I am a Citimortgage customer whose loan is actually owned by Fannie Mae. I have been trying for several weeks to work with Citi to renegotiate the terms of the loan due to the loss of my job (we went from a two income household to one income). Although we have never been late and have still not missed a payment, I am not sure how long we can keep this up since we also have a second mortgage. There are new programs available (see below for a couple of examples) however, Citi has stated that since we are not past due, there is nothing they can due for us. This does not seem right or fair since one of the new programs l listed below is a new program President Obama just passed into law that is designed to help those homeowners who are not past due, yet again, Citi is not willing to even listen to us.
The Home Affordable Refinance program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan to take advantage of today's lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.
Homeowner Affordability and Stability Plan – announced by President Barack Obama just two weeks ago. The release of detailed requirements for the "Making Home Affordable" program facilitates implementation of the critical provisions that will help bring relief to responsible homeowners struggling to make their mortgage payments, while preventing neighborhoods and communities from suffering the negative spillover effects of foreclosure such as lower housing prices, increased crime and higher taxes.
Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy.
can anyone recommed next steps? I have filed a complaint with the FTC but they said there was nothing they could do and I when I suggested hiring an attorney to file a lawsuit they said I should save my money for my house payment.. Sure sound like a sham to me..
