CitiMortgage BLAH!

[Joel Fraser]

I have a SECOND mtg with citi 30yr 11.25%. Our income has taken a verifiable hit. We called Citi in Februaury to tell them things were going to be tight. Thye could careless nor documented it I am sure. We had hope to refinance but our home value puts us below LTV ratio needed these days. All we really want is a little lower payment to avoid default. We were told BY CITI we might qualify for an extension( which would help us actually) sent all the required docs in and then were told no. We were then told BY CITI that we should try to qualify for a MOD. Sent docs in again and were denied. In the denial we were told that we needed to show $200 a month over income and expenses and to resubmit after 30 days. I got a part time job based on this info. Then, we were told BY CITI that we needed to be in collections to even be considered and since we were current nothing was going to happen. We were not to explicitly told but was suggested we miss a month or two of payments to put us in collections I AM NOT LYING ABOUT THIS. We sent docs in yet again and our now told could take 60 days. I have contacted a few loan mod companies but I am not going to pay nor do I have $2000 upfront for something that isn't guranteed. We were told by one we get half back if we don't qualify.. I hope they are kidding. One even wanted me to pay by PayPal. I thought it was a joke- Most hang their hat on a loan audit in which they find some quirky Truth In Lending Violation do to some minor miscalculation on the TIL of the APR or something. Pffft, as if it was the other way around I am sure these lenders wouldn't notify you that an error was made in your favor so they want to bust the deal. That's a lot of money to have someone plug info into a computer to tell you that there is a TILA violation and even more dicey to say that the you have the lender over a barrel. I will do business with a reputable loan mod company that is reasonably priced and doesn't ask for all the money upfront nor offer full refunds. (Stand by your work people. You should be able to not take a case on if you don't think it gets done!) Anyway, I am making payments now but still would like to reduce my payment. Either lower the interst or extend the life of the loan. I am not scamming my way to a lower payment . I am surely not asking for a reduction of principle. I think a few percantage points off is doable. Hell these banks go to the discount window and borrow money at like 2%. They charge fees to do these changes and everything . Truth is I have had it with Citi. They want me to mail them the keys then fine I will do it because guess what, suddenly they have 100% liability on their hands whereas they had an income stream before. I don't look at my house as an ATM or an investment its a roof over my families head. Well that's my sob story. Citi told me that 'Texas' received my latest loan mod paperwork June21 and it will be another 45 days. Would like to get something resolved sooner. I am kind of bummed because I see on the fourm masthead that 147 homes were saved thus far. That's a small number compared to the number of people on this forum. You would think , the way the housing market is now, these banks would get a clue and want to stop the flood of foreclosures. I dunno. Thanks for listening.