Posted on 01/05/2010 7:28:53 PM PST by Daniel T. Zanoza
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"I had never missed a payment and I had never been late on a mortgage payment. For the next three months, I sent in my monthly mortgage payment, which reflected the verbal agreement I made with Citibank. After a three month period, I began receiving documents which gave the appearance I was in the process of negotiating for the reduction in my mortgage payments--when I was led to believe back in June, I was meeting my responsibilities regarding the re-financing of my mortgage I had agreed to with Citibank. After a two month period of a back and forth documentation inquiries I was receiving from Citibank, I was then informed I did not qualify for the 'Homeowner Affordability and Stability Plan.' Beginning in December, I started to receive notices from Citibank's collection department which stated I was in arrears on my mortgage payments. To my amazement, Citibank was now demanding the $426 decrease for each month I sent in a payment after the June verbal agreement. Citibank told me I owed $426 for each of the six months I thought I was under the 'Homeowner Affordability and Stability Plan' program." ...
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(Excerpt) Read more at illinoisfamily.org ...
On which planet should this person have qualified for a mortgage adjustment?
The old verbal agreement........
“The old verbal agreement........”
There is NO verbal agreement when real estate is involved!
Too bad he had to learn the hard way.
Yes, I agree. The family should have received this mortgage interest adjustment in writing. But the family does have documentation that a verbal agreement was made. Otherwise, Citibank would not have waited six months to notify the family they were in arrears on their mortgage payments because of the verbal agreement they made in June with Citibank. Anyone who has ever had a mortgage knows that if you send in two-thirds of your payment for two months in a row, let alone five, the lender will respond, but, in this case, Citibank did not.
On the same day in December, Citibank sent out two letters: one thanking the family for their “interest” in the program and a second letter issued from their Collections Dept. Sometimes circumstantial evidence speaks volumes. But this case goes far beyond the circumstantial threshold.
As I wrote in the article: If it sounds too good to be true, it probably is; and “Let the buyer beware.” (Caveat Emptor)
Hopefully, this is a lesson to all regarding Obama’s “Homeowner Affordability and Stability Plan” and how it is being administered by lenders.
Not too hard, nothing said they were asking for any additional interest or penalties, just all the money they saved over the past 6 months.
Of course, they probably spent all that money, just like so many homeowners borrowed new money and spent it all, and now don’t want to pay it back because their homes aren’t “worth it”.
You need to read the qualifications yourself. They can be found on line.
Bump!
FWIW
Thanks. Saw this and thought it was interesting. Not sure how to put it on the list, but worth keeping track of.
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