CitiMortgage Modification Statistics

CitiMortgage Modification Statistics

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hang in there

New York, NY

#2 Feb 12, 2009
The federal gov is putting together a program.Also try your local congress man.Also I belive citi has agreed to bankruptcy plan to keep people in there house.If you can afford your home you should stay there.
andy

AOL

#3 Feb 25, 2009
i am currently trying to do a modification with citimortgage - they would initially do nothing for me because my investor was freddie mac-not until i sent a scathing letter to citimortgage and to cc'da coy tomy us senator and to my congressman and to attorney general and banking comm did i get a call -and they are still tough to deal with even when you qualify!you have to send everything in certified and take careful notes.i sent in workable solutions app in and they did nothing i am at present current but know i am going to have trouble-i figured i would be pro active and it all fell on deaf ears-or they threatened my credit.anybody out there that has trouble with citimortgage- you hold all the cards stay in your home right up to an passed foreclosure -give citi a taste of their own medicine and tell them you are going to inflict a cost on them and they will need a sherrif to get you out.pass this around document everything and push them backnotify your reps
monicaweston

Redondo Beach, CA

#4 Mar 10, 2009
i am very frustrated with citimortgage i have been calling them since october and documenting the calls, i have faxed all of the required documents twice, and i sent them overnight mail once. I never get a call back and I don't know if they are going to help me or not, my husband and i have been struggling with the payment every month due to decline in our income. I think that they may not want to help me because i am in California, I am thinking about bankruptcy and letting to court deal with the modification or maybe I'll just move into the Sacramento Tent City. Well Andy Best of luck to you
Frustrated

Moultrie, GA

#5 Apr 9, 2009
I just read what all the post said about citimortgage, we have been going through the same with them. We faxed all the docs they asked for and they said they never got them. We sent them all again. This has been since last Nov and still no word. We call and call which most of the times you hold and hold just to get disconnected or you get voice mails. When we do reach someone it takes time and our paperwork is in underwriting. This is 5 months and going and nothing yet?? Our income statis has changed more since the other docs were sent...they are outdated now. I doubt they are going to even help us, if not..fine..we will bankrupt and let them have the house bank! Seems they dont want to help anyone! This stress is bad enough with my husband being out of work for months now working with less then half of the income he used to make. We are trying but can't pay the mortgage we once did. Just give us an answer and we can move on in life!
kathy

United States

#6 May 2, 2009
Just spent over two months trying for modification with citimortgage. Was just rejected. They won't help me lower my payment because they think I won't be able to pay that LOWER payment...I guess they think I can pay the current HIGHER one. With no extra time for my job search, foreclosure is imminent.
lee

Perryville, MO

#7 May 5, 2009
Hi kathy, we have the same thing with citi,they were one of the first to take bale out money,were suppose to help their clients but all has been set aside. i was under the impression mortage holders were to work with us???? i wish you the best.
kathy wrote:
Just spent over two months trying for modification with citimortgage. Was just rejected. They won't help me lower my payment because they think I won't be able to pay that LOWER payment...I guess they think I can pay the current HIGHER one. With no extra time for my job search, foreclosure is imminent.
free bee

Warren, NJ

#8 May 5, 2009
why does everyone expect welfare??????????
Sue WyomingMi

Littleton, CO

#9 May 20, 2009
Citi Mortgage will not help anyone!!! They finally came to a modification with us they dropped our payment .74 cents a month.Whoppie!! We told them they could have our house!! We have a financial adviser helping us also he says he has never seen such a company neither!!Everyone should put the word out about Citi Financial!! What did they pocket the stimulas money were is it to help us???
Greg

Roseville, MI

#10 May 24, 2009
free bee wrote:
why does everyone expect welfare??????????
You mean like Citibank itself, which has taken billions in taxpayer dollars?
Do you even know what "welfare" is? Social Security is a form of welfare, for example. If you have an elderly relative who gets SS payments, then they are welfare recipients. Why don't you point that out next time you see them and watch them chase you out of the house with their canes.
CFNA

Wellford, SC

#11 May 24, 2009
You are all under the misconception that CitiMortgage HAS to modify your mortgages. They don't. Nowhere in the loan documents YOU signed does it say that should you become unable to make your payments Citi will lower your rate or your payments. Do not blame CitiMortgage for your poor life planning and your inability to get yourself out of the mess YOU created. I would suggest you take a mean hard look at your expenses and start cutting the cable, the cell phones, the SUV payments and the grocery bill.

I get calls every day from people like you guys. And when I yank a credit file I see things like two huge car payments, Harley Davidson loans, store credit cards like Kay Jewelers, and most times a second mortgage as well. And they want me to prove a hardship?? Get real.

Again, stop with the idea that CitiMortgage or any other lender is under any sort of obligation to help you. If they do, good for you. If they don't quit crying and figure it out yourself.
Greg

Roseville, MI

#12 May 24, 2009
When Citi took a huge government handout, they changed the rules about how their business gets run. The government (for good or ill) now has a say. This means that, at least in theory, WE have a say. If Citi doesn't like it, tough.
CFNA wrote:
You are all under the misconception that CitiMortgage HAS to modify your mortgages. They don't.
CFNA

Wellford, SC

#13 May 24, 2009
Greg wrote:
When Citi took a huge government handout, they changed the rules about how their business gets run. The government (for good or ill) now has a say. This means that, at least in theory, WE have a say. If Citi doesn't like it, tough.
<quoted text>
"They" changed the rules? Who do you mean? The government? Citi? The government does have a say now which is sad. Even sadder is the irresponsible homeowners lining up at the government tit for their OWN type of bailout.

Give me a break.
Greg

Roseville, MI

#14 May 24, 2009
CFNA wrote:
<quoted text>
"They" changed the rules? Who do you mean? The government? Citi? The government does have a say now which is sad. Even sadder is the irresponsible homeowners lining up at the government tit for their OWN type of bailout.
Give me a break.
Citi has hundreds of extremely well-paid executives and financial "experts" on staff who failed to plan for the current financial mess. What are they getting paid for? Nothing, apparently. And if THEY couldn't see what was coming, how are average people supposed to?
The fact is, Citi got itself into this mess and then went begging for a bailout from the taxpayers. Am I supposed to feel sorry for them?
Give ME a break!
I don't disagree with your assertion that many people are in large measure responsible for their financial woes, but don't lump everyone having a problem into that category. If your job has disappeared and your house is worth half of what you owe on it, you don't have to drive an SUV or buy trinkets at Kay's to be in trouble.
BTW, you mentioned in your first post something about "yanking" somebody's credit report. Do people in your line of work actually talk that way? Are you sure that credit reports are the only thing you yank?

CFNA

Wellford, SC

#15 May 25, 2009
Greg wrote:
<quoted text>
Citi has hundreds of extremely well-paid executives and financial "experts" on staff who failed to plan for the current financial mess. What are they getting paid for? Nothing, apparently. And if THEY couldn't see what was coming, how are average people supposed to?
The fact is, Citi got itself into this mess and then went begging for a bailout from the taxpayers. Am I supposed to feel sorry for them?
Give ME a break!
I don't disagree with your assertion that many people are in large measure responsible for their financial woes, but don't lump everyone having a problem into that category. If your job has disappeared and your house is worth half of what you owe on it, you don't have to drive an SUV or buy trinkets at Kay's to be in trouble.
BTW, you mentioned in your first post something about "yanking" somebody's credit report. Do people in your line of work actually talk that way? Are you sure that credit reports are the only thing you yank?
I agree with you as well about corporations like Citi, Freddie/Fannie, BoA, GM and all the others that have allowed greed to run amok and unchecked. And yes, they did so through irresponsible lending and investing and in some cases downright questionable business practices.
My point was geared more towards an equal share between consumer and business in regards to this whole mess. There was greed on BOTH sides. Americans have gotten so used to having whatever they want that they don't plan, save or live within their means. Then something happens and the first thing they say is "What's the governement/company gonna do to help me?" Well, nothing! No one strong armed you into signing it!

Case in point (and I see it everyday). Used to be you had to have a downpayment to buy a home. This was usually 20%. After the de-regulation lenders were forced to put people in exotic loans or be fined for red-lining, discrimination or ECOA violations. So banks came up with the 80/20. The 80 was your first mortgage the 20 was your downpayment. Add in closing costs and fees and suddenly you are financing 120% of what the house is worth. And nine times out of ten the 20 was an adjustable rate. And people signed these things! Why? Because they didn't care they just wanted the house. People have a very "I'll cross that bridge when I come to it" attitude nowadays. They did no research, no comparing, they did nothing to educate themselves on what they were agreeing to. You have to remember...the bank only OFFERED the loan. The consumer has an obligation to know what they are signing. This goes for mortgages, credit cards, car loans....you name it.

So while I do agree with you on business' part of the mess the public needs to be painfully aware that they, too, share in this. And they need to stop acting like they were put in their situation without their knowledge.

As far as yanking....we have lots of lingo in the credit industry. ATP, DTI, TILA, RESPA, Beacon, FICO, CBI, EFX, TRU....the list goes on. And being a woman.....I gots nuttin' else to yank :P
Greg

Roseville, MI

#16 May 25, 2009
OK, we are pretty close to being in perfect agreement. My understanding about the source of the whole mess seems to be the same as yours -- bleeding heart idiots in Congress who have never heard the phrase "unintended consequences."
Next the banks jumped in to make a quick buck from consumers who were ignorant or irresponsible or both.
I apologize for my gratuitous dig about "yanking."
Actually, I'm kind of embarrassed.

Greg
CFNA

Wellford, SC

#17 May 25, 2009
Greg wrote:
OK, we are pretty close to being in perfect agreement. My understanding about the source of the whole mess seems to be the same as yours -- bleeding heart idiots in Congress who have never heard the phrase "unintended consequences."
Next the banks jumped in to make a quick buck from consumers who were ignorant or irresponsible or both.
I apologize for my gratuitous dig about "yanking."
Actually, I'm kind of embarrassed.
Greg
Hehehe. "Unintended consequences". I like it! There does seem to be a lot of head scratching going on in the industry over just that very thing. And like you pointed out lots of people get paid a lot of money to predict this sort of thing. I mean they didn't see this coming?? How's that?!? It's very basic thing. Let's look at it:

Going back to a point I made above about home buying. I once saw a commercial where a man was being interrogated by his future father-in-law about how he was going to provide for his daughter. The father-in-law said "What, you think buying a house is like buying a loaf of bread?" Meaning it's rough. And it's one of the biggest financial decisions you will ever make in your life. It should be hard. There should be a lot of work and planning and saving towards it. But that is not happening now and has not for the past ten years.

This will come out sounding completely elitist and arrogant but I'm going to say it anyway. There is a reason certain people did not own homes in the past and a reason certain people did. You had to walk on water before a bank would grant you a mortgage. The burden of proof was on YOU to prove to the bank you were worthy of their investment in you. They looked at the Five C's (more lingo :D)

Credit - this is your credit file/score (FICO)
Capacity - this is your ability to pay it back
Collateral - the value vs.the amount being lent
Character - Is the applicant "credit-worthy"
Conditions - market, intended use of the funds

When we threw all that out the window the people who never should have owned a home because they failed one or more of the above became homeowners anyway. And the vast majority of the foreclosures out there today are subprime - meaning they at least failed the "credit" criteria and probably one or two more. Yet lenders were forced - yes forced - to offer them a mortgage anyway. Thus was born "subprime lending". Subprime simply means less than "prime"(A)credit. These are B,C and unfortunately D credit borrowers who have never shown any responsibility when it comes to managing finances and credit as is proven by their credit file. They are uneducated and unwordly when it comes to credit and like you pointed out, Greg, the banks took advantage of a demographic they had never tapped before. They booked the deals but at high and/or adjustable rates because risk=rate. The higher the risk of default the higher the rate. That is just a basic tenant of lending. We are seeing the backlash....or as you called it "unintended consequences" of this relaxed style lending.

So anyhow, I've gotten probably way off topic and rambled on more than I should have. And don't worry about the "gratuitous dig". I think we can all get a bit shirty when we are speaking about something that irks us :)

I'll put this out there - I do have a lot of knowledge when it comes to loss mitigation and what a consumer can do to aid themselves in saving their homes. From Bankruptcy to Credit counseling services to modifications...feel free to shoot me questions and I'll help any way I can if I'm able.
Curious

Chandler, AZ

#18 May 25, 2009
TICKED,

We are actually hiring a loan modificaton company this week for legal representation regarging a modificaton with Citi. We've had a tough time getting answers to our questions through Citi and figure that an actual firm with lawyers will be able to get things done faster than we can.

I have empathy for the employees of Citi, I'm sure there's been so many changes that it's nearly impossible to keep track of them. However, we experienced a damaging paycut this year and we have to do what we can to mitigate our losses.

Our family doesn't need any more stress.

When we talk to Citi's loss mitigation department they insist that there is nothing they can do, we don't qualify for an Obama modification but we're behind already because of a back injury last year and our payment went up because of the forbearance Citi placed us on.(Due to a MAJOR communication problem we had with them last/this year, our payment became delinquent - but we thought we were in a program and couldn't get any answers.)

My house is worth 90 grand less than my first and 130 grand less than my first and second. We live 40 miles from my husband's job because that's where we could afford a fixed rate, normal mortgage during the housing boom and now we're struggling. Every home that sells in my town is either a short sale or foreclosure. With my husband losing a take home car and overtime due to our location, and we lost the car solely because of our location), we need some kind of help to be able to stay in our home.

Hope you get the help you need!
CFNA

Wellford, SC

#19 May 25, 2009
Curious wrote:
"We are actually hiring a loan modificaton company this week for legal representation regarging a modificaton with Citi."

You all better be careful with this tactic! When you hire an outside firm to negotiate with Citi you better be well prepared for two things:

1. If you pay someone to negotiate on your behalf you are stupid. And I don't mean this to be mean. But you spend that upfront money and take your chances. These "modification" scams are exactly what they are.....scams. These companies will do nothing for you after you have paid and your account WILL go to foreclosure in most cases.

2. Citi, for the most part, will not negotiate through 3rd parties. They have programs in place to deal with these new situations. They do not need a 3rd party in the mix and they will be resistant to any outside help. Not to mention the 3rd party privacy acts. Citi will not disclose information regarding your account to a 3rd party without a signed consent form.

I had a customer very much like you. I called them to talk to them about their account and to try to offer solutions. I was informed, very curtly, that they had hired a loan modification "attorney" and they were told by this "attorney" not to pay until they handled it. I got a call from said "attorney" and I informed this "attorney" that they were not licensed to practice in the state of North Carolina and I would NOT negotiate. The customer just lost over $500 in renention fees. Gee, that was as much to pay a mortgage payment!!!

These scam modification companies tell you what you want to hear and that is "You don't have to make a payment." And you believe it!! Christ! Have you lost your senses?? Don't make a house payment or SIX and you are ready for foreclosure every time.

Don't be fooled. Please. Ask questions. This is your home.
CFNA

Wellford, SC

#20 May 25, 2009
Curious wrote:
"we don't qualify for an Obama modification but we're behind already because of a back injury last year and our payment went up because of the forbearance Citi placed us on"

Obama modification?? You, my dear are sincerely clueless. You think Obama is going to get you out of the mess you're in?? Hello. Health insurance. Long term disability insurance offered by most employers at an additional cost per paycheck? Let me guess, you opted out of that because you thought you did not need it. You did not plan. You did not think.

And the forebearance Cit placed on you? You had no say in it? Could you afford the new adjusted payment or was that just a ploy to buy you more time?

I'm sorry but a little bit of planning and insurance protection could have saved you from the position you seem to be in. Your inability to forsee the future is not Citi's fault as I see it.
Curious

Chandler, AZ

#21 May 25, 2009
CFNA,

Not trying to attack you here. Also not six months delinquent. Just genuinely trying to sort through options.

I am no Obama fan, just didn't want to write out an extensive dialogue about our failure to qualify the first time for a modification.

It IS good to know that Citi doesn't like to work with outside companies, I'll make sure I discuss this with the modification company. The same Mod. Co. just reworked our friends mortgage, with payment reduced by 40%.

I live in one of those top four states where absolutely everything is in the toilet. I know SC had difficulty also, but if you saw my town and neighborhood (the one that was affordable and growing three years ago), you would understand our situation a little better. My neighborhood is filled with empty fields and there are half built homes the builder abandoned I can see from my front porch.

Any other time in our married life, we would sell and downsize. It just isn't an option due to our market.

We are at the point that if Citi will modify our loan, great we'll suck up the crappy neighborhood and stay. If not, we won't be happy, but we will be able to move closer to my husband's job (thereby getting back the work vehicle - a big stress) and start over.

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