[Vendome]

And here is his follow up:

“Guys I may have just been duped by Citi Mortgage, I sent in the 15K as the letter states, now I’m getting calls from collections asking where is our 125K? Now that I’m readin this letter it states they are accepting a short payoff of 15K OR the net proceeds from settlement, whichever is greater. WHat the hell does “net proceeds from settlement” mean? Could I have been swindled here? The letter also goes on to say the money I send in is theirs to keep. If they try to say they never agreed on 15K I guess they can right?”

Now who is the sucka?

[TSgt]

Home equity lines are secured by the equity in the home so methinks Citi now owns his house.

[dljordan]

“Could I have been swindled here?”

Could HE have been swindled here?

[mad_as_he$$]

That is what I expected to happen.

[moehoward]

"And here is his follow up:

“Guys I may have just been duped by Citi Mortgage, I sent in the 15K as the letter states, now I’m getting calls from collections asking where is our 125K? Now that I’m readin this letter it states they are accepting a short payoff of 15K OR the net proceeds from settlement, whichever is greater. WHat the hell does “net proceeds from settlement” mean? Could I have been swindled here? The letter also goes on to say the money I send in is theirs to keep. If they try to say they never agreed on 15K I guess they can right?”

Now who is the sucka?"

Now that is a far more common post over at loansafe.org. Nearly all of the posts are from folks that are just trying to get the banks to modify their loans. In most cases they get told they qualify for a modification, make payments of X amount until the final docs come.

Problem is the foreclosure clock continues to tick in the background, the final docs rarely come, and sometimes even when those are signed the banks renege.

There's plenty of reason to be pissed off alright.