loan modification with citi mortgage

Good Luck with Citi, as we are trying the same thing on our side trying. Citi just delays and delays, and we have pretty much decided that foreclosure will definitely happen.

I have been making on time trial payments for 8 months and then collections called me and said it was denied and that they are trying another modification but I need to pay 7500 within 2 weeks or they can take my house???
Help me..I want my house and I trusted them....

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In February of 2009 I started the process of getting a loan modification because like most of us I had a reduction in pay and planning 6 months in advance knew I was not going to be able to keep up my mortgage payments. I started by filling out Citimortgage’s hardship affidavit and sending them all of the appropriate documentation. What started as a simple process has since become my worst nightmare. First Citibank kept losing my documentation, so I kept resending it. Then after months and months with no word from Citimortgage my financial situation deteriorated even further. Still I continued to make my mortgage payments in full and on time. This of course meant I was charging necessities on my credit cards driving me further in debt, but I did not want to neglect my responsibilities. Then in one of the many conversations I had with Citimortgage’s loss mitigation department, I was convinced that I should sign up for a plan, where my mortgage payments would be lowered for a period of three months. Within this time I was told that the remortilization would be completed. The problem was that if it was not I would have to make balloon payments to make up for the reduction and then some. I did not want to do this because I knew that if it didn’t happen within the three month time frame I would not be able to pay the ridiculous sum of the balloon payment in the end.
I should mention that I have two mortgages with Citibank. When I applied for a mortgage for my house I took a second mortgage to pay for the down payment on my house. Sound familiar?
I know I should not have enrolled in this 3 month program, but at the time I was told by the Citimortgage representative that it was the only way to get a remortilization, and if I didn’t (which I refused twice already) then I would be at the bottom of the list and it simple would never happen. They told me this. At this time knowing making my next payment in full was going to be extremely difficult I opted into the plan. Of course as I expected three months came and went and I was still waiting. Now Citimortage was looking for the balloon payment which I didn’t have. All this time I had continued to make payments every month 1 week early.
Next, I ran into some financial trouble and made 1 late payment on my first mortgage. The next month I had some extra money and caught up on my 1st mortgage except for the balloon payment and paid everything on the second including that balloon payment, making me current. Then Citimortgage made me reapply for the hardship affidavit, I think for the 4th or 5th time and put me into another program with a reduced payment on my 1st mortgage only. These payments were to reflect what I would be looking at after the re-mortilization, however they would no longer look at my 2nd mortgage and I continued making the full payment on that account. This was at the end of the summer last year and again was supposed to last another 3 months and they assured me that legally it could not last longer. I was also told to make the payment early and by phone to ensure they were received on time.
I was also told that they had to re-finance the 1st mortgage and only after could they even look at the second. For the last year and a half my only goal has been to refinance my mortgage by merging the two. I am fine paying the 1st mortgage, it is the second that puts me over the top.
Up to the current: after waiting and making my payments every month early and by phone (which they started charging me $20.00 per payment, so $40.00 each month) they bumped me out of the program May 21st 2010. I only found this out when I called to make my monthly payment and I couldn’t. I should also mention that during this time I’ve had about 10 “specialists” handling my account, none of which will return a phone call and believe me I call. The last person whom I did get a hold of told me that they might be able to do a “normal” refinance, but I had to resubmit my paperwork for the 6th time. She also told me that I was bumped out of the program because I didn’t qualify. Why do I all of a sudden not qualify, when I was told that I did 10 months ago and my income has since reduced again? The calculations for disqualification she gave me were also incorrect, but she was adamant that they were.
I am at a loss. Currently, I get calls from Citimortgage 3 times a week demanding payment. Then there are the companies Citimortgage hires to drop off unmarked letters to call them regarding my account. I really feel like I have been swindled by Citimortgage. If I had never been coerced into the payment reduction with the balloon payment, I would have been fine….struggled but I would have made it. Now, my credit is ruined (they have reported that I am outstanding at least 6 months, though I have never missed a payment) and I don’t know when I will ever be able to pay the $7,000.00 balloon payment they say I owe. Not to mention the reduction in payment over the past year does not come close to $7,000.00. What do I do now? Walk away from my house? Stop paying? I feel like I’m dealing with a loan shark. Citimortgage has me in a position where I have no choice, but to pay them this exorbitant amount, which they know I can’t or foreclose on my home. It is like they want to be in a position where I have to stop paying them on purpose. I don’t know how else to look at it. I thought they were helping me and instead they are ruining my financial life.