Boycott of Citi Mortgage

To whom it may concern:

I am a single mother of 2, I have been a homeowner for the past 8 years (2 with Chase and then Citimortgage for the past 6 years with an adjustable rate).  About 4 years ago I received a letter from Citimortgage stating that they are opening an escrow account on my behalf and my mortgage would increase by $600.00 per month.  I spoke to an agent and they advised me that they paid my taxes for me, I have never had an escrow and I pay my taxes with my bonus check every year with no issues.  The rep told me that I needed to apply for a mortgage modification, well I did, I was approved and the offer was to raise my mortgage by adding a $4500 shortage and a escrow account on to my loan.  Needless to say, I did not accept these terms and worked to get the escrow account closed.  Every time after I called in I was told that the escrow was opened because I applied for a modification and I had to explain numerous times the escrow that the only reason I applied to get the loan modified.  After about 6 months of fighting to get the escrow account closed I continued to pay my mortgage because I wanted to keep my account in good standing (I had late payments about 5 years ago but got current and still remain that way).  Now this year my mortgage is steadily increasing because of the adjustable rate I decide to apply for a modification under the National Debt Settlement, I was told by I qualified for this option because my account was current.  I was then told to fill out the expense report and assigned to Homeowner Support Specialist: PATRICIA SOTO 8558432549 ext:0366405 [email protected]  This person contacted me on June 6, 2012 and stated that she would call once per week to let me know whether or not there was an update to my file and that I do qualify for the settlement.  I have not heard from this person since, I have emailed her which she has read everyone and called and her extension is not valid even the reps I spoke to tried and they told me to keep emailing her.  However, I received a letter stating that my income is too high to have my mortgage balance settled, which the use gross income and that was even overstated. I did get an approval where they would modify my mortgage from 1211.24 to 1651.45 they are doing me a favor by adding a $600.00 escrow again.  Yet if I do not accept this modified payment as of Sept. 2012 my mortgage which is not $1211.24 will be increased to 2,125.79 because they will still do me the favor of adding an escrow to my account in the amount of 914.55 per month.  I believe that I am being forced into a loan modification or foreclosure.  I can't refinance because the loan is upside down that was the reason I contacted them for help in the first place. 

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It is not surprising that CitiMortgage was recently sued by the Attorney General of Massachusetts in connection with illegal foreclosures and loan servicing.  The complaint alleges "the bank deceived and misrepresented to borrowers the process, requirements, and availability of loan modifications.   The bank publically claimed to be engaged in widespread loan modifications aimed at preserving home ownership and avoiding unnecessary foreclosures.   Through the National Homeownership Retention Program, which commenced on November 6, 2008, these banks represented that they would work with borrowers to help them avoid unnecessary foreclosures by reducing monthly mortgage payments to affordable and sustainable levels.  The complaint alleges this bank misled borrowers about their eligibility for this program and the amount of relief available, failed to achieve a significant level of modifications, and often strung along borrowers for months in trial modifications that were ultimately rejected."  I wonder if any other states have the guts to do the same.                                   

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Worst experience of my life.  After going through a divorce, I attempted to get a loan modification after being reduced to a single income.  They claim they want to help reduce your monthly payments so you can stay in your home.  THEY DO NOT.  They only want to get as much money out of your as possible.

I am trying to save my home for myself and my three young children.  I sent in multiple documents showing my current financial situation.  I was required to enroll in a consumer credit counseling service that produced a report on my financial situation, as well.  All they care about is taking 31% of my gross income.  So even though every reliable financial resource says your mortgage should not be more than 28% of your gross income, CitiMortgage actually takes more and claims it is trying to help you.  So after months of inaccurate, incomplete, or just plain wrong (dishonest) information from incompetent representatives on the phone, my loan modification reduced my monthly payments by $17.00.  YES, $17.00. 

The pretrial interest rate they offered was not even close to the one that was stated in the final modification agreement.  They also claim that the interest rate would not change in the first 5 years of the modified loan.  When I received the final loan modification agreement, it changed twice.  It was raised after the second year and, then again, after the third.  When I called and asked a manager, she admitted that “mistakes” were made.  She couldn’t (or wouldn’t) tell what the alleged mistakes were, but she said they would redo the modification.

When I received my corrected modification, my interested rate is now higher, my monthly savings is now lower, and the interest rate still goes up after two years.  The terms of this loan modification are worse than the first one that had “mistakes”.  Now, my monthly savings are $14.00.  BOYCOTT CitiMortgage.