For a Citimortgage Fannie Mae Traditional Loan Modification, Does the Loan Need to Have Been Originated before January 1, 2009?

by Anessa
(Chicago, IL)

I purchased my home in October, 2008. In April, 2009, I refinanced my loan. In November, 2009 I lost my job and applied for a modification. My loan is with Citimortgage and Fannie Mae is the lender. For a year I have been trying to get a traditional modification with Citimortgage. After a year of calling them 1-2 times a year, they have given me a final denial saying that I do not qualify because I refinanced in April 2009 and the loan must have originated before January 1, 2009. This is the first time they ever mentioned this criteria. Is this true? Does the fact that my original loan started in October 2008 change the situation at all?

Thanks for any comments or help.


Mortgage Loan Modification Answer:

The fact that your loan is with Fannie Mae is one of the criteria for the HAMP loan modification program, and that is probably why CitiMortgage is qualifying you according to the HAMP guidelines. This is just speculation on my part however.

As far as I know, banks have discretionary guidelines when it comes to in-house or traditional loan modifications. If the origination date (after January 1, 2009) is one of their in-house modification qualifiers, then you may be subject to that.

However, there is a chance that the CitiMortgage rep you spoke with is misinformed. Believe me, it wouldn't be the first time. My first mortgage is with CitiMortgage, and I have first hand experience with the poorly trained and misinformed reps they have at their loss mitigation department.

As for your second question, the origination date of the current loan is what matters. Even if your original loan was originated in 2008, the current loan was a refinance in April 2009, and that is the date that your lender will go by.

If you need further assistance, I have been referring friends and family to a reputable no upfront fee loan modification company who has successfully helped hundreds if not thousands of people. You may want to go ahead and inquire with them if they've ever been able to get a loan modification approved with CitiMortgage for a loan originated after January 1, 2009. There is no obligation to sign up, and at the very least, you will get some free, professional advise as to how to proceed from here. Click here to contact this company.

All the best to you!