I applied for the Homeowner Modification Program a.K. A H.A. M with Citimortgage in April. The Bank put me in a trial period which was supposed to last for 3 months. However, the period lasted from June until December. 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. 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.in December 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. The first week of February I called my dad asking for help to come up with the money that Citimortgage was demanding. He send me the money via wire transfer including Januarys and Februarys payment amount. I called Citimortgage the second week of February 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 rip off reports. 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. Today is March 23 and I am still waiting on re-instatement figures from the law offices of David Stern. I ask Citimortgage when did they sent me to Foreclosure, and they told me in February 19. I dont understand how this Bank took me to Foreclosure if I paid according to their Trial period Terms an amount of $2,064 until December.in February 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 me, 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 Citis attorneys 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 filed 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? Please help me. Hoping for a response
C.
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