i am 20 days behind my mortgage payment with citigroup. i called late jan 2009 to let them know i will be late paying and said they will send me a loan modification packet which never came. we bought at $409k with 5% down, according to zillow prop is now worth $350K. i have a 30yr fixed at 6.50..has anyone had any experience with citimortgage and their practices? my income has been tremendously reduced. can someone please help me with a sample letter. when writing a hardship letter aside from my reduced income would it help to explain medical situations also or would it look lame and pitifull and would make them think i really cant afford the house. I would love to keep the house for the sake of my 3 boys. these are things i never had growing up and dont want to feel like im taking it away from them>>.please help me with a sample hardship letter and any suggestions .
God bless all of you!!
Generally lenders provide the facility of loan modification to the borrowers only when they are late in payments. When you called them in January, you were not late in paying your mortgage dues. I think that's the reason why they did not accept your request for a loan modification.
As you are late in paying now, you can write a hardship letter and inform them about your situation. Also mention the medical issues that you are facing. To know more about writing a hardship letter, check out the given page:
http://www.mortgagefit.com/problems/hardship-letter.html
Regina
it's really hard time now days as so many people are loosing jobs. (even citi group is also pleading with government for money) so you can state your condition about lower wages to them in detail in your hardship letter, but keep in mind that hardship letter has to include genuine reason.( although you are a genuine help seeker, it should reflect in your letter.)
i lossed 1 income in the household and over 2 months ago began the process for loan mod or extension or any assistance - i was given the run around because citimortgage was my servicer and freddie mac was the investor-they would do nothing for me -because freddie was the investor -i must of called over 50 times retelling my story filling out workable solutions app-they were mean threatening credit -etc-you have to have the knowlwdge to fight back and remain in your home even after foreclosure -you can do that by law until a sherriff removes you -make it as hard for them as they have made it for others.spread the word!it was not until i wrote my senator ,did i get anywhere -now i have begun loan mod -they want to put me into a 40 year whicjh is fine,but like others i need the rate reduction of the max of 2% coupled with a 40 year note-that is what they are offering now-but one has to push push push-these corporations will not do anything unless mandated to do so-you have to tell them to take the home before they listen .i wrote to freddie mac banking comm etc-document evertthing and send it certified mail-take names so when you get in front of the judge you have done everything they citimortgage has done nothing.spread this email knowledge is power
Welcome to forums!
Could you explain you situation in details? It will be easier for me to answer your query. I guess, you are facing hardship due to pay cuts and you are unable to pay off the mortgage dues. You should speak to your lender immediately and check out if he can offer you any kind of solution.
Feel free to ask if you have further queries.
"i wrote to freddie mac banking comm etc-document evertthing and send it certified mail-take names so when you get in front of the judge you have done everything they citimortgage has done nothing."''
hey this is really a nice tactic.Even after foreclosure people are not moving tinge of it so it is really a big trouble for those corporations.
But i must appreciate that if you are holding your stance perfectly and then surely they are going to loose their control and will offer a good co-operation. :arrow:
I would go ahead and try the hardhip assistance package. We just submitted one for our loan with them. My husband is on SS and has a union retirement pension. I am on SSDI and a state retirement disability income. Our income won't change, it is steady. The problem occurred when Nov. 1, 2008 came around and Medicare kicked in and hit me up for 100. bucks for that. Then I had to get supplement for that, what we have to pay 169.95. Then, on top of that i had to get a policy for prescriptions which is a total of of 75. bucks. So, basically by paying all of that, it took my whole SSDI check! Then they upped our house payment by over 100. a month because insurance and taxes went up. SO IF I WERE YOU GO FOR THE HARDSHIP ASSISTANCE PACKAGE. AND KEEP BUGGING THEM. GOOD LUCK!!
"I would go ahead and try the hardhip assistance package. "
Only hardship assistance package won't suffice the situation.So, if one has a good source of other inherited property income then it could be a great help.Try some help from your parents, because i see this could be a great source of help in these tough situations. :arrow:
Is there any way to get the (monster) Citimortgage to change the due date. My due date is on the 1st and I've always paid after the 5th when I get paid. Now suddenly they have decided they need to call my home and email me about my payment starting on the 2nd since I'm "late"
As your due date is on 1st of the month, the lender has all the right to call you and e-mail you for the payments. However, generally, the lenders give a grace period of 15 days to pay the dues. If you want to change the due date, you'll have contact the lender and discuss the options.
Citimortgage is proving itself to be everything I have read it to be: NOTHING. Their website leads you to believe they will help you and you can even make an appointment to have someone call you to discuss your problems. The problem is they never call you. I'm just going to seek the help of an attorney.
You are right on it when you say Citimortgage is nothing. They also have my mortgage and when you tell them you need help they say there is nothing they can do. I told them I was having trouble paying my mortgage so they raised my mortgage 20 dollars and reduced my interest .5% They got all this money from the government and they are not doing anything like there website says.
my heart goes out to everyone who has citimortgage as a lender or servicer. i have been trying to refinance my loan with citimortgage since june of 2008. i have a 5 yr int only libor loan, i am now retired and on a fixed income. i took out this loan due to a divorce. i cannot refinance thew conventional way because my home is worth lessa than what i currently owe. so i cant refinance or sell! i have tried and tried to negociate with citimortgage, but all i get is the runaround. i have filled out all the hardship packages and made appointments with no responce. i finally got a number from loan safe.org, however the person whom i spoke to (cristian) was so rude and condecending, who was from the executive desk dept( who was supposed to help people, such as myself) said that per fannie mae all they could do for me was put me on a 90 day forebearance, reducing my monthly payment by half. that did not make any sense to me, i was current i have never been late. the only thing that would accomplish was to mess up my excellant credit rating. i contacted fannie mae, and they said they dont set the terms they are just the investor. when will the government step in and tell citimortgage to stop their bad negociating and really start helping people, especially the fannie mae and freddie mac backed loans. who do you turn to for help.
Welcome to forums!
Though your property is worth less than what you owe, I think you will be able to sell off the property. You can list the property in the market to check out if you can get buyers for it. In order to list the property, you can contact a real estate broker. However, you should note that if you sell off the property, you will become liable to pay off the mortgage dues immediately.
