Posted on: 02nd Jan, 2009 08:47 am
hello,
i have been in contact with my mortgage company regarding loss mitigation.
i have been out of work for just over a year and i have been living on my retirement account, which is quickly being depleted.
when i mortgaged my home i went with a fifteen year mortgage thinking that i could pay it off soon. in addition, i went with a bi-monthly payment in order to cut the length of the loan even further. soon after that i lost my job.
i am not behind in my payments (yet) but the job market is really tough right now and i am very concerned that i will not make the money i once did and my funds are going quickly. i asked citi (mortgage company) to start loss mitigation proceedings and so far i have not heard anything. it has been just over one month. i am requesting that they extend the terms of the loan and perhaps lower the interest rate. i have even thought that i could request them to look at the principle because of the fact that i have lost several thousand dollars in equity due to the current economic conditions.
i need to know how to proceed with this and if i should get some professional help. i do know that citi bank received 63 billion dollars in federal aid and that they are supposed to assist homeowners like me who have lost a job or have other extenuating circumstances.
i would appreciate any advice on this matter.
joanne mcdougall
i have been in contact with my mortgage company regarding loss mitigation.
i have been out of work for just over a year and i have been living on my retirement account, which is quickly being depleted.
when i mortgaged my home i went with a fifteen year mortgage thinking that i could pay it off soon. in addition, i went with a bi-monthly payment in order to cut the length of the loan even further. soon after that i lost my job.
i am not behind in my payments (yet) but the job market is really tough right now and i am very concerned that i will not make the money i once did and my funds are going quickly. i asked citi (mortgage company) to start loss mitigation proceedings and so far i have not heard anything. it has been just over one month. i am requesting that they extend the terms of the loan and perhaps lower the interest rate. i have even thought that i could request them to look at the principle because of the fact that i have lost several thousand dollars in equity due to the current economic conditions.
i need to know how to proceed with this and if i should get some professional help. i do know that citi bank received 63 billion dollars in federal aid and that they are supposed to assist homeowners like me who have lost a job or have other extenuating circumstances.
i would appreciate any advice on this matter.
joanne mcdougall
I think it took around 4-5 wks after we filed the 1st required paperwork. Then about 10 days later, we had to fill out and submit another set to a different department. I think the 1st gets it going to the loss mitigation and then the 2nd is them actually contacting you. After 2 more weeks, we finally heard from them and we are currently doing a reduced payment. It appears you have to go through all the steps, phases. We are also working on a short sale. They did say that it was good of us to contact them as we were not late but seriously struggling with the payments as evidenced by our payment date. If you haven't heard from them soon, I would call back and see if they have assigned you a counselor yet. Hang in there. Try to stay positive... its hard I know, but you will work through this.
Hi jomcdougall,
I think you should once again contact your mortgage lender and check whether they are ready for a loss mitigation in your case. If the lender does not agrees to do so, you can negotiate with the lender regarding the loss mitigation. You can also take professional help in order to negotiate with the lender if you are not confident enough to do it yourself.
Thanks
I think you should once again contact your mortgage lender and check whether they are ready for a loss mitigation in your case. If the lender does not agrees to do so, you can negotiate with the lender regarding the loss mitigation. You can also take professional help in order to negotiate with the lender if you are not confident enough to do it yourself.
Thanks
i did lost midigation and i didnt even have a problem with the payment,it was city lost my payment.then i made arrangements to pay,when i cancelled my certified check ,and made the payment,plus two more payments,citi sold my house. i got a lawer
Hey angela,
I did not understand what you meant by "it was city lost my payment" Can you explain? And are you fighting a case against your mortgage company?
I did not understand what you meant by "it was city lost my payment" Can you explain? And are you fighting a case against your mortgage company?
We sent in papers to start the process in Dec 2, 2008. After hearing nothing, we called three weeks later and were told our file had been closed as they couldn't reach us by phone. They had used the old area code instead of the new we put on the application. We resubmitted all the paper work on Jan 2, the certified card indicated they received it on Jan 16th. After a call a week in which we were told our file had not been assigned to a counselor, we called this morning March 9th only to be told they had again closed our file and we would have to resubmit. No answer as to why this happened. We called the person that closed the file and left messages every hour on the hour but with no response. What in the world are we to do? My husband had a stroke last year and is unable to work.
Hi Karri
I guess, you will have to personally speak to the lender and clear the whole issue. As you are already late on your mortgage payments, after the loan modification is complete, your monthly payments may increase as the lender will add up the past due payments.
Thanks.
I guess, you will have to personally speak to the lender and clear the whole issue. As you are already late on your mortgage payments, after the loan modification is complete, your monthly payments may increase as the lender will add up the past due payments.
Thanks.
So I filed for assistance with Citimortgage after my wife lost her job. Luckily she found a new one and i just heard back from the loss mitigation department about the Process.
So far we have never missed a payment but since her new job pays significantly less we're looking to have our monthly mortgage payment reduced. So i talked to the guy and he said that there is a 3 month TRIAL period where they will lower my payments and at the end of the 3 months citi will decide whether or not to modify my loan.
BUT there is a catch, at the end of 3 months if they decide to not mod the loan I will owe them the reduced payment amount AND either way my credit gets wrecked in the process because now they treat me as if i have been late for 3 months....
So here i am, I have never missed a payment and they want me to do this?!? for the chance that MAYBE they will help me? What? wreck my credit and send me to collections.... Their reason for this PROCESS is to weed out the people who dont need help. Has anyone here had this situation? I feel like its just a scam
So far we have never missed a payment but since her new job pays significantly less we're looking to have our monthly mortgage payment reduced. So i talked to the guy and he said that there is a 3 month TRIAL period where they will lower my payments and at the end of the 3 months citi will decide whether or not to modify my loan.
BUT there is a catch, at the end of 3 months if they decide to not mod the loan I will owe them the reduced payment amount AND either way my credit gets wrecked in the process because now they treat me as if i have been late for 3 months....
So here i am, I have never missed a payment and they want me to do this?!? for the chance that MAYBE they will help me? What? wreck my credit and send me to collections.... Their reason for this PROCESS is to weed out the people who dont need help. Has anyone here had this situation? I feel like its just a scam
Ryan
I have never heard of marking people late when they aren't. However, it does not mean that it is a scam. It could simply be a poorly designed program that makes no sense at all.
I have never heard of marking people late when they aren't. However, it does not mean that it is a scam. It could simply be a poorly designed program that makes no sense at all.
They treat it as a missed payment since i will be sending in less than my normal payment. I just dont see how this is at all usefull. How about the fact that if i try to buy another home down the road my rate will suffer since it shows on my credit report that i had been late on payments in the past.
Hi Ryan,
Yes, missed payments will show up on your credit report and it will lower your credit score. When you apply for a loan, this will be considered as a negative item.
Yes, missed payments will show up on your credit report and it will lower your credit score. When you apply for a loan, this will be considered as a negative item.
If anyone is still looking at this and cares, I can tell you the Citi Loss mitigation process is a joke. Two completed packages because they lost the first, no returned calls - ever. Not even reponses to certified mail. But, they called the house and my cell every day four to five times to ask for payment. One rep gave me a three month moratorium until the package could be processed, but after the 1st payment was missed, they started the whole thing over again and threatened foreclosure.
This is even more grating because the home value in our current economic climate went from $850k in 2006 to a current value of about $400k - I owe $600k. I had a sweet mortgae with Citi, too - a jumbo loan . 30 year fixed at only 5.75%. All I asked for in my modification was to allow me to make interest only payments for three years until my situation, as well as the values came back up and I could either continue to pay or sell.
I ended up filing chapter 11 ( I have a sole proprietor business) and giving them the house back. This was in January 2009. As of this day, it remains vacant, no one has even been in it - weeds 6 feet high, green pool, dead trees.
Hey Citi! Think you can get the $600k at auction? I would be surprised in the PHX market if they get $250k for it now in it's neglected condition.
All I asked for was interest only...guess this was a better deal for them...Best part? I still get a monthly statement from Citi...dopes.
This is even more grating because the home value in our current economic climate went from $850k in 2006 to a current value of about $400k - I owe $600k. I had a sweet mortgae with Citi, too - a jumbo loan . 30 year fixed at only 5.75%. All I asked for in my modification was to allow me to make interest only payments for three years until my situation, as well as the values came back up and I could either continue to pay or sell.
I ended up filing chapter 11 ( I have a sole proprietor business) and giving them the house back. This was in January 2009. As of this day, it remains vacant, no one has even been in it - weeds 6 feet high, green pool, dead trees.
Hey Citi! Think you can get the $600k at auction? I would be surprised in the PHX market if they get $250k for it now in it's neglected condition.
All I asked for was interest only...guess this was a better deal for them...Best part? I still get a monthly statement from Citi...dopes.
I want to know if Citi mortgage is really sincere about helping people keep their homes.
Hi Vera!
Welcome to forums!
You need to negotiate with your lender properly in order to get a plan to save the property. You should contact the lender and apply for the modification of your mortgage. Depending upon your financial situation, the lender will let you know whether or not you would be able to get a payment plan to pay off the dues in an affordable manner.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You need to negotiate with your lender properly in order to get a plan to save the property. You should contact the lender and apply for the modification of your mortgage. Depending upon your financial situation, the lender will let you know whether or not you would be able to get a payment plan to pay off the dues in an affordable manner.
Feel free to ask if you've further queries.
Sussane
After reading all of these, it sounds like citi mortage is using the money that the goverment provided them with (out tax dollars) to steal our houses and then just sit on them. I guess they want to hold them until the market turns around so they can sell them and gain a profit What is the point of taking someones home from them and then letting it sit and deteriorate? I lost a rental property after my tenant couldn't pay rent and after they moved out I went to clean the house to get it ready for a new tenant, I went one day to acces, had the water turned on the next day so I could clean it and the when I returned the next day to find that the lock had been changed. They did not call me and had sent all correspondence to the rental property...which I did not get. They forclosed on the house. That was almost 2 years ago and the house still sits empty! How foolish