2nd Loan Modification Update

So technically we have modified our first mortgage. I still have yet to hear from Jowanna at B of A. I have nothing to make a June payment (no pay stub or paperwork) so I'm just gonna wait that one out and see if we get something to make the July payment. The last time I spoke with someone over there they said that my first trial payment wasn't due until July 1. I like that plan so we'll stick to that unless I hear from Jowanna.

Now the 2nd mortgage is with CitiMortgage. I did not make the April or May payments and they have been hounding me something awful to send in a payment. I'm taking all the collection calls and usually stumping the reps with my double talk, vast knowledge of the banking system and the home loan modification system. The collection people will try and tell you that if you don't make your payments it will ruin your chances for a modification.... Lie. They will tell you that a loan modification is not an excuse to stop making payments......Lie. They will tell you that a loan modification will not take your back past due payments and roll them into a new loan......Lie. Their sole purpose is to get you to send in a payment RIGHT NOW. Ignore them. It's a second. They can't touch you and with the drop in home values most second mortgages are now unsecured loans. There is no equity or anything to back up the smaller 2nd loans. They will lose all of their money and any chance to get it back if they try and foreclose on you in a non-recourse state. Those pesky little collection agents don't know any of that crap. They will try and talk you in circles. One of them even asked my if my family and I had made plans to move yet? They've got balls, but no cock. Don't let them rattle you.

So in addition to dealing with collections department at Citi I have also been talking to the Home Retention Department. I've been getting the run around over there since March. They were telling me that they could do nothing until I had finished my loan mod with B of A. I called as soon as I got the modified numbers from Jowanna and gave all the info to Citi. When I called back a week later to check on my status they had no record of me calling in the week before. I gave all the new info again and was finally told that with the new numbers from B of A I did in fact qualify for a modification from Citi and that they would send me a packet in the mail. I'm still waiting for that packet. I have sent them nothing more than the application, no bank statements, no pay stubs, no tax returns.

I called again on Tuesday to get an update and find out where my 'packet' was. I was told it is still in transit but did I want to know my new payment amount!!!! What? Apparently the system over at Citi is a little different than at B of A, either that or the 2nd does truly just copy what ever the first mortgage holder does.

So Drumroll Please........

The final numbers are 1st Mortgage:     $2440.40
                                2nd Mortgage:      $466.29
                      Taxes and Insurance:       $297.00

For a grand total of $3203.69


Previous numbers were $3803.73, $855.22, plus taxes and insurance for a total of $4955.95

That is a savings of over $1700 a month in interest. Over the life time of the loans we will save over $300,000 in payments.

It is totally worth all the headaches and collection calls and waiting and time. Do it yourself before it's too late.