Citibank Mortgage Complaint

Citibank Mortgage department,

Other mortgage Credit decision / Underwriting New Jersey

1. In - I was -. Being self employed I lost some business because I had to temporarily stop working. I had no choice but to file for bankruptcy. Because In - I was no longer able to make my monthly mortgage payments because my savings were depleted I stopped making payments. 2. In - To prevent foreclosure in my home I accepted a loan modification. The loan modification reduced my payments significantly from - to -. This modification deferred $45000.00 of the principal balance with no interest or monthly payments. The negatives were that the loan was extended to 40 years, the interest rate was - when the HAMP rate was 2 %.


was genuine so on -/-/-, I sent a letter with all the financial information to CitiMortgage and stopped making payments as suggested. On -/-/- CitiMortgage reply requesting additional information which was sent timely. On -/-/- CitiMortgage requested more information and send me - Borrower Assistant Form - which, on -/-/- was fully completed and faxed with all the additional information requested. On-/-/- I received a letter from another Homeowner Support specialist who appeared not to know that Citimortgage had already been talking to me for the past 9 months. On -/-/- ; -/-/- and -/-/- I received similar letters. It was confusing. 4. Parallel to processing the application for the loan modification CitiMortgage began foreclosure proceedings making me believe that this was a necessary process to qualify for the HAMP program. To my surprise on -/-/- I was served summons by the court. I believe this was done in purpose to pressure me to accept the loan modification that they would propose. 5. On -/-/- I received an email informing me of the approval of the mod-trial, which I accepted after the scary moment I endure when I received the summons. 6. The mod-trial ended by -/-/- but, on -/-/- - - - send me a Servicing transfer, to begin payments on - -, - -. Although, the mod-trial payment ended -/-/-, the modification agreement dated -/-/- calls for a modified principal balance as of -/-/-. Additionally, the amount that was previously deferred for - was included in the principal also, the loan was extended 3 more years or 40 years from the closing date and 4.625 interest rate, the new monthly payment increased from - to -. 8. I received the closing package on -/-/- and when I called to question why they had deceived me during 9 months making me believe that my payment could be reduced, they told me that " if we do n't receive the package by tomorrow '' they will foreclose. They gave me no choice to deny the offer. I still have not recovered my business income and is really causing me hardship. If they had not encourage me to stop making the payment with the hope that I could get the HAMP rate I would have never applied for the second modification. My credit score has been affected. 9. CitiMortgage did not provide me with an amortization schedule and neither a breakdown of the late charges, interest, late payments and principal that were modified. Therefore I do n't know if they waived all prior late charges as outlined in their offer.