Traditional Modification with Citimortgage

by Tim
(Santa Rosa CA)

Knowing that my loan balance was higher than the maximum for the HAMP loan modification program, I applied with Citimortgage for a "traditional loan modification". After several months of providing documentation and talking with several Citimortgage "loss migitation" reps, I called and they said I was declined for the HAMP loan modification as well as declined for the "supplemental loan modification". This was news to me since I had applied for the traditional loan modificaiton. I had never even heard of the "supplemental" loan modification. Now I'm 2 months into my Notice of Default's 90 day period before they file the Notice of Trustee's Sale Date and I'm getting nervous. The loss mitigation rep said he'd re-apply me for the "traditional loan modification" program, which is the one I was applying for originally and I was very clear with everyone I spoke to that this was the program I had applied for. I have 2 questions. #1. Is anyone aware of an upcoming loan modificaiton seminar put on by Citimortgage? This seems to be the way to really get the process going quickly, since you're in front of the people. I did this with Wells Fargo and was approved for modifications on rental property loans. #2. Does anyone have a direct phone number and name of someone at Citimortgage who helped them get their loan modified? The other thing I found out with doing the loan modificiations is that it helps to have one person who you can call directly, instead on going through a multitude of people who are just answering the phone and often giving you wrong information.

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Sep 06, 2011
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Citi Traditional Modification Nightmare
by: CarrieM

We called Citi 7/2009 to discuss other options for escrow. We prepay a year, we pay taxes and insurance when do, etc. We were told it was a state law that we had to escrow. (untrue, but did not know at the time) My husband was going to be getting a pay cut so we were trying to be proactive, (we were and always have been at this point current on our mortgage) Citi told us that what we wanted was a loan modification and they would put us in that and that was the help we were looking for (sure, right) Of course, I had no idea what pandora?s box we had just opened. (no other options were ever presented or discussed with us. May of 2010 we were denied HAMP. BUT, we were told that was good news, we were actually back to Citi for a traditional modification. Again, no other options were mentioned or discussed with us. The next month we get a letter to call and make arrangements before foreclosure would start. Of course I called hysterical and was told as long as I was making monthly payments and in the modification process, Citi would not foreclose (haha). August 2010, Citi mysteriously loses my automatic monthly payment information, does not take my August payment and files foreclosure. We get served papers and file an answer. 2 weeks later we get offered a modification, my attorney calls their litigation department, and their local attorney (calls were not returned). Modification offer gets closed. (WHAT!) Another court date is scheduled for foreclosure. I finally got the contact in the ERU dept. Executive Response Unit at Citi and they rush and we get approved for another modification (But worse terms, only lowers interest .6% instead of 2% like previous offer (all income and bills were the same) we sign offer to get foreclosure case dismissed. After 4 months of on time payments with the modification, we get a letter from Freddie Mac that they do not approve of the modification because of our credit (What!) and a letter from Citi to call to workout arrangements instead of foreclose (short sale, etc)
So confused and no idea what is going to happen next. Just when you think everything is going to work out and you can breathe, it all comes crashing down again. Well, yes, after 2 years of lies, and the run around from Citi, our credit is ruined. (The only payment we did not make are when we called 7/2009 and they told us to make our 1st trial payment in 2 months, I even asked about the missing 2 months and was told they weren?t needed. Then August 2010 when they didn?t take our automatic payment. This is what they filed foreclosure on. (All while I was talking to them 2 ? 3x every week!) After reviewing a ton of blogs and sites today, I will be writing my story and sending it to anyone that will listen, OCC, State representatives, Washington DC representatives, news stations, all blog attorneys in EVERY state, etc, etc!!

Mar 21, 2011
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WOW - Citi Mortgage Employee Who Cares
by: Anonymous

I thought I was rowing that boat alone/////

Here was my Citi smile maker... Alisha
Citi Employee number AW3801 . If you can get her she cares and really will try to help you with your mod. Mine took over Two years several lost faxes and all kinds of stuff. Hopefully final March 26th.

Mar 21, 2011
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Feb 19, 2011
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Traditional Modification with Citimortgage
by: Dean

It is difficult to get to talk to the same person at Citi. I don't have a specific phone number. The "standard practice" is to put you in a HAMP program. You have to be denied for HAMP in order to be eligible for a "Citi Modification". I have never heard of the supplemental modification either. Be persistent and keep a log of your calls - time, who, ID and summary of conversation.

I don't know what type of loan you have -- Conventional, FHA, FannieMae (HUD) -- that will determine your approach.

If you search Dean on this blog you will find a post with links to the Federal Reserve, The Office of Controller of Currency (OCC). You should file complaints with them. I was just in a meeting last week with the Vice President of the St Louis Federal Reserve and he stated that filing these complaints should be a top priority. It gets results and also the statistics get reported to congress.

In 2011 Banks are more willing to get modifications done. 2nd there is a bill before congress to force mediation before foreclosure. However the bill at this point only applies to Bankruptcy cases.

That said in many bankruptcy cases, a request for mediation to the judge will almost always be agreed to by the bank. This was not the case in 2009.

Also note that if you indicate you are considering filing bankruptcy to avoid foreclosure and the bank makes a promise to modify, the bank may be bound by that legal statement, even though it is not in writing. This was the case in a recent California Appeals Court ruling. You should consult an attorney in your own state.

Let me know if I can help any further.

Dean Eshelman, CPA, CDPE, HRC, IRES
St Louis

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