they’re fixing

Please email me with suggestions
yosi3000@yahoo.com.au

By: Anna

Anna — Sat, 07 Nov 2009 17:58:27 +0000

Yes , I can afford $1907 for now …we don’t know how is going to be later …We’d like to have it modified because it will reduce our interest rate to 2% and maybe we refinance to longer term, now we have loan for 15 years and 10 is left, the sad thing is that we pay more than half to principal and after refinance we would go back again paying everything to interest . Our gross income is ~ $ 6000 in a month.

By: Terri Brock

Terri Brock — Sat, 07 Nov 2009 13:30:30 +0000

Anna, the reduction in your trial payment is not much lower than your actual payment but if you can afford to pay the $1907 ON TIME for the 3 months then you should do this while you are working on the package they send to you. If you honestly can’t afford the $1907 then this arrangement could cause you to be denied for a loan modification and possibly not have an opportunity to get a true long term solution. What is your monthly gross income?

By: Todd Bostwick

Todd Bostwick — Fri, 06 Nov 2009 19:20:05 +0000

My wife and I purchased our house 10 years ago. A modest if not frugal home with only the two of us and our new baby daughter. About 1 1/2 years after purchasing this from ABN AMRO, CitiMortgage came calling offering their ‘Equity Builder’ program.
Since then, I’ve given up trying to change the loan or have it
“modified” (which to them really is just taxing you with another LOAN). Now, in later 2009 we’re going to move out of the house as we’re a family of 4 (8 if you count the beagle and 3 cats) and the neighborhood has become criminal since we moved here.
We’ve already been pre-approved for quite a nice loan from our Credit Union and have an offer on the table on one currently. Since CM won’t even talk to us, especially now, what do we do?
Short sale?
Foreclose after we’re “safely” in our new home?
Chapter 7 on the old house?
Rent (and hope someone doesn’t trash the house?)

I’m out of options – oh, did I mention that there is no “equity” in this type of mortgage, absolutely NONE. Over 90% of any mortgage with this plan goes only to the interest (not the principal) and we’re way underwater on the house (current value is < $20K) and we bought it for 75,000 and still owe around $65k almost 10 years down the road??? What a joke – and how terrible especially now. I have to believe there's a way out from this predatory type of loan structure.

Any help is appreciated – please send any email to
toddbanng@gmail.com

Regards,
T Bostwick

By: Anna

Anna — Tue, 03 Nov 2009 17:27:48 +0000

Can somebody help me understand all that mess. My story is almost the same : I just called Citimortgage yesterday and got approved for 3 month tryout , I sould make a payment on dec 1, jan 1 and feb.1 in amount of $ 1907, my actual monthly payment is $ 2100. I asked for loan modification and they preappoved , I sould receive pac to sign in 30 days, that’s what they say…Should I wait or just cancell everything couse it looks like nobody has any positive experience. I’m going to be late with my payments 3 months now , I can borrow money and try to make a payment …don’t know what to do ? Any advise ?

By: Go Viral

Go Viral — Tue, 03 Nov 2009 08:15:30 +0000

It worked for getting interest lowered for credit card holders, why can’t it work for CitiMortgage?

My story is much like the ones I have read over the last hour. Only for me, we have not received any paperwork and have been given the run around and wrong information since August 17, 2009. I was told that we were approved and that we should start sending in our trial loan amount starting October 1, November 1 & December 1. During that time I would receive a package of information via UPS, send in the requested information and they will assess our new loan amount. Never received the package from UPS. Called again, told they would resubmit the request, wait 5-10 biz days. Waited…no paperwork. Called again, told the request was never made, will put it in again….waited….no paperwork. Called again, spoke to supervisor, guaranteed me that we would receive our paperwork….waited….no paperwork. Made my first trial payment ON TIME. Called again, told that our account was not documented for the approval, we’d have to start the loan mod. application all over again. NO, that is crazy…wait, perhaps I can make some changes…wait you will receive your paperwork now with in 10-15 days. Called to make second payment, was told our account was never entered into the system that we were approved. I honestly do not think anyone know what they are doing. I spoke with another supervisor, she told me that she would ‘email the department’ but in the meantime can I pay 1100.00 to bring my account to a two month default instead of three…well if I COULD pay the full amount, I WOULD and I wouldn’t be putting myself through this aggravation! She told me she would call me by the end of the day with news and don’t pay the trial payment because it won’t be reflective of the trail payment it will just go sit in unassigned funds. Of course, she never called back. I am just so confused, frustrated and exhausted. I have a letter that I am prepared to send to 20/20, Dateline, CBS, NBC, ABC, WGN, the White House, my State reps, CNN, CNBC, MSNBC, Suze Orman and anyone else who will read it, and then I will get my handy little video recorder ready and go viral with it! I am so beyond done trying to do my part in following their directions only to get further into a default status!

By: Ellie Cutler

Ellie Cutler — Wed, 21 Oct 2009 12:54:14 +0000

Citimortgage is a joke! They hold my second mort (11,000). When I got laid off last January, I immediately contacted both them and my first mort. holder (TBW). Citi told me to go modify my first, then come back to them. It took my first 7 months to modify my first – it was sold twice in the process, and finally landed with Saxon, who just installed the HAMP software in Sept and I am now in trial mod payments. I was in contact w/Citi *EVERY MONTH*, updating them on progress w/first mod. Now that I had my first trial payment w/first mort. in September, suddenly I find that my 2nd w/Citi has been charged off! No notice to me. I spent 4 hours on the phone w/citi yesterday in a round robin of homeowner’s assistance, customer service, load mod., loss mitigation, and recovery departments. They all had different answers – some said recovery dept could get loan back into citi, then recovery dept (they were the nastiest) said the loss mitigation dept. didn’t know what they were talking about and obviously needed more training! I couldn’t get the same person twice on the phone. They must make more money charging it off than putting it through HAMP, but it’s a worse case for me. Surprise!

I went to see the movie “Capitalism” last night (Michael Moore) – no shit!

By: Artiec

Artiec — Tue, 13 Oct 2009 15:52:05 +0000

That is such BS!!!! I just got off the phone with the mitigation dept at citi motrg. Since I have been out of a job for 7 month, I asked them if they would do a loan modification. I was told by Ashley that there is no such thing and they don’t do that. She said my only course of action is to short sell my house. So much for HELPING PEOPLE.

By: Goe

Goe — Thu, 08 Oct 2009 06:30:23 +0000

Tommy, I would not be surpise that CitiMortgage is choatic. I wonder if Citi or whoever it be “purposely” permit or “even promote” the choatic atomsphere to flourish. It is like some retailers purposely permit or even promote the “merchandise return” line to be very difficult to work with so as to “discourage” consumers to return items they brought. Regarding CitiMortgage, I am just guessing. No proof. If Citi really care about helping homeowners, I would believe their assistance program would run a lot smoother. I guess, once Congress make whatever CitiMortgage accountable for what CitiMortgage representatives said over the phone or wrote to homeowners, then perhaps, Citi will change. Until then, taxpayers, we have to suck it up.