- Report: #837648
Complaint Review: CitiBank Mortgage
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| CitiBank Mortgage 1000 Technology Dr
Internet United States of America |
|
CitiBank Mortgage Denial of a Release of Liability, Internet
*Consumer Comment: A quit claim deed does not release liability for the mortgage
*Consumer Comment: Comments
*Consumer Comment: To Jon : with Citibank Mortgage problem
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After SIX MONTHS OF PAINFUL CORRESPONDENCE AND EXTRAORDINARY AMOUNT OF TIME ON THE PHONE attempting to remove my name (release of liability) from a mortgage, CITIBANK has finally denied my request. The property was awarded to my ex-spouse two years ago in a divorce settlement -- this included responsibility for payments and ownership. I never knew this debt was still carried on my credit report until I attempted to buy a new home eight months ago.
CITIBANK claims the ONLY way to remove my name from the mortgage is to refinance it. As I discovered, my ex-spouse had also "modified" the loan under a government program to a NEW RATE and TERM from the original contract -- all without my knowledge, approval, or signature. Call it what you will but sure sounds like a "re-finance" to me. Even though she has qualified for these new terms on her own accord, I still can't remove my name from the note.
There is no chance she'll do that now with the current arrangement CITIBANK has provided her. I am being held financially accountable (read: hostage) infinitem for something I didn't sign up for and exposed to financial ruin should my ex ever default on the property! This scenario is not unique. I'm searching for an attorney who would like to roll this up into a CLASS ACTION SUIT.
CITIBANK claims the ONLY way to remove my name from the mortgage is to refinance it. As I discovered, my ex-spouse had also "modified" the loan under a government program to a NEW RATE and TERM from the original contract -- all without my knowledge, approval, or signature. Call it what you will but sure sounds like a "re-finance" to me. Even though she has qualified for these new terms on her own accord, I still can't remove my name from the note.
There is no chance she'll do that now with the current arrangement CITIBANK has provided her. I am being held financially accountable (read: hostage) infinitem for something I didn't sign up for and exposed to financial ruin should my ex ever default on the property! This scenario is not unique. I'm searching for an attorney who would like to roll this up into a CLASS ACTION SUIT.
This report was posted on Ripoff Report on 02/11/2012 01:31 PM and is a permanent record located here: http://www.ripoffreport.com/r/CitiBank-Mortgage/internet/CitiBank-Mortgage-Denial-of-a-Release-of-Liability-Internet-837648. 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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Search Tips#1 Consumer Comment
A quit claim deed does not release liability for the mortgage
AUTHOR: MovingForward - (USA)
SUBMITTED: Monday, February 13, 2012
Please seek the advice of legal counsel, preferably one that is familiar with mortgages and deeds.
The person that said you can quit claim the property and release your liability from the mortgage is wrong. Getting rid of the asset has nothing to do with getting rid of the mortgage. Citi is correct, your ex wife has to refi the property in order to release your liability for the mortgage you signed.
(No, I don't work for Citi)
Robert is right about the signature though. She actually should have had you sign off on the modification too and if she in fact has received a modification, someone may have signed your name. It is worth your time and effort to verify exactly what has happened and take steps to protect yourself.
You need your own attorney, not a class action.
The person that said you can quit claim the property and release your liability from the mortgage is wrong. Getting rid of the asset has nothing to do with getting rid of the mortgage. Citi is correct, your ex wife has to refi the property in order to release your liability for the mortgage you signed.
(No, I don't work for Citi)
Robert is right about the signature though. She actually should have had you sign off on the modification too and if she in fact has received a modification, someone may have signed your name. It is worth your time and effort to verify exactly what has happened and take steps to protect yourself.
You need your own attorney, not a class action.
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What's this?
Here are some things you need to know about Divorce Decrees. They are worth about as much as the marriage they are dissolving. Basically what that means is that Citibank(or ANY lender) is under no(that is zero..zip..nada) obligation to abide by any provision that would automatically absolve one party of any responsibility. The reason is simple. They did not get a chance to be heard during your preceding so they do not have to be bound by it. In effect Citibank is right, the only way you could be relived of your obligation is to refinance in your ex's name only. This is something your lawyer should have explained to you.
Now, this does not say you don't have recourse. If the order says you must be relived of obligation it is up to your ex to get it refinanced. If they don't they could technically be held in contempt by not following the order of the court. If your ex causes you financial harm because of them defaulting on the house. That is where the Decree comes into play where you would go after your ex in court for any damages.
I will also say that depending on the "Government Program" that may be legitimate and not really a "refinance". But if they signed any thing in your name..that is an entirely other issue that you need to deal with. So this is something you should consult a lawyer on.
Also, before you decide to do anything such as a "Quit Claim" you need to do research. These are answers that the people at City Hall may try to give you. But they generally shy away from any "legal advise", so again a lawyer is your best bet.
Now, this does not say you don't have recourse. If the order says you must be relived of obligation it is up to your ex to get it refinanced. If they don't they could technically be held in contempt by not following the order of the court. If your ex causes you financial harm because of them defaulting on the house. That is where the Decree comes into play where you would go after your ex in court for any damages.
I will also say that depending on the "Government Program" that may be legitimate and not really a "refinance". But if they signed any thing in your name..that is an entirely other issue that you need to deal with. So this is something you should consult a lawyer on.
Also, before you decide to do anything such as a "Quit Claim" you need to do research. These are answers that the people at City Hall may try to give you. But they generally shy away from any "legal advise", so again a lawyer is your best bet.
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What's this? #3 Consumer Comment
To Jon : with Citibank Mortgage problem
AUTHOR: East Coast Sweetie - (United States of America)
SUBMITTED: Sunday, February 12, 2012
After reading your report jon, I could relate to your frusteration. I also am tied into a mortgage with my ex-husband. I was worried his financial situations could negatively affect mine. So this is what i did: I went to my City Hall and filed a "Quit Claim" it protects you and the other party from any future bad financial situations to effect your credit. You can look it up on the internet or talk with someone at your City Hall. Its a little cheaper than any Lawyer. Know your rights because you have them!! Good Luck.
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What's this? 
