Ok...our Chapter 7 was discharged in 2007. We chose to stay and pay. There's much much more to this story, but for the purpose of this discussion...
This past year, we asked Citimortgage to modify our loan. We'd never been late (even through the bankruptcy) but were struggling to stay afloat. Our house is now 100k underwater and quite frankly, there's little reason to keep paying except, it's where we live.
Citi dragged out the process for four months only to turn around and decline the mod on the basis that we'd never been late and therefore were not at risk of default. This was in August.
So...we stopped paying them. We've been banking the cash since then and are hoping to force a modification, but if they won't modify, we are planning to relocate and purchase a single family home with the money we're saving. (We've done extensive research on this and apparently, we should be able to do this as long as we close before our current property forecloses).
We haven't paid since July (August was the first missed payment) and haven't heard a peep from Citi other than the obligatory NOD notice. At one point recently, I called to inquire why they had been checking our credit scores and to inform them that they were not to check our credit without confirming with us first. I also asked them the status of our loan. It is not yet listed as being in foreclosure, which means they haven't started the process yet.
Oct. 2 would have been the last day to pay to prevent foreclosure proceedings from beginning. I expected to hear from them but still nothing.
Today I received a notice from them that our loan was being transferred to IBM LBS. From what I can gather, IBM is just a servicer for Fannie Mae loans. And apparently, they are only doing loans in default.
A quick google of this company brought up several complaints (shocking, I know). Nothing that I haven't really already dealt with in dealing with Citi. But I'm curious if anybody here has dealt with IBM and what exactly our loan transfer means.
Are we being fast-tracked for foreclosure? Will they, can they work with us on modifying the loan?
Any experiences?
This past year, we asked Citimortgage to modify our loan. We'd never been late (even through the bankruptcy) but were struggling to stay afloat. Our house is now 100k underwater and quite frankly, there's little reason to keep paying except, it's where we live.
Citi dragged out the process for four months only to turn around and decline the mod on the basis that we'd never been late and therefore were not at risk of default. This was in August.
So...we stopped paying them. We've been banking the cash since then and are hoping to force a modification, but if they won't modify, we are planning to relocate and purchase a single family home with the money we're saving. (We've done extensive research on this and apparently, we should be able to do this as long as we close before our current property forecloses).
We haven't paid since July (August was the first missed payment) and haven't heard a peep from Citi other than the obligatory NOD notice. At one point recently, I called to inquire why they had been checking our credit scores and to inform them that they were not to check our credit without confirming with us first. I also asked them the status of our loan. It is not yet listed as being in foreclosure, which means they haven't started the process yet.
Oct. 2 would have been the last day to pay to prevent foreclosure proceedings from beginning. I expected to hear from them but still nothing.
Today I received a notice from them that our loan was being transferred to IBM LBS. From what I can gather, IBM is just a servicer for Fannie Mae loans. And apparently, they are only doing loans in default.
A quick google of this company brought up several complaints (shocking, I know). Nothing that I haven't really already dealt with in dealing with Citi. But I'm curious if anybody here has dealt with IBM and what exactly our loan transfer means.
Are we being fast-tracked for foreclosure? Will they, can they work with us on modifying the loan?
Any experiences?