Citimortgage, Inc. / not following home affordable modification program guidelines
2896 via palma, lake worth, florida 33461
july 2, 2009
Loss mitigation department
1000 technology drive
O’fallon, mo 63368
Fax number: [protected]
Re: loan number [protected]
Summary of situation
Due to financial hardship as a result of an unexpected divorce at the end of 2008, I contacted citimortgage, inc. at the beginning of january 2009 to explain that I needed help getting my loan modified.
on january 14, 2009, I faxed over my citimortgage workable solutions application which consisted of fifty-eight pages.
On january 26, 2009 I called citimortgage, inc. they stated they had received my fax but were still working on reviewing it. they would call me back soon. I never heard from them.
On january 23, 2009, I called citimortgage, inc. and spoke to representative “mark”. he stated that the fifty-eight pages of my citimortgage workable solutions application had not been “scanned” in yet and he would have to transfer me to “whitney” with citimortgage, inc. loss mitigation department. “whitney” explained to me that I would need to do a “trial run” of modified payments of
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July 2, 2009
Loan # [protected]
$ 995.00 for four months to prove I could afford them and pay on time. after paying these four payments I would then qualify for a permanent modified mortgage program. she stated that she would be mailing the documentation regarding this arrangement to me for my review and signature and then for me to return them to citimortgage, inc. “whitney” instructed me to call citimortgage loss mitigation department back immediately after paying my june, 2009 payment to complete the process. I never did receive any documentation during these four months even though I had made several telephone calls requesting them. I did pay the modified payments of $ 995.00 on time in march, april, may and june 2009 as requested.
June 29th and july 1st, 2009
Listed below is a summary of important details that were covered in telephone conversations with “ms. rachael, supervisor” of citimortgage, inc. and myself on monday, june 29th, 2009 and with “ms. aaron, supervisor” of citimortgage, inc. along ms. ivy with the hope for homeowners organization and myself on wednesday, july 1st, 2009 regarding my pending home affordable modification for the above referenced loan number.
• on monday, june 29th, 2009 “ms. rachel, supervisor” of citimortgage, inc. gave me information regarding the payments I would have to pay under the home affordable modification program. I stated that the amount citimortgage, inc. was requesting from me as a monthly payment was higher than I had been paying for the past four months and did not reflect a modified mortgage payment of 31% (thirty-one percent) of my gross income (as specified in the home affordable modification program guidelines). “ms. rachael” stated “we don’t have to do anything for you but this is what we are offering. you can review and sign the modification agreement or you can pay a balloon payment of approximately $ 3, 400.00 which is due july 25th, 2009.” she stated that I was never on a trial basis for a modification program but in forbearance. never at any time since my conversations started with citimortgage, inc. on january 23, 2009 did anyone state to me forbearance or a balloon payment being due in july 2009.
Page three of four
July 2, 2009
Loan # [protected]
• on wednesday, july 1st, 2009 ms. ivy with the hope for homeowner’s organization and myself contacted citimortgage, inc. again regarding this situation. when speaking with “ms. aaron, supervisor” at citimortgage, inc. regarding the issue of my modified payment not meeting the 31% mortgage payment goal “ms. aaron” stated that “these are the figures our computer system is giving us”. we pointed out once again that the figures where not correct. according to the guidelines of the home affordable modification program, the borrows’ monthly mortgage payment, including principal, interest, property taxes, property insurance, etc. should be set at 31% of the borrows’ gross income.in order to reach the target affordability level of 31%, interest payments can be reduced down to as low as 2%. if at that rate the debt to income level is still over 31%, then the lender needs to extend the term or amortization period up to 40 years and finally if needed, forbear principal at no interest, until the payment is reduced to the 31% target. “ms. aaron” then placed ivy with the hope for homeowner’s organization and myself on hold to discuss this problem with her supervisor. she came back and stated “my supervisor has informed me to tell you there must be a glitch in our computer system. he will have a technician look into it. you will have to call back in two weeks”. I was advised then by hope for homeowner’s that we should end our telephone conversation with citimortgage, inc.
I will be calling back in two weeks along with a representative from the hope for homeowner’s organization. I can only hope the “glitch” in citimortgage, inc.’s computer system that is giving incorrect information will be fixed in order for myself and possibly other citimortgage, inc. customers to get accurate modified payments equal to 31% of the borrows’ gross income as outlined by president obama’s home affordable modification program.
Meanwhile, I sit for another two weeks with this so called “balloon payment” hanging over my head and my children and I wondering what is going to happen to our home. I have honestly done everything citimortgage, inc. has asked me to do
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July 2, 2009
Loan # [protected]
For the past four months and have researched the u. s. department of the treasury’s guidelines for their “making home affordable” program to the fullest extent only to find myself in an unfair business situation.
I clearly understand that lender’s, including citimortgage, inc., are receiving funds from the u. s. treasury for participating in this program. I would like to believe that citimortgage, inc. is following the making home affordable guidelines accurately since they are financially benefiting from the u. s. government. I guess in two weeks I will know the answer to this.
I would also like to state I have also been advised to call the state of florida attorney general’s office regarding this “glitch” in citimortgage, inc. computer system and also discuss with them the details of my situation. I will be making this telephone call along with mailing this letter to the below listed organizations and businesses. if citimortgage, inc. or any of the following carbon copied businesses would like to contact me, you can reach me anytime at [protected].
Cc: mr. bill mccollum, attorney general/state of florida
federal trade commission& fdic
better business bureau
hope for homeowners
wpec news 12
Note: the spelling of the employee’s names at citimortgage, inc. may be incorrect and no last names are ever given out.
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