- Report: #179589
Report - Rebuttal - Arbitrate
Complaint Review: CitiBank / CitiMortgage
CitiBank / CitiMortgagePO Box 689196, Des Moines, IA 50368 Nationwide U.S.A.
CitiBank MortgageCitiBank / CitiMortgage Steals money from your mortage payments / principal reduction payments Nationwide Nationwide
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I sent in a payment of $5000 to pay down the principal. It was clearly indicated as a payment towards the principal on my home loan. I later called Citimortgage to find out that they took a big chunk of my advance payment and applied it to the monthly mortgage note!
Now also understand that my mortgage payment was being *automatically* deducted from my bank account, and I was not past-due on any mortgage payments whatsoever, and have never been past due. Citimortgage STOLE a portion of my prepayment and applied it as a regular mortgage payment (meaning a ton of it went towards interest, into their coffers) **without my consent and against my explicit instructions**. I consider this totally unethical, sleazy and possibly quite illegal. There may even be a class action issue -- is Citicorp taking a portion of all payments their clients make towards reducing principal on loans and repurposing it as a lucative-to-them mortgage payment?
This is an outrage, and it's an example of the ways in which a big company STEALS MONEY FROM ITS CUSTOMERS, and in this case steals money from a customer who is even paying more than they're required!!
If you deal with Citibank and Citimortgage GO OVER YOUR TRANSACTIONS CAREFULLY! Call them up and make sure you're not getting RIPPED OFF!!
New Orleans, Louisiana
This report was posted on Ripoff Report on 03/06/2006 03:27 PM and is a permanent record located here: http://www.ripoffreport.com/r/CitiBank-CitiMortgage/nationwide/CitiBank-MortgageCitiBank-CitiMortgage-Steals-money-from-your-mortage-payments-princip-179589. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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