Citi Modification Guidelines - FYI

[Joel Fraser]

I have been denied for a modification from Citi. I will share some of what I learned here and hopefully it will help someone else out, so that they do not have to commiserate this awful situation with me. Citi does not really care about the "financial statement". They only use a "front-end" debt to income. Which basically means that if your mortgage is 40% or more of your GROSS income, you will qualify. If your mortgage is less than 40% of your gross income, you will not qualify. Car payments, student loans, energy, groceries, medical bills; none of them matter, as they are "manageable expenses".