Hey -- I know Citi Mortgage (and other divisions of our friends Citibank) have frozen foreclosures until the 14th of this month (March).  Has anybody gotten word on what they're going to do from here??  I was hoping someone had some insider scoop as I have seven Citi files on my desk.   Please share...

FresnoSteve

Earlier today I was talking with a well connected bankruptcy attorney friend of mine.  He said the Stimulus Bill Congress just passed has a provision in it for the Feds to pay $1,000 each for mortgage loan modifications.   Has anybody heard anything about this?   If it's true, we need to get our piece of that pie!!!

Darryl G,  Lancaster, PA

I've run into the same thing in my area.   Mortgages held by Wachovia (now a part of Wells Fargo) are not allowing us to negotiate with them.   I had two cases where I pestered the case manager to death -- thinking of every possible "benefit" for them to talk to me.   I've got pretty thick skin, but these guys won't budge.   My time would have been better spent on a case where I actually had a chance.   Guess we're all learning, huh?    Jeanette,  Chula Vista, CA

Colleagues --  In the last 3 weeks, I've started several loan modifications where the 1st mortgagee was Wachovia.  When our negotiators called to begin the process, in EVERY case they were shut down.  They were told Wachovia will not work with ANY 3rd party loan modification companies.  They supposedly only work directly with the homeowner.   I even got on the phone to try to get past the gatekeepers in loss mit.   I got shut down too.   And, in every case, within a couple days our clients called to tell us they were "working directly with the bank" and wouldn't be needing our services.   Just thought I'd share!

William G., Reston, VA

Have run into that at Citibank as well.  Homecomings doing the same thing -- but it's really a glorified collection effort -- their bank's version of a loan modification.  (Hey, send us your financial info, W2s and paystubs and we'll drop your payment $75.)  What they're doing doesn't appear to be true loan modifications -- i.e. rate and terms are not being improved.  Our company just did one here in Dayton where we convinced lender to take a $100,000 haircut on principal balance.  (Our last seminar with NAMN covered that.) Now, THAT dropped the payment buddy!    Frank J., Dayton, OH