Again, I am just asking for a friend who need to have his loan mod so he doesn't have a foreclosure!
Do you guys have any tips to share so he doesn't get a flat denial? What should he watch out for? What other hurdle will they throw at him?
Thanks in advance CBers...
my friend got his loan Mod for Citi from their attorney
Started by
KristofsMom
, Apr 20 2012 01:46 PM
9 replies to this topic
#1
Posted 20 April 2012 - 01:46 PM
#2
Posted 20 April 2012 - 01:57 PM
Just be sure he can show enough income to support the type of loan mod he is applying for and that he sends in all documents requested asap with loan numbers wrote on each page.
Document the income as clearly as possible and be sure to write a good hardship letter explaining how his hardship happened and what his goals are to make his payments with the loan mod going forward. Check in weekly to see the status on the application and always write down the person he speaks to the date and that persons extension. Also always call a day or so after faxing documents verifying that they received each page they requested.
He should apply asap because once they start foreclosing they may not have enough time to review the mod. If he can get a HAMP package into them in time, they cannot put a sale date on the home until the package has been reviewed and denied. If he is approved he will have 3 trial payments, be sure to make them on time and don't miss any, then they will convert it to the permanent mod. If he is denied HAMP, he can reapply if his situation for denial changes for the better, but if he missed any trial payments, he will not be able to reapply for HAMP. Hope I covered everything.
PS: I've been told it doesn't hurt to send letters in certified mail to the bank and the foreclosing attorney explaining you are applying for the mod and intend to keep the home. I am working on that as well. GL
Document the income as clearly as possible and be sure to write a good hardship letter explaining how his hardship happened and what his goals are to make his payments with the loan mod going forward. Check in weekly to see the status on the application and always write down the person he speaks to the date and that persons extension. Also always call a day or so after faxing documents verifying that they received each page they requested.
He should apply asap because once they start foreclosing they may not have enough time to review the mod. If he can get a HAMP package into them in time, they cannot put a sale date on the home until the package has been reviewed and denied. If he is approved he will have 3 trial payments, be sure to make them on time and don't miss any, then they will convert it to the permanent mod. If he is denied HAMP, he can reapply if his situation for denial changes for the better, but if he missed any trial payments, he will not be able to reapply for HAMP. Hope I covered everything.
PS: I've been told it doesn't hurt to send letters in certified mail to the bank and the foreclosing attorney explaining you are applying for the mod and intend to keep the home. I am working on that as well. GL
Again, I am just asking for a friend who need to have his loan mod so he doesn't have a foreclosure!
Do you guys have any tips to share so he doesn't get a flat denial? What should he watch out for? What other hurdle will they throw at him?
Thanks in advance CBers...
#3
Posted 22 April 2012 - 07:24 PM
I agree with everything the above poster said. We are also going through a mod with Citi and so far so good, they have great communication. I have one person I speak with who is assigned my case and it's wonderful..no room for mixups! Do stay ontop of things by calling say once a week. Never wait for them to get back to you...they are dealing with thousands of cases. I sent my mod paperwork certified mail signature required...never experienced "we didn't receive this or that" garbage. Time is very sensitive especially on the brinks of a foreclosure. Also, DO NOT speak to customer service, when calling always call "loss and mitigation department". This is who handles the modifications.
What exactly did your get from the lawyer? Why not call Citi directly and apply? This way your friend can make sure s/he has exactly what is needed and also by calling Citi directly they will write it in his file all updates on the account...such as him/her applying for a mod.
Also do you know if your friend has received foreclosure warnings or anything from a lawyer saying they have the account/mortgage? Trying to find out what stage the account is at...
What exactly did your get from the lawyer? Why not call Citi directly and apply? This way your friend can make sure s/he has exactly what is needed and also by calling Citi directly they will write it in his file all updates on the account...such as him/her applying for a mod.
Also do you know if your friend has received foreclosure warnings or anything from a lawyer saying they have the account/mortgage? Trying to find out what stage the account is at...
#4
Posted 23 April 2012 - 07:31 PM
I agree with everything the above poster said. We are also going through a mod with Citi and so far so good, they have great communication. I have one person I speak with who is assigned my case and it's wonderful..no room for mixups! Do stay ontop of things by calling say once a week. Never wait for them to get back to you...they are dealing with thousands of cases. I sent my mod paperwork certified mail signature required...never experienced "we didn't receive this or that" garbage. Time is very sensitive especially on the brinks of a foreclosure. Also, DO NOT speak to customer service, when calling always call "loss and mitigation department". This is who handles the modifications.
What exactly did your get from the lawyer? Why not call Citi directly and apply? This way your friend can make sure s/he has exactly what is needed and also by calling Citi directly they will write it in his file all updates on the account...such as him/her applying for a mod.
Also do you know if your friend has received foreclosure warnings or anything from a lawyer saying they have the account/mortgage? Trying to find out what stage the account is at...
I could advise your friend to also join CB and gain first hand exposure to this wonderful site! Experience is the best teacher; specifically, to avoid the pitfalls of bad debt!!
Respectfully, by2
#5
Posted 23 April 2012 - 08:52 PM
Yes! It really is the best move said friend can make. Get on this site!
#6
Posted 24 April 2012 - 01:56 PM
Yes! It really is the best move said friend can make. Get on this site!
I can't agree with you more!!!! I have told him to read this site! He still ask me questions because he thinks a credit freak...lol I am new to the loan mod thing that why I have asked you guys PLUS it a learning curve for me!
Again Thanks
#7
Posted 02 June 2012 - 05:52 AM
I agree with everything the above poster said. We are also going through a mod with Citi and so far so good, they have great communication. I have one person I speak with who is assigned my case and it's wonderful..no room for mixups! Do stay ontop of things by calling say once a week. Never wait for them to get back to you...they are dealing with thousands of cases. I sent my mod paperwork certified mail signature required...never experienced "we didn't receive this or that" garbage. Time is very sensitive especially on the brinks of a foreclosure. Also, DO NOT speak to customer service, when calling always call "loss and mitigation department". This is who handles the modifications.
What exactly did your get from the lawyer? Why not call Citi directly and apply? This way your friend can make sure s/he has exactly what is needed and also by calling Citi directly they will write it in his file all updates on the account...such as him/her applying for a mod.
Also do you know if your friend has received foreclosure warnings or anything from a lawyer saying they have the account/mortgage? Trying to find out what stage the account is at...
Looks like it has been 5 or 6 wks since you wrote your comments on the Citi loan mod. Wondered if you could share how things have going since? Hopefully you are about completed or have gotten the mod; hope so, but just curious on the process?
#8
Posted 03 June 2012 - 07:28 PM
I am actually waiting on the final docs to come in (to be signed and notarized). I have the tracking # and it's in route to be delivered by Tuesday. 
It's been a little hectic though as I paid my last trial payment on May 1 and I kept getting "We're waiting on Freddie Mac to finalize the docs" and then "I will email your underwritter to email Freddie". I called 2 times a week to my homeowner support specailist. 
She called me this past Friday ( and I also received a text) to tell me my docs are on the way.
They are busy but it's so very easy to have your case forgotten or miss important info if you don't call and keep up on it. I could careless if I was annoying but I wasn't trying to be. I have come this far and it's important this goes through in a timely manor especially when I have a pending foreclosure case open through my court system (currently put on hold until I receive those docs!).
It's been a little hectic though as I paid my last trial payment on May 1 and I kept getting "We're waiting on Freddie Mac to finalize the docs" and then "I will email your underwritter to email Freddie". I called 2 times a week to my homeowner support specailist. She called me this past Friday ( and I also received a text) to tell me my docs are on the way.They are busy but it's so very easy to have your case forgotten or miss important info if you don't call and keep up on it. I could careless if I was annoying but I wasn't trying to be. I have come this far and it's important this goes through in a timely manor especially when I have a pending foreclosure case open through my court system (currently put on hold until I receive those docs!).
#9
Posted 05 June 2012 - 09:54 PM
Did you use an attorney to get this, or do it on your own. I have been struggling on my own as the bank's employees just don't have a clue what to do or how to approve. I am working directly with PNC.
I am actually waiting on the final docs to come in (to be signed and notarized). I have the tracking # and it's in route to be delivered by Tuesday.
They are busy but it's so very easy to have your case forgotten or miss important info if you don't call and keep up on it. I could careless if I was annoying but I wasn't trying to be. I have come this far and it's important this goes through in a timely manor especially when I have a pending foreclosure case open through my court system (currently put on hold until I receive those docs!).
#10
Posted 08 June 2012 - 08:25 PM
I did it on my own. I was assigned a specialist and have dealt with her and only her the entire time. After I made my 3rd trial payment I called twice a week to make sure things were rolling as they should.
I have heard PNC is a nightmare. Those smaller banks are very difficlt to work withm I actually came here tonight to follow up on your story.
I have heard PNC is a nightmare. Those smaller banks are very difficlt to work withm I actually came here tonight to follow up on your story.
Edited by goturtlego, 08 June 2012 - 08:26 PM.
0 user(s) are reading this topic
0 members, 0 guests, 0 anonymous users
