CITI RESIDENTIAL LENDING /AMERIQUEST MORTGAGE/AMCCITI RESIDENTIAL /CITI FINANCIAL/AMERIQUEST MORTGAGE REFINANCE OR LOAN MODIFICATION NOT AN OPTION, OVERINFLATED APPRAISAL FELL FOR "QUICK FUNDING" SANTA ANA California

In September of 2005, I too fell prey to Americaquest Mortgage, now Citi Residential lending. The "quick funding" advertisement caught my attention. I was facing major car repairs, and since my FICA score was less than perfect, my option were limited.

My "interest only loan" was to be written at 6%, but when everything was finalized, it came back at 6.5%. but 15 days later I had no other options. so I signed. My appraisal came back $100K over comps in the area, and for Henderson, Nevada that is quite a bit. According to the comps that I had checked, I only had about 60K of equity, but Americaquest insisted they had "top notch, ethical, appraisers" and those figures were real. I asked for a 2nd appraisal, like a 2nd opinion that is routinely done in the medical profession, this is definitely frowned upon with Americaquest. After some serious "eyerolling", this early twenty's, apprentice "paper shuffler" stated he had spoken to his supervisor, but it would have to be paid up front, and since it's the second appraisal, I would have to come up with $550. cash to have this done.

So unethical! Since when does the 2nd appraisal cost more, and who ever heard of a "2nd appraisal processing fee"? I suggested I would find my own appraiser, but was informed, "it the 2nd appraisal is not in within 48 hours, he would have to start the whole process again (loan), and with "rapidly rising interest rates" he could not guarantee the same rates. I was between a "rock and hard place". so I just dropped the issue.

I only borrowed $35K instead of the $100k I was strongly encouraged to recnsider. Again, I was reminded with a a low FICA score (681)there were not many options , and being a single parent it may be a wiser choice. If I was not so DESPERATE FOR QUICK FUNDING I would have walked out right then. also my income/debt ratio was bad also. so I asked how could they qualify me for a $100K Refinance? I started to irritate this young "paper shuffler", the expression on his faced changed, he quickly excused himself to talk with his "trainer". Basically I was told, if I need the $100k, they would be happy to do this for me, and all their customers are like "family". He state "They would merely make minor adjustments on the income, not inflate the figures but just put my small income through some complicated formulas and it would work. I know this was Bull. The "complicated formula sheet he actually doubled my annual income and reduced my legitimate debts by approximately 60%, I was not a finance major but that is FRAUD. He gave me a copy of my overinflated income, but I do not have it in my loan packet, but I watched him to make sure he placed the paper in the envelope. But I know they are crooks. Also, I never received a copy of the appraisal, I saw it , but did not get a copy.
In November 2007 I WANTED to refinance , after calling the only phone number on the statement Citi Residential lending stated sharply " they do not refinance existing loans., they merely act as "DEBT COLLECTORS"!, she suggested to keep paying my payments on time and there will be no problem. I've decided not to refinance untill Jan. of 2009, this way I will not have to pay the "MANDATORY PRE-PAY PENALTY". I was told they have to write in every loan. What can be done about Citi Residential Lending?

Linda
Henderson, Nevada
U.S.A.