Citimortgage Loan Modification

I also have citimortgage as a lender on my home. My husband lost his job and when I realized we wouldn't be able to make a payment I called them for a mortgage modification. No one would talk to me about a modification, only payment collections. That went on for 2-3 months before they actually put me through to someone in the mortgage modification department. Then, they still didn't want to modify because according to them I made enough to make payments. Only when I told them that I would just have to do a short sale were they willing to lower my payments and modify. When they finally sent me the paperwork for the modification it stated that my payments could increase at any time. Being that I don't really care to stay in my house and it is over 100K upside down I've finally decided to file bankruptcy and be done with it all. If you really want to stay in your house and you are dealing with Citimortgage my advice is to get a lawyer to deal with your modification. They will work on your side to get you a modification that will be good for you in the long run. I've had a few friends use lawyers for their modifications with good, quick results. Good Luck, I hope it all works out for you.

i have ben trying to get a loan modification with citimortgage over the last year-i have documentation of 2 inches thickof all their mistatemnts and screwup regarging esrows ,credit ramifications ,rude treatment - call your congressman and demand they make a call on your behalf -insist on it put everything in writing-fax letters to dept of tresury, occ you name it do it -i finially got the right loan mod paperwork-citimortgage has to drop your rate first to a floor of 2% under make home affordable before extending the term-many people have not been given the full benefit of the intrest rate deduction to achieve borrower31% debt to income to determine mortgaqe payment -they tried to me only to lower my intrest rate from 6-4% and extended the term 13 years!! they try to tease people with a low payment to sucker them in but keep the rate higher than it would of been under hamp so you can save on intrest-they have no right to increase the term if the 31$dti is reached solely through intrest rate reduction .then they have to look into extending the terms but bewarethey should only extend them to the point that the borrower achieves 31% so it could mean 35 year bnote but they will try to put you in 40that would mean more intrest and payments for borrower-watch them carefully and put everything in writing after you speak with a citimortgage rep-they are snakes-its not that there doing modification it is how they are doing them witby not following make home more affordable -i encourage everyone to push ,push ,push write your congressman -do not give this cheating entity a clear path way to foreclosure -complain to their loss mitigation dept every hour 1-877245-2511 or 1-480-753-2600 x 52549 -do not be afraid of them .you take your gross income and multiply it by 31% that will be the highest they can charge you per month for principle intrest taxes and insurance -
so if you make 4000 per month 31% =your mortgage payment total cannot be over 1240 then you have to subtract whatg you would pay a month for taxes and insurance -and after that that would leave you with your principle and intrest payment-so if you paid between taxes and insurance 300 per month subtract that from 1240/your principle and intrest payment cannot be over 940these lenders take government money but do not want to give yiou make home more affordable-they would rather say you do not qualify which is bull shirt and put you in a traditional modification to keep the intrest rate and their profits higher.they do not like hamp because it runs contrary to their profit making -they rather try to turnoff people to hamp.everyone in this country whos mortgage payment comes out to more than 31% of their gross pay is eligible for approval and assistance.believe me you have to be tough and write down and complain to everyone.

My experience with Citimortgage has been great but only when the borrower is delinquent, they have their own program similar to the HOME AFFORDABLE PROGRAM AND THEY USE THIS PROVIDED THAT THE INVESTOR IS CITIMORTGAGE.

my situation is similar to several listed above. i was laid off in oct 2008. i was able to make all payments to all creditors on time. in july of 2009 i contacted citimortgage and explained my situation. i spoke to a guy who was part of the "assistance team". he explained that he was not employed by citi, but was part of an outside team contracted by citi to asisst with the influx of requests for help. i was current on my payments at the time, but funds were almost depleted. he said to skip my aug 2009 payment and he would start a modification process. he gave me a figure ( half of my regular payment ) to be paid on sept 1st and the 1st of the next 3 months. after the 3 months, as long as my payments were made on time, the forebearance plan would change to an actual modification. when i asked about my credit rating, he said it would take a negative hit for the first 3 months and then a loan modification would show, and my payments would be reported as "paid as agreed". i was also told that the balance of the smaller payments would be moved to the back of loan, and no late fees would be added during any of this process. i became employed in dec 2009 and called citi to request the modification be canceled and regular payments be resumed. i was informed that i was never approved for a modification because unemployment was my only source of income. my question was, "i gave this information to the representive on the first phone call, why didn't he tell me then that i didn't qualify?" she said, "well, he should have but there's nothing we can do now". my next question was, "ok, if he submitted the modification application, how and when was i notified that i didn't qualify?". she couldn't answer. so now i'm over $5000 behind with late charges building. i'm paying an extra $400 a month to catch up, which will take a year. all the while my payments will be reported as deliquent to the credit bureaus until the $5000+ is paid back. i've received several letters from other creditors telling me my limits are being lowered based on "serious delinquencies" on my credit report. although i could have made my regular mortgage payments for a while longer, i called citi simply to check my options and took what i was told to be a modification. i've made countless calls to citi over the past several months and encountered nothing but rude and uncaring employees, and have never gotten a question answered exactly the same from one employee to another. as soon as i catch up and hopefully can refinance with another company ( my house is worth more than i owe, thankfully ) i will never do business with citi, ever again.

We applied for the HAM program loan modification & have been on the 3 month trial period for 11 months. Citi is using Mortgage Outreach Services to collect all their documents, They took so long to turn in my ppwk to Citi that I was declined - but it gets better - they declined me in April, it is going to be July tommorow & I was never notified. Everytime I call I get a different status as to whats going on, I don't believe they know what they are doing at all. They automatically applied for a Citi loan mod on my behalf - sounds a little fishy, I think they are scamming money from the government somehow because I jumped through all their hoops & should have been approved for the HAM. Citi Mortgage SUCKS & if anyone knows of a lawsuitwe going on I want in.

My personal experience with CitiMortgage and their modification department has been horrible. I have many friends in the same situation that have been waiting for CitiMortgage to provide an answer for over a year. I have experienced much more success with Chase, Wells Fargo, GMAC Homecomings, to name a few. In most cases modifications were finalized in about 4 - 6 months with these other lenders. Why CitiMortgage is unable or unwilling to provide results is baffling to me. One excuse after another with no real recourse or method on escalating to someone that can really help. I have found CitiMortgage and Bank of America as the most difficult and lengthy to deal with. It is unfortunate for CitiMortgage borrowers who really need help. Good luck to all and keep fighting for your home!

I wish I had never listened to CitiMortgage. We have been dealing with their lies since August 5, 2009.
They are no better then common crooks. And our President gave them our tax money to help these crooks..............MILLIONS of dollars. I live in VA. and I am writing my Senators..Good luck

All these above stories make me so sad, so many people in teh same situation and this bank DOES NOT help. We are a fam of 4 my hubby is a disabled firemen at 38. We fought with the bank that we are experiencing a serious medical hardship, they told us to do a short sale and we did, 3 offers, one 100% cash and foreclosed on us anyways. 5 months down teh road, 3 extensions later...my husband is officially retired over 50% pay cut and cannot even carry our 4 year old upstairs to bed. They are still not willing to at least try to modify, we have a paycheck through his work and disalbility for teh rest of our lives and they wont even give us the time. So we wrote our congressman and our congressman contacted citimort., we recvd a phone call from Citi that they were contacted by our congressman and we are allowed to reapply for a loan mod. We are waiting, but i am hoping our congressman can get on their butts. It has been over a year of surgeries, a lot less money, stress and phone call after phone call of unorganized crap from Citi, one department tells you one thing and then you hear the total opposite the next.I dont know how they are getting away with it. Good luck to everyone and please spread the word about Citimortgage, tell your friends and family to stay away from them!

Horrible. Horrible. I actually was in a modification with Citimortgage and they sold the loan with one final payment in the trial phase and the new (more ridiculous company) SLS for Penny Mac has held me up for 4 months....and will not take a payment so now I can potentially be foreclosed on IF the modification does not begin again. Its stressful...comical. I am going to sue Citimortgage as well as Penny Mac and SLS. This is absolutely ridiculous and I can actually pay my mortgage. I just need time to pay the payments in the rears.....

I too have Citimortgage as my lender, the 3rd servicer on my mortgage. I am in Michigan and was laid off in 2008, it took 3 months to get my unemployment worked out and over a year to find a new job. During that time Citimortgage put me in a modification program for 6 months - I paid the scheduled payment on the 1st of every month as agreed. What did Citimortgage do? They held the lower payment until the next months payment came in and used a portion of the next payment to apply to the previous payment and then posted it to my account, never showing a payment had been received on time, but reporting it late to all the credit bureaus. Now, as everyone else in Michigan, I'm upside down on the value/loan ratio on the house, my credit is trashed and I can't refinance to get away from Citimortgage. To add insult to injury - last year - 2009 - they decided to pay my property taxes, even though I don't escrow. After 40 hours of phone calls, and as many different responses, I spoke with someone who agreed that Citimortgage should never have paid them. Now, 12 months later they have decided to add $834.00 per month to my morgage payment until I pay back the escrow they shouldn't have paid to begin with and they have just paid this years tax bill - adding another $1900 to the escrow negative balance. I am not in a loan that escrows with Citimortgage - it has never been an escrow loan - but I don't have the 40 hours to sit on hold and talk to the overseas operators who don't understand. I am going to end up losing the home because I can't continue to pay an extra $834/month out of my $1500 take home pay. If anyone has any suggestions, I'm open to them. I'm totally at a loss here.

Unless you negotiate with them, there's hardly anything you can do in this matter. Why don't you consult an attorney and take his opinion in this matter? It would be a better option to negotiate with them.

There is a class action that people are trying to initiate through the Milberg law firm. Let's all submit our cases.

I wish I would have found this page before my husband and I tried to do a loan modification with CitiMortgage...our nightmare is only beginning I guess. My husband is unemployed and I am a stay-at-home mom, both looking for work now. After we used our savings up, we decided to look into a loan mod. We were put on the 3-month trial period. We agreed to the payments and were instructed to pay that amount, which was slightly more than our original payments, for the trial period. At the end of 3 months we received one notice saying we were accepted and the following day one that said we were denied...it ended up we were denied because they said we didn't send them all the paperwork (which we did and could prove it). Last week we got a certified letter from citimortgage stating we were in default and a pre-forclosure letter would be coming shortly. We had made every payment, on time and can prove this. After hours on the phone, being transfered at least a dozen times and hung-up on twice, we still cannot figure out what happened. Two people said they see that they had opened a "seperate account" on the loan and this is where the money is being held and being put toward the loan, where all the others said they see no such record of any payments ever being received. One man will tell us not to worry it will all be worked out because it was not our fault, and then the very next guy will let us know that we have messed up bad and this will cost us thousands and be huge mark on our credit scores (which we both have scores over 800 now). It would have been comical if it was in a movie...the good cop, bad cop bit, but I really was irate. Whenever things got heated, they would put us on hold and then we would be disconnected mysteriously and have to start all over again. The most frustrating process ever!!!We are waiting for a letter from them which is supposed to go over everything we told them and what the next step is. This cannot be legal...can it? They take our money, don't apply it to our loan, and then tell us they can take our home because our loan is not being paid...? Just doen't make sense and even though I know we can prove everything, I have a feeling this could do us some damage in the long run.

Hi DD!

Welcome to forums!

The lender can deny a loan modification if you do not meet the required criteria of the lender. However, the lender has to give you proper reasons if he is denying your modification. I would suggest you to contact an attorney and check out if he can negotiate with your lender on your behalf.

Feel free to ask if you've further queries.

Sussane

I have been going through the same situation. No phone calls or e-mail to reach out to me. I get a letter that they stopped the modification process because they could not reach me. YEAH! RIGHT! foreclosure citi . com