We applied for a loan modification with CitiMortgage and just received our offer letter. It is a joke and a complete waste of time. Our offer was to drop our annual percentage rate by 1% and to increase our number of monthly payments by almost 200. This would effectively increase our payout to CitiMortgage by $1,200,000.00, which would double our current payout.
Nice easy money for CitiMortgage. I am glad to see that this lender is there to help its customers. Fortunately, so is the local loan shark, and they probably offer lower interest rates than CitiMortgage. I am not sure who they thought they were making this offer to, but anyone with a calculator can quickly see that this is a really bad idea.
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