Thanking you in advance……..

Question: After read the above paragraph. Is what Citi stating is correct or faults. If it faults how can i turn around Citi position.

Thnak you, Reynaldo Garcia

I do appreciate your advice. Here’s the latest:
Of the 96 people who have used Home Lease Exchange to try to force their lender to modify 88 found that their lender either cancelled or postponed their pending trustee sale. When asked if the bank postponed or cancelled the sale because of the lease, the homeowner was told “no”. So, we don’t know if the cancellation was as a result of the Home Lease Exchange or simply coincidence. But nevertheless, coincidence or not 91% have found success getting their sale cancelled and those folks are also back in discussions with their lenders who now seem to be more open to modification. We should be getting our first indication of whether trial modifications are being put in place within a week or two.

I doubt if banks will ever acknowledge that Home Lease Exchange created the issue that caused them to cancel the sale. But it doesn’t matter to me if they acknowledge it or not as long as they are now interested in being more reasonable with regard to modifications and keeping people in their homes.

Michael

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The President did not tell the truth today in Falls Church Virginia about foreclosures.

Today at Falls Church Virginia our President Barack Obama front of a group of people and national television (CNN live) has made a statement that

“ Hundreds of thousand of people lost their homes “

Our president is either not telling the truth, or unaware that over 2.3 million people already lost their homes to foreclosure.

http://www.youtube.com/watch?v=AVnKGYtD1M8

I’m not sure where to turn next and am hoping you will see my entry and respond! I have had a forensic audit of my 1st and 2nd loans which revealed lots of violations and omissions of consumer disclosures and a host of other stuff, including in the Truth and Lending Act. The weight of the strength of the violations is questionable and the statute of limitations on some things may be expired, but I have had a lawyer(probono) go to court for me and have a temporary restraining order on the foreclosure sale date, which was set originally for September 10th. Now we have second court date for October 3rd and a new foreclosure date of Oct. 8 th. My lawyer says he will take me through the next court date, then he will no longer be involved, because he cannot give me more free time and frankly I think he doesn’t want to mar his reputation- he is usually on the other side of the picture working with large real estate corporations and helping them with foreclosures. My situation is as follows and I will try to make it short: I feel and have been told that my loan is predatory, my house is worth about $279,000 and I owe $320,000 ie. upside down, and terrible interest rates and a balloon payment due next year. My monthly mortgage payment is about $2400.00 a month. I have been a nurse for 33 years, have had many medical problems in the last year and have not worked, have used up my savings and my 401K, and am now diligently looking for a job to suit my current abilities-not on my feet-as I am now walking with a cane. I have been accepted by the Dept. of Vocational Rehab to support and help me find a job and I am now receiving Unemployment. When I first applied for the Mod., I was told that my Unemployment counted as secure income, but now they h ave changed this and will not consider my Unemployment. The only other income I have is my partners disability check towards the mortgage(about $850.00) and my son’s rent to me of $750.00, and lots of credit debt. Should I try to take this lawsuit further? Can you refer me to a lawyer in the Seattle area that can take a look at this for me? My lawyer now does not want to or is not able to advise me further on this matter. I realize I am just a little tiny fish up against a giant Whale and have no $ to secure a lawyer, but I just want to find out if I could possibly have success. All I want is a fair loan modification and possibly a little principal reduction- Foreclosure will cost the company much more than if they work with me and they get to have someone in the house that takes care of it and loves it. Why can’t they see that ? I will have secure job within the next month or so and if they grant the modification, we will have no problem with the mortgage payment, even before I find a good job. Meanwhile, my bank account balance is plummeting, just with the monthly bills(minus the mortgage payment) and my 1987 station wagon is dying and my credit rating is shot all to hell( it was good before all this- about 715). I feel like an ant trying to move a mountain and I might be squished any minute. I am nonetheless trying to stay positive and taking one day at a time. Can you offer some advise, relief or a referral?

frank will
Nagano Japan Ltd

The reason they are probably only offering you a year is to see how your current situation pans out. A year will give them and you enough time to see if this plan is doable. If after the year it is not, then I would reapply then.

It is very rare to obtain a loan modification while you are current. You have done this and I would be grateful by taking it for the time being. You then have 12 months to decide the next step and if after 6 or so, you decide that you cannot do it, then be late then and that will show them. You can always reapply in a year or even 6 months if needed be.

I wish you the best Dave!

Thank you for creating and running this great site !!

I have a dilemma that I need your expert advise with.

Recently, both my wife and I have had a drastic and permanent reduction in our income which put us in a situation where we can no longer afford our mortgage payment. Fortunately, up to this point we have been able to stay 100% current with all of our payments.

Our current mortgage is with ING Direct and our home is currently underwater by about 30%.
We contacted ING and applied for and received a temporary loan modification. The problem is that the modification is only for one year, then our original loan terms get reinstated.

Since our income situation will no where near improve enough in one year to permanently solve our problem, we will simply have the same issue next year. We explained this to ING and counter-offered for a 5 year workout plan. They simply said no, take the current offer or no deal.

Our question is since our house is so far underwater, is the bank more likely to offer us a better deal if we refuse to accept their current offer and stop making our payments. I know there is no way you can tell us how this will work out, but based on your vast knowledge of loan workouts, what is our best move at this point? Do banks typically understand that in a situation like this that a longer term loan modification is in everyone’s best interest or do the banks act more as a huge bureaucracy and don’t really look at each individual case.

Again, I understand that you can’t predict what will happen or even what is likely to happen, I am just trying get as much good information as possible before we make our decision.

In your experiences, how do the banks typically respond to a reasonable counteroffer?
What is the best direction to go. Is is wise to try to play hardball with the bank??

Thank you very much for your help !!

David