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Uncle Leo

How is Citimortgage regarding foreclosure and repayment plans?

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How is Citimortgage regarding foreclosure and repayment plans?

My home slipped into foreclosure about two weeks ago. Apparently I missed by ONE DAY having a payment applied that would have probably staved this off. My check was returned uncashed.

Ironically, I am now in a position that I can catch things up within 2-3 months (I am 4 months behind), and have talked with someone at Citi regarding a repayment plan of sorts, but am in limbo until I get a call back from a "specialist" late next week. Ideally, I just want to catch up, get back to making regular on-time payments, and get off their list.

What can I expect? I read all kinds of horror stories on the internet, yet I know that people usually only complain when they have a horror story, they don't post that everything went great. Am I worrying for nothing? I did read one post here from a couple years ago that said Citi was easy to work with.

 

I live in Iowa, for whatever that's worth.

Thanks.

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I have CitiMortgage and got behind when I was unemployed. To stave off F/C, apply for HAMP. That buys you about 3 months. If you haven't caught up, appeal the decision of the first HAMP. They will tell you to reapply. Rinse and repeat.

 

By doing this, I bought a year in which I caught up....I was 5 months behind.

 

Since then, all my payments have been current.

 

Good Luck

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I have CitiMortgage and got behind when I was unemployed. To stave off F/C, apply for HAMP. That buys you about 3 months. If you haven't caught up, appeal the decision of the first HAMP. They will tell you to reapply. Rinse and repeat.

 

By doing this, I bought a year in which I caught up....I was 5 months behind.

 

Since then, all my payments have been current.

 

Good Luck

That sounds like good advice. A couple questions...

 

1) Once you caught up, did you get off their bad person list? As if everything is normal?

 

2) Right now they won't take my money, at least not through normal channels. Who/how did you pay?

 

As I understand it, I am in a foreclosure status, so if I understand you correctly, because it's just starting I can stop the process while HAMP processes and I get caught up, correct?

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Since I was not in foreclosure yet, I could still make a payment on their "special" page for delinquents or I could call the HAMP rep and make the payment over the phone.

 

I don't understand why you are in foreclosure after only being 4 mo late. They usually allow over 6 months arrears.

 

Go on the website and apply for HAMP and see what happens.

 

If you have been served F/C papers, you will need an atty.

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More than likely, they have sent a "Breach" letter to you. That is the "Preforeclosure" notice that they are going to put you into foreclosure unless you bring the account current. They will not take partial payments. They won't because if they do, they have to re-breach you and start the clock ticking over again.

 

Ask for a loan mod (Not every loan is eligible for HAMP. Most HAMP loans have to be government loans originated before May 31, 2009) application. By Federal statute, they have to stop any process to default you until you submit a package and they review and decision your application. They are required to attempt at least two times, contact with you before they can breach you. They are required by statute to solicit you for alternatives to foreclosure before they can breach you and, they are required to provide you a single point of contact and decision your application within a 30 day period OR, if you submit an incomplete package, notify you that it is incomplete and give you an additional 14 days to provide a complete package. If you provide a complete package, they are required to notify you within 5 days of receipt of the complete package that they have it and that it is under review.

 

If you have been served F/C papers, you do NOT need an attorney. While it may often be better to have one, you do not need one and, there is nothing an attorney can do for you that you can't do for yourself, for free. Granted, many people feel uncomfortable, rightfully so battling the banks but if you have the ability to get on the internet, take good notes, be organized and articulate yourself clearly and concisely, you can do it all on your own.

 

If you follow the rules, and the lender fails anywhere in the timeline I listed above, you can file a complete with the CFPB for their violation. It's a serious complaint, that gets taken seriously. If you don't follow the rules, the lender will foreclose if it is economically feasible for them to do so.

 

Good luck.

Edited by Kuuner

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More than likely, they have sent a "Breach" letter to you. That is the "Preforeclosure" notice that they are going to put you into foreclosure unless you bring the account current. They will not take partial payments. They won't because if they do, they have to re-breach you and start the clock ticking over again.

 

Ask for a loan mod (Not every loan is eligible for HAMP. Most HAMP loans have to be government loans originated before May 31, 2009) application. By Federal statute, they have to stop any process to default you until you submit a package and they review and decision your application. They are required to attempt at least two times, contact with you before they can breach you. They are required by statute to solicit you for alternatives to foreclosure before they can breach you and, they are required to provide you a single point of contact and decision your application within a 30 day period OR, if you submit an incomplete package, notify you that it is incomplete and give you an additional 14 days to provide a complete package. If you provide a complete package, they are required to notify you within 5 days of receipt of the complete package that they have it and that it is under review.

 

If you have been served F/C papers, you do NOT need an attorney. While it may often be better to have one, you do not need one and, there is nothing an attorney can do for you that you can't do for yourself, for free. Granted, many people feel uncomfortable, rightfully so battling the banks but if you have the ability to get on the internet, take good notes, be organized and articulate yourself clearly and concisely, you can do it all on your own.

 

If you follow the rules, and the lender fails anywhere in the timeline I listed above, you can file a complete with the CFPB for their violation. It's a serious complaint, that gets taken seriously. If you don't follow the rules, the lender will foreclose if it is economically feasible for them to do so.

 

Good luck.

In doing the loan mod would it be best to send in a uncompleted package to buy more time?

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