I heard about the loan modification programs and called CitiMortgage to see if they could do anything for me. I gave them some info over the phone about my income and how much money I paid each month for mortgage, car loan (none), and credit card dept (also none). They said I didn’t qualify for the modification because I didn’t owe enough money. They suggested I talk to someone in their refinancing department. Considering the house is now worth about half of what I own it and I have no money for closing costs and such, I opted not to talk to them. The next day I called back to check if there was anything else I could do. This time they let me know I just had to get some code from the refinancing department to show I tried other options. Then they asked me about other expenses like utilities, health car costs, and groceries. Based on that I qualified to apply for the modification. April 21 I received a package with applications to fill out and a checklist of info they needed from me. April 23 I sent in everything they asked for. April 29 I got an automated call with a message saying I needed to call in. I called and they said they had everything they needed except that they wanted the full bank statement including any adverts the bank tacks on. So I emailed that off to them that day.
May 10 I called in to see how things were going. They told me they needed another month’s worth of bank statements. So I emailed that to them that day. May 24 I got a package from Citi sent by UPS overnight that contained a letter saying they needed additional paperwork and to call them. I called them and was told to disregard the letter, they have everything they need and the application was going to be sent up to get a determination.
June 28 I called to see if they had come to a determination. I was told I was declined because the account was not in delinquency. They said that in order to qualify for a “traditional modification” I had to be behind in my payments. This is not what I’d been told before. I went through the paperwork Citi had sent me and right on the checklist it says, “Continue to make your current Mortgage payment”. I called back and said that I was told I was declined because I wasn’t in delinquency, but it says right here I need to continue to make my payments. They said, no, I wasn’t declined for not being in delinquency, I was declined because, according to them, my income is sufficient to cover my mortgage payments. I was told that this determination was made without considering basic monthly costs like utilities. They just asked for that info because the government program required them to, but they don’t have to use it to decide if you can afford to make your payments. In a few days I’ll be getting a call from some other department for some other program. So we’ll see how that goes.