Mortgage Forum

Mike

Hello to everyone out there. I'm glad I found this forum and what a wealth of info it is. Okay, here's my story - We refinanced with CitiFinancial "Services" (yes it is different than CitiMortgage, or so they tell me), back in May 07. We were treading water so took most the equity out of the house to pay all our other bills. Now we have a 155k loan, with a 10% APR, and a $1600 payment, not escrowed. Due to me been hospitalized from PD complications, we have fallen three months behind on our mortgage. I e-mail the help desk at Citi, but didn't hear nothing. So I figured they didn't want to deal with me. In the mean time, the local branch keep hounding me for a payment and a half. They took a post dated check, which ended up not clearing the bank. Of course the Citifinancial called and demanded payment. I informed them that I didn't have the money till 1 May 08. Well, they couldn't wait. So another perp from the next higher level called and said that if I didn't have some money in the local branch by 10 the next morning, I was going to jail and the house was getting foreclosed. So we dug up some funds, actually robbed Peter to pay Paul, and took it to them. It seemed to have calmed them down for the moment. Today I received a call from Hala Farid, wanting to know if anyone had contacted me about my e-mail. I guess it took the long road to get from here to NY. Anyway, I filled her in on what had taken place over the last week. She said someone from Loss Mit would be contacting me today or tomorrow. Obviously it's going to be tomorrow. She also wanted the names of the people I had dealt with here. She sounded like she really wanted to work with me, and told me not to agree with anything that Loss Mit deals me unless I can afford it. I think I would be able to deal with the $1600 a month, but my wife tells me to try to get a better deal. I read a lot of threads about a Loan Mod from Citi, and I wanted to know if anyone can tell me what this is. I want to be prepared when they call me tomorrow. Also, I'm suppose to e-mail Hala, personally, and let here know the names I dealt with here. Should I say something to her about a Loan Mod? S/F