What steps should I take to try and get my loan modified? My lender is Citimortgage.
That's a great question. Many homeowners today find themselves (through no fault of their own) in a situation where a loan modification would greatly benefit them; but the problem many may find and prevent them from getting one is not knowing where to start. Let me try to help.
Prior to making that first phone call to your lender, take some time and gather some financial information to have for your reference when on the phone with the lender. This could be your latest bank statements, pay records, etc. Also, I suggest making a list of your monthly expenses; and I mean everything. If there are expences that are not monthly (i.e. insurance payments and the like) take the amount you pay each year and divide by 12. Once you get someone on the phone at your lender you may be asked to provide some of these numbers for them; by having them ready you can avoid calling back and being on infinite hold with the lender. At the very least you will have this information handy when asked to complete any financial status report from your lender.
After compiling your information; contact Citi. Use the number on the statement (always a good place to start) and the customer service rep will put you in touch with the appropriate department. Opening the lines of communication with your lender is always a good thing as if they are unaware of your situation; if you do not that's when less favorable things happen such as your payment going up more (in the case of an adjustable mtg) or ever foreclosure proceedings (if you are unable to make full payment for a number of months).
If you are unable to get any sort of satisfactory results it may be time to engage the services of a third party loan modification group. They are professionals that may be able to get a more favorable result. As I always say; do your homework on the company you contact and decide to spend your hard-earned dollars with.
I hope this has helped. Best of luck.