CIT Bank National Association Mortgage Complaint

CIT Bank National Association Mortgage department,

Conventional adjustable mortgage (ARM) Loan modification,collection,foreclosure California

I purchased my house using a conventional loan in - - and decided to refinance it with - - bank. The broker at the time offered me an adjustable loan with the options of paying the minimal, interest only, or the full amount ; however, during our discussion he was less than transparent when I accepted the adjustable loan and did not inform me of the consequences of just paying the minimal, interest-only or the full amount when making my mortgage payment : to my dismay, $1000.00 was attached to my principal balance each month when I paid anything accept the full amount with an interest rate of 8.75 percent. To my shock and disbelief, I was devastated to find this out! My mortgage loan went from $240.00 and accumulated to $260.00. That was an increase of $20000.00 dollars attached to my principal balance, better known as negative amortization. In - at the beginning of the recession - - sold


me sending them the same documents they requested over and over again. Eventually, I just gave up trying. Subsequently, I tried to short-sale my home and IndyMac also denied a short-sale. While losing my job IndyMac still refuse to work with me in granting a solution to enable me to keep my home. I also tried - -, and all other advocates to help me keep my home to no avail. Because my home is not under - or - -, no financial institution was willing to work with me to refinance my mortgage. Therefore, the only option that is left will eventually lead to foreclosure of my home that I lived in for over 11 years. As a veteran, who served his country for - years, I am simply appalled how these financial institutions " thank me for my service '' by using unethical and predatory lending practices to cheat and fill their pockets of veterans ( and citizens ) with hope that the borrower will foreclose on his/her property to collect the insurance benefits and resell the home at market value to increase their profits - folds.