CitiMortgage / ham program

United States Review updated:

I live in Miami, Florida and I also applied through Homeowner Modification Program a.k.a H.A.M with Citimortgage in April 2009. The Bank put me in a trial period which was supposed to last for 3 months. However, the period lasted from June 2009 until December 2009. During the trial period my mortgage payment was reduced from $3, 079.39 per month down to $2, 064.33 per month. After 3 months, Citimortgage was suppose to inform me (the homeowner) if I qualified for a permanent mortgage modification rather than being in a trial period. As previously stated, they inform me after 7 months that I did not qualify due to my equity in my home. They stated that I had enough equity in the home and that I can sell it to liquidate my mortgage in its entirety. However, I only own one house and its my primary home. I always paid on time prior to the Trial Period and during my Trial Period. I never missed a payment. In December 02, I made my December trial payment of $2, 064 and days after I received a letter from Citimortgage demanding the amount of $9, 238. This amount derived from the fact that since I did not qualify for the permanent modification, they demanded the amount of 7 months of regular payments rather than 7 months of trial payment. In other words, 7 months of regular payments totaled $3, 079.39 x 7 months= $21, 555.73. But the bank collected $14, 450.31 which derived from $2, 064.33 time 7 months=$14, 450.3 which was sufficient to cover for 4.69 months of regular payments. As such, I needed to cover for 3 more months to cover for a total 7 months I was under the Trial period. As such, per their demand letter I needed to come up with $9, 238 (to cover 3 months) within 30 days from December 02, 2009. As you can imagine, I was in shock to learn that the bank had 7 months to decide if I was going to qualify, yet I only had 30 days to give them the money before January 02, 2010. In December 2009, I became unemployed. I used to work as a Sr. Credit Analyst for a Community Bank which closed its doors in Dec. 2009. I could not pay the amount the Bank demanded in 30 days. I called Citimortgage the second week of February 2010, to pay the amount of $15, 533 according to their February statement amount only to learn that my loan was in foreclosure and that my case was handled by an outside attorney by the name of David Stern in Plantation, Florida. I learn that this attorney was being investigated by the FBI and had a bad reputation all over the [redacted]s. So I had no choice than to hire an attorney (costing more money) to fight for my case and obtain figures ASAP from the law offices of David Stern. I went to see my attorney for the first time on Feb 22, 2010. I don’t understand how this Bank took me to Foreclosure if I paid according to their Trial period Terms an amount of $2, 064 until December 2009. In February 2010 Citimortgage stated they sent me to foreclosure due to the fact that the amount of $14, 450 only covered 4 months of regular payment and as such I owe them 3 months of regular payments automatically making me 90 days delinquent. Since my career has always been in the Banking Business, they have drawn my credit down the hills by lowering my credit score by 150 points, and stating that I am currently in Foreclosure. Now I am not only in Foreclosure but can not get a job as a Credit Analyst. Their action has created a lot of damage in my family, my person and my career. I am even trying to bring my loan current and they are taking more than one month to give me pay off figures. I believe, someone needs to help homeowners like us, who applied for this program in lieu of reducing their mortgage payment only to find that their credit score decrease by more than 150, the Bank puts you in foreclosure and you now can not get a job. This is not right and I believe, Banks such as Citimortgage need to pay. By the way, my attorney told me I will most likely end up paying Citi’s attorney’s fees (Fees for Law offices of David Stern) because banks these days can do whatever they want. This is the reality of our country. Also, David Stern file foreclosure, without notifying me in writing and this is why they want me to sign a waiver of foreclosure. Is this the price to pay for applying for a loan modification? If you are interested in a Class Action Law Suit agains Citimortgage call Attorney Carlin Phillips at E-mail: [protected]
Telephone (toll free): [protected], Ext. 112

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  • Ha
      22nd of Apr, 2010

    Hi Carivos, I am in the exact same situation as you — pretty much in every step! I have never missed a payment, never been late and had a stellar credit score of over 800 when I applied for HAM with CitiMortgage in August. Last week, after processing my application for 8.5 months, I found out that they had thrown out my application due to me not sending in some papers that they had requested. I complained and said that I have sent in every document they have requested and gave them dates I sent papers in and what was sent in and to where. CitiMortgage is now "investigating" my complaint to see if they will be able to reinstate my application again. They are supposed to let me know in the next day or so. I don't have very high hopes as they are investigating themselves and we can all guess who will be in the wrong...

    Anyway, if they insist on throwing out my application, not only do I owe them the difference between my regular payment and the required trial period payment of $13, 700 (and yes, I have 2 weeks to come up with that amount), they also have trashed my credit score, which currently are down 200 points.

    I just don't understand how this can go on. It is obvious that the banks aren't even a little bit interested in actually approving anyone for the HAM program. If they were, they would approve people as soon as they've checked that they are eligible.

    +1 Votes
  • Bl
      15th of May, 2010

    Hi Carivos,

    I thought I was the only one who experienced this ordeal with Citimortgage. Looks like I am wrong. Now I am convinced that this HAM program was designed to destroy people in difficult situation, not to help them. I think we should file a class action law suit against them to bring these vampires to justice.

    0 Votes
  • Bl
      15th of May, 2010

    This is what happened to me:
    In April 2009 I lost my job. I informed Citimortgage right away about my difficult. After making the regular payment for two more months, I was not able to keep that anymore. Citimortgage advised me to apply for their HAM program (loan modification program), which I did.

    I was told that I would be put on a trial period for three months. During this trial period, they would lower my payment amount from my regular amount of $2660 to $1223. I was told that if I made all trial payments, they would make it permanent. I started to make the trial payment in September 2009, as they requested. During the trial period, I submitted all the documents they requested. Every month I called in to check my status, only to be told that they were still reviewing the completeness of my profile. I faxed in form 4056EZ four times, only because they couldn't finish the review and the form only gave them one month's authorization to pull my tax record. Between September 2009 and April 2010, I made countless phone calls to Citimortgage only to find out the review progress was still in progress. I thought they were indeed helping many people like me who are in difficult situation and seeking help from them. But I was wrong. After 7 long months, they finally sent the whole package to their underwriting team for the final review. It only took the underwriting team less than a week to deny my case (on 3/26/2010). After that, Citimortgage kept sending me letters requesting me to pay $22, 942 plus some late charge fees. I was totally shocked and deeply depressed. I tried my best to work with Citimortgage hoping that the HAM program would assist me during this difficult time. The whole family cut the expense to the bare minimum in order to keep the trial payment. Meanwhile, I have been looking for a new job. Apparently, Citimorgage care about none of that. They only care about collecting as much money from me as possible. At the same time, they trashed my credit score.

    0 Votes
  • Mr
      30th of Jun, 2010

    I started a modification almost one year ago with Citi lowering my payments from $1900 to $1150. I was never late and sent paperwork that they kept requesting evey two months. Bank statements, check stubs, tax forms etc. Each time they said I should hear soon. Today I spoke to a woman who was rude to me from the first moment I spoke to her. I was making my payment as usual and when she asked me if there was anything else she can do I said yes let me know why this process is taking over a year and is there anything to expedite it. She responded by saying that I had been denied the HAM program two months ago. Noone let me know and this is the first I had heard. I said why she said for not sending in paperwork. I said I have sent everything numerous times and that was not right. I said is there anything I can do she said " Call your congressman" I asked for her name and she refused to give it to me finally she gave me her first name. I asked to speak to a supervisor and she said thats not going to help you you are about to go into foreclosure and told me just pay 16k. I said if I had 16k laying around I would not have been in this situation. I finally got annoyed and ended the call. This whole program is bull and gets people in a worse situation then they were in to begin with. I guess I know have to hire an attorney and start the process all over again.

    0 Votes
  • Ed
      7th of Jul, 2010

    I am in the same situation as you guys. Citimortgage is doing the same thing with me. we have to do something. citi should not be allowed to get away with doing this to people.

    0 Votes
  • Ne
      3rd of Aug, 2010

    I have had the same thing happen to me. I don't understand how they can get away with this. I did exactly what they told me to do and have jerked me around since day one. I'm going to write to my congressman and everyone else that will listen.

    0 Votes
  • Ar
      8th of Oct, 2010

    I having the same situation right now.

    0 Votes
  • Rp
      10th of Jan, 2011

    Worst company ever! This is the 4th time i've tried loan modification with Citimortgage. They've lost paperwork, they've told me I was actually approved and I never got the paperwork and the deadline expired, another time the underwriters were writing up the loan and I was told it would take awhile, but when I called in to check, they said they had stopped work on it with no reason noted as to why and a new forclosure sale date was give. So, now the 4th time, I was told I could email the documents in. I did that was told it was all received and everything was there, then a couple days later I was told the docs couldn't be opened-maening the lady that said it was all there never looked at them. I then received a letter saying I had be given a months extension to get in paperwork or correct letters. When I called to check on this, I was told that they hadn't bothered to change the sale date even though now the sale date is a month before the paperwork is actually due. I asked them to put in a postponement on the sale and they say they've requested it(3times), but haven't heard back. I call and call...The sale is tomorrow and i am soooo pissed! Citi said they're waiting to hear from Fannie Mae, but I called them and they said this was up to Cite, not them! Citi told me to call the lawyers office handling the sale, so I did and they said the same thing as Fannie Mae-its up to Citi. Do they not know what they are doing there?-I am just about out of time. I was told the person in charge of my file will be calling me when she comes in, but she works the nightshift, so it'll probably be too late to do anything since the Lawyers office will be closed. i told the person I spoke to that and was told that there was nothing she could do. Maybe I can sue them for fraud or something-since I do have the letter they sent me with the month's extension...

    0 Votes
  • Sh
      8th of Mar, 2011

    my modification started in june of 2009. finally got straightened out march 4th 2011 when i sent them a check for $8900 to pay the amount behind that was there because of their B.S. loan mortgage is the worst, most unprofessional company i've ever dealt with.i will definately refinance with someone else as soon as i get my credit back up.i hope someone is able to sue the crap out of them!!! a class action suit would be nice

    0 Votes

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