Home Loan Modification – Can CitiMortgage Help Your Mortgage?
Posted on | December 14, 2009 | 3 Comments
Going through the home loan modification process is something that can greatly help you lower your monthly mortgage payment and avoid foreclosure. One of the companies that has done a good job of getting borrowers into a trial period for mortgage modifications is CitiMortgage. At the present time CitiMorgage has approximately 40% of the qualifying mortgages in the trial period.
If you are finding it very difficult to make ends meet financially and you can not make your monthly mortgage payment that a home loan modification might be right for you. Make sure to access the making home affordable website to find out much more information. There is quite a bit of information on this website so make sure to devote a significant amount of time.
There are several mortgage lenders that are having great difficulty getting home loans into modification. You will have to be very persistent with your lender and make sure you have all your documentation available and ready. One of the reasons the borrowers are finding it difficult to get mortgages modified is that they are not providing the proper documentation at the proper time.
Make sure to understand that this process is not easy. You’re going to have to submit several documents and you’re going to have to dig up some things that you have likely never done in the past. It is well worth in the long run as it is going to help you save lots of money and possibly even help you avoid foreclosure.
As stated earlier, you must be very persistent with this process and make sure that your lender knows just how badly you want this mortgage modified. If you just submit some documents and do not follow through there’s a good chance that your home loan modification will not go through. You need to take action and make sure that your modification gets completed.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Mike Garner
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3 Responses to “Home Loan Modification – Can CitiMortgage Help Your Mortgage?”
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December 14th, 2009 @ 6:55 pm
[...] Author: Mike Garner Source: Subprime Blogger [...]
December 15th, 2009 @ 5:34 pm
It’s absolutely crazy! I speak with Homeowners everyday who are in some sort of financial distress and about to lose their home. It seems they always go one of two routes:
1. They contact one of the thousands of so called loan modification companies for help only to get completely ripped off by upfront fees and/or complete incompetence.
2. Or, They attempt to contact their mortgage lender by themselves and end up getting the complete run around by an employee of the lender who is doing everything possible to get the homeowner to agree to something that is in the best interest of the bank NOT the best interest of the Homeowner.
People in tears tell me these stories every day I come to work. It’s really is terrible. The bottom line is there is a true need in our country now for companies who can help these homeowners save their homes and deal with the bank’s B.S. in an experienced and thorough manner. The problem is 99 out of 100 companies in this industry are flat out frauds and couldn’t care less about the well being of these homeowners.
I’m not saying what I do is perfect, but at least we are honest and we actually care if someone stays in their home or not. I would challenge anyone to find a single ill statement about PMC. Seriously, start googling.
If you or someone you care about is in a pickle with their mortgage, you could do a lot worse than refer them to this page: http://www.pmcloanhelp3.com
Best of luck to you all and Happy Holidays.
December 16th, 2009 @ 8:48 pm
Back in August my husband I a were current on our mortgage, our payments started out last September 2008 at 1400 per month and had gone up to 1550 a month by June. We were told we were 40$ short in our escrow account. Anyhow, due to the economy my husband who is self employed ran out of work and he was getting very little work on the books. We called CitiMortgage in August because we knew that our next payments would be really difficult and were hoping to qualify for the new government HAMP program. Our loan was 162,569.46. When they finally called us back, we still hadn’t made a payment late, ever. The lady said that they could cut our payments down to $800 a month for four months and in November we would be able to rework our loan then. We were so excited. We paid every payment on time (stopped paying some CC’s which stunk but we do what we have to).
I started calling at the beginning of November and our case worker would not answer the phone or call us back. The week before thanksgiving I googled some topics related to this and found a different number. The guy was super nice and said not to worry he’d take on our case from then on. He also informed me that our house note was now 4 months behind and in danger of foreclosure. We had received notices but were told to ignore them. At first he said they had made a mistake and then he said that she put us behind on purpose. He called back and said they had reworked the loan it would be to us by the friday after thanksgiving and we had to get it in by that Monday or else we would have a down payment. I asked him if this was part of the HAMP program because I was under the impression it was and he said no, that they do not do FHA loans in the HAMP program. I was stunned because our payments were exactly the same as they were before. We never received the paperwork and so I started calling him and he didn’t get back with me for over a week. When he finally did he said we would have a down payment because we didn’t get the paper work back by that Monday. I explained how could we when you didn’t send it. Any how, he said it’d be here the following week, this week. I received it today and I am so disappointed. I found out the $800 we had been sending in was never applied to the principle. The loan is now for 173,045.67. It has gone up over 10K!! They added $4656 for delinquent interest and 5819$ for escrows. Had we known in the beginning that this was going to happen we would have found another option.
Is this the norm? I feel trapped in this and I guess we have to do it. Our 1550$ payments are now 1548$. Our interest rate is now 4.75 which is good because it was 6.87.
This has only hurt us. I feel betrayed.