Anyhow – We got to talking about the foreclosure plan and one of the guys mentioned that his home is financed through Citifinancial, and they actually sent HIM a letter out of nowhere, telling him he may qualify for assistance under the new plan! He actually got 2 letters, so he gave me one of them to take a look at…In BIG BOLD LETTERS it said:

You May Qualify for Foreclosure Prevention Assistance!

As you can imagine, it even made me read the entire content in the letter… hell, if he could qualify, I might be able to also right?!

I asked my friend about his financial situation and here were his details:

• Single Homeowner
• Father of 1 – he pays child support and shares custody
• Gross pay of $38,000 +/-
• Mortgage payment of $1397 per month (!Gack!)
• Very little credit card debt.
• He has not made an on time mortgage payment in 6 months, and is usually 1-2 weeks late every month, but has never been more than 15-20 days late at most!

After hearing about his finances… I was not only shocked that he is living for his house, but wondered how the hell he could afford to play poker with us, let alone buy food and pay utilities!

Just a little basic math on my cell phone had me jumping at him, encouraging him to complete the foreclosure prevention form and send it in… Immediately! You see… his house note costs him more than the 31% qualifier in the foreclosure plan, as a matter of fact… his note costs 44%!

Filling out the Enclosed Form from Citibank

The form Citi sent was very straightforward and all on one page – which is friggin shocking for anything to do with a mortgage, but that’s another post!!

Basic info like employment history, paystubs, tax returns… the normal stuff you would expect to need on any application for credit, was completed in less than 10 minutes between poker hands, and he sent it in on Friday!

Have you received any forms from Citi? If so, share the results of the process with others here!