SUCCESS on CitiMortgage Loan Mod. on 1st

[relief13035]

I AM HAPPY DANCING RIGHT NOW LIKE A CRAZY WOMAN!!!

Late this afternoon I got THE CALL that I have been waiting for. CitiMortgage called regarding the loan modification on my 1st.

Current Loan Details: I have a 15 year mortgage with only 12 years left to pay with interest rate of 4.875%.

My new terms:

Years 1-5 = 2% interest rate
Year 6 = 3% interest rate
Years 7-12 = 4.875% interest rate

My payment went down approx. $500/month for the next 5 years. Praise God.

Don't give up everyone if you are trying to get a loan modification. I was relentless and was on the phone daily with CitiMortgage. I accomplished the loan mod. on my first in 3 weeks time.

PLUS - she told me that they are working on my settlement for the HELOC. I will keep updating!

[LuciluS]

WAY TO GO!!!!

So glad your payments are lower and You accomplished this by yourself - Neat!


Luci

[eddiep]

Yahoo!!!
I got great news today too. My "official" loan mod documents came today. Two down one to go. Then off to bk court I go!!!

[liz417]

Wow that's great!!!!! Good Job!!!!

I know these are silly questions, but here it goes:
what incentive does the mortgage company have to "settle/modify" a home loan when you have already bk'ed?
Is it better to try and modify BEFORE I file BK?
Was the mortgage company afraid that you would "walk away" from the home (assuming you didn't reaffirm)?

[albacore44]

Wow...........thats great. Did you discharge any other Citi debt in your BK ?? also are you upside down on your property ?? From what I have seen from others trying to Mod, it's difficult if you have no equity.

[spidge]

I am so jazzed for you.
Please let us know how th eheloc turns out as I am negociating with BofA on mine to.

[spidge]

Wow...........thats great. Did you discharge any other Citi debt in your BK ?? also are you upside down on your property ?? From what I have seen from others trying to Mod, it's difficult if you have no equity.

Notice there was no principal write down.

[eddiep]

My lawyer insisted that we complete our modificaiton before we filed bk. He was concerned about the reaffirmation agreement and we had already started the mod process before contacting him, once the bk is filed and the automatic stay is in place we would not be able to continue modification negotiations. It has slowed down our filing because the bank is slower than s***t! We have been ready to file since Feb but still waiting for official modificaiton documents (we have a first mortgage and two second mortgages with BoA that have been approved). We were not late on payments, I did tell them we were going to file bk but they did not seem concerned at all. I am bking LOTS of cc debt with mortgage company (Bank of America).

[relief13035]

Wow that's great!!!!! Good Job!!!!

I know these are silly questions, but here it goes:
what incentive does the mortgage company have to "settle/modify" a home loan when you have already bk'ed?
Is it better to try and modify BEFORE I file BK?
Was the mortgage company afraid that you would "walk away" from the home (assuming you didn't reaffirm)?

Thanks Liz -
I think their incentive to modify is that I didn't reaffirm anything. My first and HELOC are both with Citi. They would lose a lot if they didn't modify somehow.

I'm not sure if it is better to modify before or after. I do know that I had to fax them a copy of my discharge.

[relief13035]

Notice there was no principal write down.

I actually have equity if you are just looking at the 1st. I didn't ask for a principal write down.

The HELOC is what kills me. We were idiots and owe as much on the HELOC as we do on the 1st and that is where I am working on a settlement.

[relief13035]

Wow...........thats great. Did you discharge any other Citi debt in your BK ?? also are you upside down on your property ?? From what I have seen from others trying to Mod, it's difficult if you have no equity.

Yep sure did - bk'd almost $10k on a Citi cc.

Only upside down when you combine the 1st and 2nd.

[StartingOver08]

Congratulations Relief! What a great success story! So are you signing a modification agreement that essentially 'reaffirms' the loan with the new terms because it is after your discharge?.

[JRScott]

Congrats on the short term solution, however in 6 years can you pay the extra 500 a month? I hope so

[Dollar Bill]

Hey relief 3035---

so was there a write down on principal...do you suggest i use an atty or was it simple enough?