anyone have success in getting foreclosure extention with Citimortgage?

[electricdoc]

so Citimortgage has our loan...we got behind when I was out of work due to high risk pregnancy. They started the foreclosure process and we have a sale date next week.

Back in april was when my husband sent in the hardship packet from Citi for a loan modification. They told us we would receive a call weekly with updates. They didn't do that...my husband (unfortunately) did not call them thinking they were working on our case. Come to find out, they kicked our case for loan mod out because they didn't have the correct paperwork. They read a bank statement wrong and then didn't talk to us about it. It was the right statement but they only looked at the date on the top of the paper. It was the whole month they needed.

So my husband calls in september looking for an update and they say they don't even have a loan mod even being processed :/ He RE-submits all the paperwork and we are told it'll stop the foreclosure. Now we are 3 days away from the sale date and as of yesterday we haven't even been assigned an underwriter.

Our Citi representative just now yesterday told us we can do a down payment and monthly payments to catch up our arrears. That would have been AWESOME to know months ago. Why they waited until now blows my mind. So now we are faced with trying to find over 5 grand for the down payment or file chapter 13.

Citi says that won't do extentions....I've heard that they do. What gives?

[justbroke]

Extensions on a foreclosure that is in process? Never believe them even if they tell you that they would "suspend" foreclosure. Even the banks will tell you, while negotiating or being in a trial modification, that the foreclosure process will continue through a judgment! That so their ducks are all lined up and quacking in unison, so as soon as you mess up with the trial or the trial is over (and they don't want to modify the loan), wham... foreclosed.

If you are going to file bankruptcy, just file bankruptcy! I would not spend one dime trying to make a "deposit" on arrears and then pay them off. If the bank were serious, they would just do an installment which would not require any "deposit". I actually believe that banks are using these "trial" periods just to get more money from the debtor, and for no other purpose! Why waste money that is not really going to stop the inevitable, foreclosure. In fact, it may not even really delay the foreclosure.

If you really want to stop the foreclosure, and are ready for bankruptcy, then pick up the phone tomorrow and find an attorney that will do an emergency petition this week. Do not wait. Do not delay. Do not think about all the wonderful things the banker told you on the phone. That which was stated on the phone is not binding. In fact, the bank appears to already have a judgment and are now at the point of sale.

[tobee43]

i thought you had an appt today with an atty at 1:30 and you are all ready to file you chapter 13? that's really the only thing at this point which will stop it in MO

i hope that atty can help you today...best of luck with it.

[electricdoc]

thanks...we did met with a lawyer today and are processing forward with a chapter 13. We filed out all the intake forms and she is drafting it tomorrow. We will file on friday or monday.

There is still a chance that we may work out a payment arrangement with Citi. Our lawyer contacted Citi's attorney and mitigation department and is trying to work something out with them to avoid doing a chapter 13. We "only" owe them 7,000 in arrears which includes the legal fees that they tacked on.

I am hopeful either way and I am looking forward to becoming debt free in the next 3-5 years! It's a new beginning

[electricdoc]

thanks...we did met with a lawyer today and are processing forward with a chapter 13. We filed out all the intake forms and she is drafting it tomorrow. We will file on friday or monday.

There is still a chance that we may work out a payment arrangement with Citi. Our lawyer contacted Citi's attorney and mitigation department and is trying to work something out with them to avoid doing a chapter 13. We "only" owe them 7,000 in arrears which includes the legal fees that they tacked on.

I am hopeful either way and I am looking forward to becoming debt free in the next 3-5 years! It's a new beginning

I want to add....we will not give them a cent without an ironclad agreement in writing that our lawyer will draft with Citi's people that outlines our repayment terms and that it will stop the foreclosure.

[ace300s]

Our loan is through Citi. We stopped making payment a little over a year ago. Filed BK7 and discharged four months ago.

Our home is way underwater and Citi has discussed a modification with us. Basically file the paperwork, if approved we put one or two payments down, put the arrears on the loan, and new interest rate. So far they will not budge on the principle reduction?

If we're not willing to do a modification, they're willing to discuss a short sale or deed in lieu (offering cash on each).

Our stance is without a principle reduction we will not do a loan modification. Also, because the home was included in the BK7, we will not do a short sale or deed in lieu. Just wait out the process for as long as we can.

BTW, they have not started the foreclosure process yet. Anyone have any idea how much time we have once they officially start the foreclosure process?????

[keepsmiling]

OP, what did the atty you spoke with say is the usual procedure there with an underwater home?
Just because it goes to sale doesn't necessarily mean it will sell....I find it hard to believe that even in a non judicial state the banks want all of these houses back in their inventory.
Hopefully you can get a feel, somehow, for what actually happens in your area. I'm certainly curious now. It's hard to imagine that in one state you could go years without paying, while in others a few months will do you in. And it has nothing to do with s/d. (???)
Best of luck to you.

[electricdoc]

OP, what did the atty you spoke with say is the usual procedure there with an underwater home?
Just because it goes to sale doesn't necessarily mean it will sell....I find it hard to believe that even in a non judicial state the banks want all of these houses back in their inventory.
Hopefully you can get a feel, somehow, for what actually happens in your area. I'm certainly curious now. It's hard to imagine that in one state you could go years without paying, while in others a few months will do you in. And it has nothing to do with s/d. (???)
Best of luck to you.

We haven't spoke with the attorney that is for Citi who is doing the foreclosure and our bankruptcy attorney didn't say anything about our house being underwater. Our home is set to be auctioned off on the steps of the courthouse on tuesday...I guess if nobody bids then it won't sell? I have no idea. My husband asked Citi how that process works and the representative didn't know what to tell him.

I feel like Citi is just jacking us around honestly...if you talk to 3 different people you'll get 3 different answers. They refuse to let us talk to a "higher up" person and we've been hung up on multiple times while on hold.

We 100% own the fact that we defaulted on our payments for a few months....it is our fault. But goodness, Citi states they want to keep people in their homes and they have all these wonderful programs but then won't help and those wonderful programs? They are a joke. Blows my mind.

[keepsmiling]

I'd seriously considering calling the local news. You know, the "on your side" guys.

[tobee43]

unfortunately, more times than not the lender buys back the property themselves. i have rarely heard of a situation like this being postponed, unless that 13 hits before tuesday.

it's really the way the missouri handles their foreclosures. there system is not designed to help people there maybe if a local station or newspaper picked up the story maybe a judge could get involved...that would be nice. i think the way most all the large banks are handling these situation is a sin, but on top of that you are contending with a state that is non-judicial. it seems to be the only saving grace is to get the bk filed by monday and then have your atty contact the court and attempt to stop the sale.

[Voyles]

Will the giant settlement that Citi, WF and others just made with the federal government change any of this for people going forward? They do have to adjust some of their practices, and I know that some of the loans bought up by Freddie and Fannie are finally starting to see some movement on letting people refinance.

[justbroke]

Will the giant settlement that Citi, WF and others just made with the federal government change any of this for people going forward? They do have to adjust some of their practices, and I know that some of the loans bought up by Freddie and Fannie are finally starting to see some movement on letting people refinance.

Not from a foreclosure standpoint. They are offering modifications and principal reductions. However, you still need to be able to afford and many of them are doing the old "trial" payments things. It just all depends on you. The settlement was in no way a means to modify "ALL" loans. There is a certain threshold and they have pre-identified the loans.

If fact, I believe that the lenders under the settlement have already contacted all the homeowners who qualify. I also believe that some of the lenders performed a strategic move by cancelling the debt on a bunch of second mortgages. Since the settlement was worth X, they could forgive these second mortgages -- which were literally "uncollectable" anyhow due to valuation -- as a means to reduce X. They are in fact modifying some first mortgages, but they require the old trial period of 3 months and then a permanent modification afterwards. if you can't afford your property even with the reduction in "cost" to < 33% of gross, then you just can't afford it. I call this the modification which will eventually lead to a foreclosure.

[tobee43]

just a thought...i do believe within the next 36 months banks will attempt to try and get people refi'd also back into all these empty homes. otherwise the country will just be one big ghost town. it's starting already, but i think the government will begin to press the banks...they even may withdraw foreclosures as they can do that legally provided certain guidelines and agreements are made. stranger things have happened?

all i know is after this storm many will decide to maybe not rebuild and go to florida and buy up all of our empty homes...what do you this jb? LOL!!

[justbroke]

I like your theory. I mean... if you live in the NE to escape hurricanes, you may as well live in Florida!

[tobee43]

I like your theory. I mean... if you live in the NE to escape hurricanes, you may as well live in Florida!

well, as i'm thinking about it many of those homes on the coast you are talking and i don't mean ALL of them, however, many are million and millions of dollar homes...most likely now not only underwater with their value but not of course, and unfortunately, actually under REAL water. perfect time to walk away of that HUGE mortgage. some may opt not rebuild but take the money and leave...many have a choice. plus now the construction industry will go crazy and the wood mills will start moving again and so on and so forth. (i'm trying hard to find something "good" here?)

then there is the few blocks away, the regular folk, many of their mortgages also underwater...and now their homes as well. again, it may be a odd blessing for some. also, they are saying that much of the land has now changed completely, so how in the world are they going to rebuild some of the homes where the land is actually gone.

time to come down here and buy and spend your money and get us up and running here in florida

my heart and prayers go to all going through this terrible situation.