Citibank Mortgage Complaint

Citibank Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Michigan

Earlier this year, a rep from our mortgage company ( CitiFinancial ) called to let us know that they were going to possibly be readjusting our mortgage. They said they would be sending someone to do an appraisal, and based on the determined value, they would be reducing the amount we owe on our house. They also said they would be giving us better terms for our mortgage. Since we have been paying on our mortgage for ten years and the principal has not gone down at all, but has actually increased, we were pleased that our terms could improve. They then had us begin working with another company ( - - - ). This other company made it seem as though they were going to refinance our house for the amount of our appraisal and would give us a better interest rate ( our rate through Citi is around 10 % ). They gave us a list of things we needed to provide, and we gave them back the information they requested. They then sent another large packet of information to send back to them. This took us a long time to complete, and was complicated. We sent it


for the amount we conducted all the repairs. These repairs were extensive and would have cost us more than - dollars to complete. They gave us a deadline ( a few weeks ) and then stopped working with us. Recently, I began looking online for some information about our mortgage company to see if there was a reason why they had to contact us in the first place, and I learned that on - -, 2014, Citigroup announced that they came to a settlement to resolve residential civil claims of predatory lending. Here is what I found : -. I believe our loan was one of the loans that should qualify for principal reduction and forbearance for residential loans, as well as other direct consumer benefits from various relief programs. '' We believe that it was never the intention of CitiFinancial nor - - - to ever refinance our house or reduce our mortgage amount.