Citi Residential Lending Citi Residential Lending one of the largest predators Santa Ana California
Citi aquired my loan from Amc Mortgage. My mortgage adjusted in april over $250.00 a month. I continued to talk to them to get a modification do to a lost of income, just like Hud told me to do. A few months later they agreed to lower my payments by $60.00. That really did not help so I got behind in my payments first time in 7 years.
They continue to call me everyday at work and home they have a financial statement on file yet they offer to add my past due amount to my payments so I can get caught up. They tell me how much I have left from my income each month which is $200.00 and tell me ,they will accept $300.00 a month for past due balance. That is $100.00 more then I have coming in. A definite plan for failure.
I am not looking to get out of my obligation to pay, I just can not affored the increased in the payments. I tried to refi but am now upside down by over $50,000. I will probaly lose my home and I will never get another one, because I can not trust anyone after the lies I was told with this ordeal.
Diana
Denver, Colorado
U.S.A.
1 Updates & Rebuttals
Flynrider
Phoeix,Arizona,
U.S.A.
Predatory?
#2Consumer Comment
Sat, November 01, 2008
I don't see it. You signed for a mortgage that you now can't afford. Citi wants you to pay what you owe them. At least they have been making an attempt to work out an arrangement with you. Other lenders don't even go that far.
They really don't want to foreclose on you, because then everybody loses. On the other hand, they are servicing the loan and they have to have a certain amount coming in. If they gave you and everyone else that is in the same situation a break, they'd be in deep financial straits.
The bottom line is that you signed up for an ARM and you can't pay according to the terms, or even the lower payment they agreed to. Sorry that you're in this kind of trouble, but this is not the bank's fault.