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smithsussane · Posted: Tue Apr 28, 2009 11:01 pm Post subject:

Hi cal!

Welcome to forums!

Though your property is worth less than what you owe, I think you will be able to sell off the property. You can list the property in the market to check out if you can get buyers for it. In order to list the property, you can contact a real estate broker. However, you should note that if you sell off the property, you will become liable to pay off the mortgage dues immediately.

Sussane

Guest

I have an ARM with Citimortgage and cannot refinance because of the number of foreclosures in my area. My interest rate has been increased the maximum allowable under my contract each time. I now pay almost $300 more per month than when I started. My husband lost his job as well. We called them and they said that because my loan did not originate with them (I have a conventional loan), it originated with CIT, they are not "obligated" to help me in any way. We have never been late on our payments until the rate/payment went up. What can we do?

jameshogg · Posted: Fri May 08, 2009 9:59 pm Post subject:

Hi Guest,

I would suggest you to contact your original lender and discuss your options with him. You can apply for a loan modification with your original lender and there are chances that your lender would accept it. Your loan modification cannot be rejected on the ground that the rate of foreclosures is high in your area.

Thanks

Guest

Good luck guy I've called them dozens of times and even wrote the CEO they could not care less. I'm paying 8.37%. I've lived in my home for 10 year and never missed a payment, now that I'm up against it they are just letting me twist in the wind and they got a huge bailout!

Guest

The government has placed a progam to help homeowners (two part plan = modification and a refinance). These plans are to help homeowners stay in their homes but as a homeowner, you have to be able to afford your the payment mortgage payment which would be at 31% of your gross income. You can not expect a hand out from the government or your lender if you do not have the income to afford a mortgage payment. If your income has decreased and you have not adjusted your living expenses then you might just have to short sale or ask your lender for a deed-in-lieu to get you out of a loan that you no longer can afford despite your income and living expenses.

Guest

I went through their process and never got a responce. I hear the only way to make any of these lenders work with you is to just get as backwards as you can get on the mortgage. My good Friend negotiated his own loans on construction related projects, meant for resale. He got principal and interset reduced by 50 percent. You have to be willing to give them the property. If they think you have some emotional attachment to a building, give it to them. They will never play nice, don't expect it. I hate the calls as much as anyone, but they will not work with me. I am self employed, and we self employed people always get the harder time getting into, and out of loans. I am sick of the lack of professional help that we all need right now. Citimortgage, just by the way they have treated me the last few weeks, have made me so ready to stick them with a house in the desert that is 80 percent down in value. My Wife and I have aggreed, if they don't work with us, we'll empty the place out and chuck the keys in their local branch. It's my second home, so it just means I'm down to one. I know it's hard, just remember they can't harm you. Try not to fear them, there's a phone between you. Good Luck to All.

Guest

So I get this message that my request has been recieved, now about 50 days. When can I espect to here from Citimortgage. I understand that you are having a crisis, but so are a lot of other people that are waiting to hear from you.

jameshogg · Posted: Thu Nov 12, 2009 9:07 pm Post subject:

Hi Kietha,

I would suggest you to contact Citimortgage and request them to speed up the process so that you can get a loan modification as quickly as possible.

Thanks

Guest

I had them to take it out my account and it still there what do I do.

smithsussane · Posted: Fri Nov 20, 2009 11:21 pm Post subject:

Hi Anita!

Welcome to forums!

Your query is not clear to me. Are you speaking about any negative item on your credit report? Any negative item will remain your credit report for 7 years. Once 7 years are complete, it would be automatically removed from your credit report.

Feel free to ask if you've further queries.

Sussane

Guest

This progam is a nightmare!!! Be prepared to send all yer info Like 3 ,4,5, times!!! Finally to send it all in and then be told oh we need more >> this sucks bigtime

Guest

Greed has taken over our lenders they are making and taking money from the little people. I cant believe that these people do what they do and then probably go to church every sunday calling themselves saved christians. I hope that one of you lenders are reading this message because you know that you people are taking advantage of your borrowers. Lenders you my be living like kings now but, the time will come you will be judged by one higher. You can not scam your way out of the burning you all will recieve. Evil or Very Mad

Guest

I had some significant financial issues arise right at a year ago. I called Citi to inform them. The response was that they couldn't help me until I was actually late on my payment. Of course, I missed the payment and the snowball effect started. Calling constantly from Dec 2008 through Apr 2009, got me no where. I finally reached someone who qualified me for the loan modification program. I have been faithful with my payments. It took 7 months to receive the paperwork. Again, constant telephone calls inquiring on the paperwork. I turned the paperwork around in less than a week. On Dec 17, I received am email from Citi stating my modification had been approved. I was ecstatic! Dec 18 was my last day in the office as I was taking 2 weeks off for the holidays. On Dec 28, I called to make my house payment. I was told by the associate that they could not accept my payment because my house was in foreclosure. Citi turned around and declined my modification on Dec 18 by the associate's records. She could not tell me what had happened. I spent the rest of the week trying to contact someone / anyone who could give me an explanation of what had happened. As of yesterday, Jan 4, I finally found out that since I reside in Texas and my home is considered a home equity loan, Citi would not modify. They said that I would have to come up with approximately $20,000 to put down in order to modify. I asked the question ... if I had made my payment earlier in the month, how would I have found out that the modification had been declined? No correspondence to date, no phone calls, nothing. After spending about 4 hours on the phone with Citi last night, my only options are repay or short sale. Repay is out of the question. I don't have the financial resources to do that.

Has anyone had this experience? Any suggestions?

sara · Posted: Wed Jan 06, 2010 1:51 am Post subject:

Hi R Wright,

I can understand what you must be going through. Your lender should have taken the initiative and informed you that they won't be able to modify the home equity loan before approving the modification. As you won't be able to repay the loan, I would suggest you to ask the lender for a deed in lieu of foreclosure. This will help you in selling off the property and you won't be responsible for the deficient balance. However, your credit score would go down by 250 points.

Take care.

Guest

My situation is very similiar to R Wright's, I have a second mortgage with Citi. Citi called me to offer the mod loan, I was accepted, setup to take payments out of my account and two months into it got a call that they do not do loan mods with seconds. They also did an appraisal on my property prior to this and I was told they were not supposed to do that either. I was told they got an email from the guy who set up the payment plan and he said he didn't realize he was setting me up on a payment plan...WTH? You take my account info and tell me you are setting me up on a payment plan but didn't realize that was what you were doing? Both times they have screwed up I was told I needed to speak with the person who told me that...what am I gonna do or say to them? They do not have any idea what is going on and frankly I don't think they care. They are sitting on that bailout money and not helping anyone according to this blog. They had originally told me they wouldn't help me until I was in foreclosure, why spend that money when you can help me now? I am contacting my local news station to do a story on this. I have tried to have a manager call me but no one ever has. Please help, what should I do ?

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