CITI MORTGAGE AND LOSS MITIGATION

[scott]

I recentlly called citi mortgages loss mitigation dept to find some help. I now owe about 3 payments. Got this letter today with a workable solutions app. Has anyone had any dealings with this program? the good ? the bad? btw my mortgage was discharged 1/08. I lost my job and the Government is sending me to college. I can draw unemployment,trans pay etc untill I finish school which is next summer. The payments are just too high esp when things come up like medical problems etc. Thats how I got behind ,but thats behind me for now.

 

 

Thanks Scott

[scott]

Bump

[gdtobefree]

That is how it was for us, be very careful with their "workable Solutions" they WILL hide information from you.

 

The one thing they hide is on your credit report it will show you consistently late until you are caught up at the end of your workout in 12-16 mos. YES it will show you as late for 12-16 mos!

They hold your payment until a full payment can be made, they will not post it, Ex. if your regular note was 650 and your workout payment is 750.00 they will post 650 of that to this months payment and HOLD the other 100.00 until you send in another payment of 750 and charge you a late fee on top of that.

 

We lost our house because of their "workout solutions" and or "repayment plans" Thank You Miss Stoner!

 

Our original payment was 752.00 through the workout plan our new note was 1847.00 for 1 year. We tried to do a Chap 13 but they wouldn't budge, they wanted the total late payments UP FRONT.

 

My best suggestion is, borrow the money from someone anyone and catch it up and scrap the workout solution.

 

Now that was in March of 08 now that the Gov has kind of forced their hands into better workout solutions it may be different, but I will never trust them again.

[scott]

I don't think they can report lates on discharged debt.

[gdtobefree]

not on a dishcarged debt, but during a workable solution they can and will, DH had 1 yr worth of late payments from 1 workout solution.

 

Now that I am on the hunt for a mortgage for myself and my kids, the FIRST thing I told the LO was NO CITIMORTGAGE!

 

There are others here that have also had bad experiences with them as well.

 

Is your mortgage backed by someone like Freddie Mac or Fannie Mae?

I went directly to Freddie Mac and got a solution through them the first time it was far better then what Citi tried.

[scott]

It's an fha loan. Do you think it would be better to just call an fha counseler?