Mortgage Forum

Mike

Well, today I received a call from Citi Mortgage that our mod application had been approved. Our first payment is due in April. We can skip March's payment. The whole process took about three weeks. We will be getting our loan mod papers via UPS this Friday! Three weeks ago, I sent in my paperwork, financial information, hardship letter etc. to the mod department. I called to follow up shortly after and inquire as to whether or not they had received my documents. I was told that they had and that if I didn't hear back by March 1st to give them a call. I decided to email three people with Citi Mortgage. The CEO and two others from the office of homeownership preservation. I emailed them last Thursday and explained my situation to them. I got an email from one of them the next day letting me know that someone would contact me by end of business on Monday (two days ago). Sure enough, someone did. This person took financial information from me over the phone and asked me to fax him a hardship letter, my W2's and a pay stub. The next day, Tuesday, the closer sent off our package to the underwriter. Today, Wednesday, we received a call from the closer letting us know that our application was approved and we were all set. Our interest rate went from 13.6 to 2% for the next two years. After the two years are up, they will review our info again and determine whether or not another modification is needed. Our monthly payment went down by over 500.00 dollars! I'm still stunned. A few more details. We were never ever late on this loan. Nor have we ever been over 30 days late on our first mortgage. Now, we are working on modifying our first which is set to reset on December 2008. So, there you have it. it can be done!