SportsNut

This is much less about Citi Mortgage and all about Texas law. Texas fc can be pretty quick, although I am not an auth on TX law, but it appears if your Deed of Trust contains a Power of Sale clause that this could happen in 30 to 45 days total in TX. Have you contacted CitiMtg about a modification of your mtg terms??? They are quite forgiving and if you have any kind of a hardship, depending somewhat on your investor (Freddie Mac, FNMA, FHA, et al) will determine what is possible in the end. If you are having a temporary cash flow situation there are also programs that could help accomodate this as well; forbearance program; lower payment for a short time and then allow you to repay the amount not paid during this bried period of repreive. Or HAMP or Traditional Mods too. So be in contact with them pronto to discuss you options; don't wait. Also there is a TX Task Force, which I am in no way endorsing here but it is an option for education and protential help with the problem. Here is the link below to their site: http://www.tdhca.state.tx.us/homeownership/foreclosure/task-force.htm

NY foreclosure timeline is about 1 yr minimum to maybe 2 yrs. The timeline for a new mtg doesn't start until the property is deeded back to the lender, meaning foreclosure completed. Yes, you may be able to speed the wait up if you do a Deed in lieu, but good luck on getting the lender to appove the process. My money says it would take them a year to get that done, if at all. so decide if you can continue to live there rent free for however long it takes. I realize that some folks can't but the system almost forces you to do so, since they can't seem to just act and get it done and over with.

Yes, a ss can be granted on grounds of hardship, and Citi might be one of the best to be working with on the potential ss. Are you still paying and current on the 2nd at this time or have you gone delq on pymts for the 2nd yet? I think in theory you could obtain a ss being current, but that is a rare item, IMO. Actual ss may not disqualify you if you have an acceptable hardship, BUT as I have read on this subject a transfer for a new job (relocation) may not be an acceptable hardship under the requirements. Death or long term illness of a primary borrower is a suitable hardship. I'm NOT stating anything absolute here but I am cautioning the op to check into your understanding further before entering a long tunnel of hope only to learn info later that you could have obtained on the front end. In other words, eyes wide open here and look for the disqualifiers, not necessarily the answer that you want to see. Just sayin.

At the closing of the mtg you will need to sign a document that states that you intend to waive your Dower Rights. This does not obligate you for the mtg in any way, it merely allows the lender to secure their position legally and without your signature waiving the Dower Rights there will be no mtg loan.

Don't be FRAZZLED, this is std opp procedure that a spouse, not on the title of the property, (meaning no ownership rights via deed), still hase dower rights. When a refinance is done in this situation, the spouse who is not on title must waive these rights in order for the lender to perfect their mtg or possible claim against the real estate in the event that you Husb didn't pay the mtg. Absent your waiver, the lender could only make a 2/3rds claim against the property, speaking worst case here if your Husb defaulted on the mtg. Again, nothing to worry about here. Just one of those state specific laws in Ohio which give a spouse by virtue of a marriage a 1/3rd interest in all real property even though you name is not on the title. Any creditor cannot, repeat cannot attach properties that you possess a dower right into, unless and until you would possess the real property via title by your dower rights claims. Meaning, if a divorce every occurred and all was not well in Bedlem that you could potentially assert your dower rights and end up with a 1/3 interst in the properties... or more prevalent than divorce would be at death and if Husb attempted to will or deed the props to his heirs and cut the Mrs out of his Will, the dower rights would save your interest in any real property. Again, nothing to worry about here and now consider yourself UN-FRAZZLED.

Sounds like the mtg debt was NOT reaffirmed, and if so there is nothing you can do about it now. Over and done with, period. Oh, maybe you could re-open the case and reaffirm but a Judge may not even permit this anyway. Not sure why you wanted to reaffirm anyway, was it just for credit reporting purposes? You can rebuild credit in a lot of other ways, if that was the motivation. The modification will NOT make you liable for the debt following mod if the debt was disch'd in Ch 7 Bk. In spite of you wishing to reaffirm, you are much better off not being reaffirmed. No telling what may happen in the economy or RE mkt, this way if you were ever in a situation where you couldn't pay going fwd there is NO credit ding whatsoever. You wouldn't have just filed Ch 7 if there weren't issues, so you never know and best to be in a position where you aren't legally saddled with the debt of the mtg pymt; just in case.

Assuming that you did NOT reaffirm mtg during Ch 7 Bk... if so, then the report on ALL CRA should be IIB 0 bal, and NO further reporting of pymts, modification or not. They cannot modify the mtg of a non-reaffirmed Bk and have you be liable for that same mtg following a modifcation. This would violate the Stay of the Bk disch.

Thanks for posting the link to the ruling Breeze. Only comment here, I think that you meant to say that WaMu foreclosed before they owned the NOTE and Mtg. (versus property). Congrats to the homeowner for persistence and forcing the District Court to get it right. I didn't happen to read where there was any judgment with prejudice here which may restrict WaMu from refiling the case? Did I miss something here? Otherwise the case will proceed only to be started over again... maybe homeowner files for damages of being displaced from their home illegally several yrs earlier than was permissable??? There will surely be a financial settlement here.

If the mtg/note on the house was part of what was incl in DH ch 7 then the FC will never show up on his CR; ever! Is it possible to refi your house? Certainly. Will an inst make that loan to you? No idea. Is it a good idea or advisable to refi?? Not enough info to tell from what is written here.

This could also be a HARP... Home affordable refi program...? And if it is a refi there will be no impact on your credit, no negative at all. Since you didn't apply I doubt that this is a Modification. It sounds more like an internal refinance, no fees, just a re-do of a new loan at a lower int rate. If this is true, be aware that the refi terms will be a lower rate but amortized over a 30 yr period... compared to where you are today, 7 yrs into what is probably a 30 yr loan, so it is essentially extending the term of the loan another 7 yrs. With that said, there is no downside to you other than adding the 7 yrs, but the lower pymt is huge. In fact if you took the refi, and paid the same pymts as you are paying today, the payoff date would be much sooner than the 23 yrs it is likely to be if you did nothing. In other words, the refi is a good thing, and I would advise to jump right on it, pronto. Now if it is NOT a refi, then the above would be moot. But no way they would send you and unsolicited mod unless it was cutting principal not just an int rate chg. Why is this happening you ask. There is a thing called the National Mtg Settlement, NMS, which the 5 largest lenders, Citi being one of them, agreed to a 25 BILLION dollar settlement, meaning they are essentially repairing some of the predatory lending that they have done in the past and these lenders have to spend the money... so you are being a benefactor of this settlement, it seems. Enjoy and good luck... just read the fine print or have someone do so that can comprehend this. But I think you are OK here.

Unfortunately there is nothing left to do at this point. You may be able to drag him back to court, depending upon the language in the decree, for contempt of court if he didn't honor an obligation and has harmed your credit. This will not repair your credit but it may somehow put him in a position to financially indemnify you (pay you $$$$$$$ to offset the problem that this negative cr has and will caused you). but realistically, if he isn't making the mtg pymt he probably isn't culpable for damages either. One of the major risks of allowing the home to go to one party while the mtg liability remains a joint obligation. This is not Chase's concern and you are still as liable to them for the mtg as the X, regardless of what a court divorce decree states. Sorry.

Good idea to call and ask for additional or reconsideration. This never hurts. Keep in mind all mtgs are not created equal. You could have two homeowners who live side by side in exactly the same type of house with exactly the same amount of mtg balance and exactly the same hardship. Depending on their loan is owned by will determine the offer and expectations. E.g. One is owned by FHA, another by FNMA and another yet by BofA; (owned by BofA not just serviced by them). The one that would likely get the best offer of the three would be the BofA owned mtg loan. BofA has to burn thru billions of dollars; let me state that again... they have to burn thru BILLIONS OF DOLLARS on the next yr, maybe two. They are giving up to a 200K principal reduction, where FMNA and FHA are not participating in the debt reduction gig. Your best options with FHA and FNMA is int rate reduction, but as stated, they will begin by offering you repayment or forebearance plans to start. This mtg mess is kind of like working a Rubics Cube in reality.

What I meant by not using the former tax returns is, they aren't going to factor the income in at all. They will obtain an IRS Form 4506 T, which is a transcript of your two prior yr tax returns. As e.g., let says that you made 200K last yr and the prev yr and now 50K this yr... that demonstrates a hardship. The 200K that you have made in yrs past doesn't really factor into whether you get a mod or not, but the returns will show things like interest and divident income along with other assets that may difficult to hide... that is why they look at the prior yr's returns. The BEST policy when applying for a mod is, be honest and straight forward. If you qualify, GREAT. If not, you are in no worse shape than you were in before. Just don;t fabricate the truth... the stakes are too high.

it wasnt, the deed remains in my customers name, they never did anything with it when he stopped paying, but thats not his fault... The term "foreclosure filed" and ownership demonstrated by the deed still being in your clients name, are two entirely different matters. What you need to do is stop your concern for a moment of who owns the property and go to the clerk of court in the county that the property is located, (some are online others are not), and determine if a suit was ever filed against the property owner? If not, then there has been no foreclosure filed, but it is entirely possible that a fc was filed and not completed, as this happens quite often these days. Statute of limistations on a mtg: Much longer than your client has been involved in the ownership of the timeshare, so there is NO angle there. The reporting could be entirely accurate is a fc lawsuit was ever filed against the client. Your other questions are numerous and not as relavent as determining exactly what the status is as of today as to the fc filing. Once known, the other things can be addressed as well. You need the facts and only the facts and try to leave the emotions on the doorstep for the time being. One other point here, TN also dore non-judicial foreclosures, so it is possible, depending upon whethere the docs executed were a mtg or a deed of trust that NO lawsuit or public records in suits exists. So contact the BlueGreen (whoever that is) and find out specifics!

That is what I am concerned about although I have read, and CitiMortgage has confirmed on the telephone, that a short sale could be granted on grounds of a hardship (the fact that I have been relocated by my employer) without ever being behind. The second is with CitiMortgage. As above, it also my understanding that the actual short sale will not disqualify me, but if I've had any lates within two years, it would. I suppose there's also the possibility of buying before I sell and then doing a short sale or even dumping the old property altogether. I certainly don't want to do that but if it turns out that I would be disqualified from buying due to the actual short sale for two to three years, it may be the only option I have left. Keep in mind that buying another property before you sell [chg in assets] just prior to applying for a short sale could disqualify you for the ss. If you are able to go out and qualify for new credit, and do so, you may not be a candidate for a short sale. You will need to demonstrate a hardship and attest to it. If you hide assets or a recent transaction such as you mentioned this would constitute mtg fraud upon a lender, so be aware of ALL consequences before you go down this road. There are worse situations than you find yourself in today. Good luck.