Citibank Mortgage Complaint

Citibank Mortgage department,

Home equity loan or line of credit Loan servicing, payments, escrow account Delaware

In -/-/2005 I opened a second mortgage with CitiMortgage. The monthly payment was - for a 20 year term. The interest is 7.89 %, which I considered high but figured I could refinance to a lower rate once the home renovations were completed. As the years advanced, I ran right into the housing crisis and the housing values dropped in my neighborhood. As I paid down the second mortgage I on numerous occasions attempted to do a refinance with citmortgage and other institutions. I kept running into the issue that in order to do a cash out refinance to pay off the second, I could not borrow more than the 75 % equity to pay off both first and second mortgage. When I contact citi about lowering my second, they stated that all the programs that they had were for first mortgages, not seconds. This has left me since the inception of the loan making over 135 payments of -, totaling $78000.00 on a loan with a originating balance of $70000.00. I fell that if I had been able to refinance this loan at 5.25 %, that would be a savings of 2.64 %. This equates to approximately $1800.00 a year in lower apr. Amortizing over 12 years, this is over $20000.00 dollars in finance costs due to my inability to refinance this loan due to the drop in house values. I am asking in light of my consistent payments over 12 years, and the inflated, non market rate apr of 7.89 % that CitiMortgage write down my remaining balance of $42000.00 by the $20000.00 in overage in the last 12 years. By doing this and lowering the second to a market rate of 5.25 %, this would allow me to continue to be able to service this debt. I truly feel that all the programs that existed out during the recession only targeted the primary mortgages, and I suffered a much higher interest rate with no other recourse.