This is a story of WOE.  My neighbor is a State Trooper.  He was hit by a BK roofing truck.  The state of Fl paid him for ONE day of missed work.  He was out for 2 months.  With 2 children and a stay at home wife, they used up their savings and maxed out credit cards paying the $2500 mortgage per month. He had disability insurance BUT the fine print said he had to lose a limb to collect!!  They have been dealing with Citibank trying to get the mortgage payment reduced so they will not fall behind.  Citibank informed them that in order to reduce the payment they would have to stop paying the mortgage and wait a few months and apply for a loan mod....THIS DOESN'T MAKE SENSE...why wouldn't citi want to do something NOW??

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If you can get to Justin Rand at Citi, I believe he will do whatever he can to help.  One of the few good guys....

I will help them reach Justin..thank you Jeff

Get Citi to put it in writing that says he must miss a payment in order for him to qualify for a loan mod (HAMP or another Program).


Do I need to be behind on my mortgage payments to be eligible for a modification under HAMP?


No. Responsible homeowners who are struggling to remain current on their mortgage payments are eligible if they reasonably believe they are very likely to default on their mortgage soon (often referred to by loan servicers as "imminent default"). This might be because a homeowner has had (or will have) a significant increase in the mortgage payment (due to a payment adjustment or rate adjustment upwards); unemployment or some other significant reduction in income; or some other financial hardship that will make the mortgage unaffordable. If you are facing a similar situation, contact your servicer. You will be required to document your income and expenses and provide evidence of the hardship or change in your circumstances

thank you Kevin for your sound advise

You're welcome.  Do you know what type of loan it is? Fannie, Freddie, FHA, VA or other?

This is common and is a ridicuous requirement. It's the truth though, 99% of the time (in my experience) no lender will approve a modification if the loan remains current. Yes, they will pretend like it's possible, and drag it out for months, but they never get approved.

It makes getting a modification a huge gamble with someone's credit.

I am curious to see what Mr Rand can do though...



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