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  1. #1

    Citimortgae: Alt Mod


    I started this process in October of 2010. My wife lost her job a few years ago, but she was receiving Unemployment benefits so it helped us out. When the benefits ran out, She was still not able to find employment. They told me from the beginning I qualify for the HAMP. I sent in all required Docs requested.

    In May, 2010, I was told I was removed from the Loan Mod because I had too much income because my Wife was receiving Unemployment. I explained to them, she was no longer receiving Unemployment benefits and that is why I am falling behind.

    In July 2010, they sent me a letter saying I was removed for not responding to inquiries by them, although I was calling THEM at least twice a week since the beginning, and every time I called, they said they had all required info and Docs and it was just waiting to be reviewed.

    It is now October of 2010, and Finally, I received a package with a letter stating "We are sorry but you do not qulify for the Government HAMP Mod. However, upon reveiw, you are eligible for the Alternative Modification offered by the investor that owns your Loan". I have a Fannie Mae Loan. It came with a Loan Modification agreement.

    My original Loan was $1867 with taxes but without Insurance at a rate of 5.875 Fixed, 30 years.

    My modified payments will be as follows:

    1-5 Years, 3.25 % , $1560.67
    6th Year, 4.25 % , $1676.52
    7-Term, 4.375 % , $1690.75

    These payments include both taxes and insurance. I am very Happy with that. To all that are frustrated and feel like Citimortgage is not helping, be patient and it should work out for you!!!!

  2. #2
    Congratulations that is an excellent modification, your hard work and due diligence has finally paid off!

  3. #3
    WoW!!!.. This seems like a good mod.

    i think this is not HAMP. Is it? If it is, then no trial? I am also expecting response from Citi anytime as its in last stage of approval.

  4. #4
    No, this is not the HAMP. They said I did not qualify for the HAMP after almost a year of trial payments. They then offered me this Alternative Mod which has worked out great. The only thing is, they added about $51 on the payment after the first because they said they did a Escrow evaluation and I was short. That's OK. It is still a good deal


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