Now What (Mortgage Modify)

[Dawn]

I talked to the "hope" line yesterday about our mortgage modify, telling them how Citimortgage had us paying a reduced amount for 2 years despite being told it would be 3 months...and discovered we had been denied approval in April. I was put on a conference call with the mortgage company rep and the "counselor". I learned about being dropped in April for the first time, the mortgage rep even stated we were not sent any notification. We've also been paying this lower amount as the company told us to, assuring us we were doing great and our mortgage was going to the underwriters (this was stated to us several times over the last 2 years). The counselor let us know we don't actually qualify for the refi through the "making home affordable" program, and the company shouldn't have us in the trial. Also, being in this program means every month you pay a reduced amount, you are in default. The counselor had the process expedited, meaning Citimortgage will have to give us an answer within a limited time, like within a month or so. She basically assured that if we are not approved for a modify within Citimortgage's normal procedures (not the program) we will have to sell or be foreclosed upon. Our home stinks (meaning it's in need of great many repairs) and is not worth much, will sell for very little if at all. This means we will still owe Citi a lot even if we short sell. It's not looking good, and there is no recourse for Citimortgage's actions (lack of information, telling us to keep doing this we're still in the program (direct quote when asked directly if we were still in the program was "yes."). Sure, we should be responsible for being behind on our mortgage, I'm a good republican and believe that. However, why is Citimortgage being given a pass for lying and hiding information?

[8377]

Wow, that's awful for you and your family. I thought some new regulations were put in place in Jan 2010 to address some of the problems of banks stringing people along like this. But I could be wrong...haven't kept up with that recently. In any case, I would definitely consult an attorney specializing in real estate and mortgage issues, if you haven't already.

[Yahoo]

My first thought would be to contact an attorney. I don't know enough details about the situation and program, but it sure sounds as though Citi is culpable for something.

I'm a good Republican also, and applaud you for accepting responsibility for your situation. But, contrary to popular belief, we are not heartless. It sounds like you've been doing everything in your power to rectify your situation and that's all anyone can ask. I wish you the best of luck and hope things start looking up.

[JoLynne]

You should talk with an attorney. Don't try handling this on your own.

[battlefieldmomma]

I saw a blurb about the Hope line on national news tonight & thought about you. I hope you are doing ok.