Citibank Mortgage Complaint

Citibank Mortgage department,

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

We purchased our home in -/-/- at the peak of the real estate market in our area. As first time home buyers we were excited but uneducated on the varying types of loans. We qualified and received a 10 year A.R.M. loan. We have diligently made the payment every month on time till -/-/- when our rate adjusted and our payment increased $660.00. We were aware of and anticipated the rate adjustment but the actual increase was far more than expected or sustainable with our budget. Over the years, we have reached out to several different mortgage brokers for direction. However the outcome was always the same and no one would refinance our loan for the followings reasons ; 1 ) we are self employed 2 ) the loan is not a - or - and 3 ) negative equity. Time and time again the advice was " just deal with the payment when it adjusts '' or " sell the house prior to the adjustment ''. -/-/- we decided to the best option for our circumstances was a loan modification through our lender Citi Mortgage Inc. We contacted Citi and requested a loan modification. We were assigned a 'dedicated Single Point of Contact ' representative to assist with the process. Paper work was requested. Paperwork was returned. More paperwork was requested and returned. Again more paperwork requested and returned. Its been 5 months and we are still waiting for a decision - " it is still in underwriting ''. The egregious processing delay has caused extreme frustration and caused further financial hardship, hardly the help and hope they ( Citi ) advertise.