• Report: #942749

Complaint Review: CitiFinancial

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Tue, September 18, 2012
  • Updated: Tue, September 18, 2012

  • Reported By: Valerie — Piqua Ohio United States of America
CitiFinancial
W Main Street Troy, Ohio United States of America

CitiFinancial preditory lending, fraudulent documents, 125% loan Troy, Ohio

*Author of original report: We broke NO laws

*Consumer Comment: So....

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

We applied for a refinance loan to obtain equity on our home in order to put on a roof and do a few other minor repairs to our home in order to use a special adaptive grant to have our house handicap modified in order to remain in our home a lifetime. My husband is a totally disabled veteran and we explained and provided all our documentation supporting our case to Citifinance.

Our loan agent expressed we could consolidate our debt and home all into one loan, we were reluctant but agreed if we had enough equity we would do such a thing. We also were explicite that our benefits for our children were to not be included in our household income as we knew it was going to be coming to an end.

Loan was obtained with numbers that indicated we were approved for quite a bit more than we knew our house to be worth, the loan agent told us that is because they could do 125% loans.

We needed the work done on our house for accessibility so we went with it not realizing the laws and not realizing the "appraiser" would state he walked through our home and around our property to verify it was worth $138,000 a figure we never ever saw before January 2011.

After working for 3 years to get the grant going and things in place to have our house modified, we came to realize we were upside down in our mortgage (no where near enough of our payment going to the principle) and that we were unable to use our grant without a right down on our mortgage, thus began the beginning of unfolding the various lending issues that were predatory at best.

We requested a right down, denied. We started to miss payments on our mortgage to leverage them to work with us, foreclosure started. We met with a court mediator who agreed our request was valid, Citifinancials attorney stated it paid them to take our home. Our attorney advised us to file for bankruptcy which we didn't financially qualify for but would get us out of our house.

We filed in early 2011, August it was discharged and Citifinancial aka Citimortgage, Citibank requested a relief of stay on foreclosure in order to proceed on a judgement which to the best our knowledge has never been granted. The home was sold on April 4, 2012 for $52,000 back to Citigroup and to this date has yet to have the deed transferred. No one seems to be able to tell us anything other than the bank will not transfer the deed until they are able to sell the house and that may be up to three years before they even do anything because they know as long as the deed remains in our name we are unable to purchase another home.

My husband is a totally disabled war veteran and we have moved from the home although we are able to still live there, because it is inaccessible for my husband at this time. We live in a home 1/3 the size and want to move to a larger home and purchase again. We had no significant debt when we filed bankruptcy (less than $6500 in other debt beyond mortgage) and our lives have been completely ruined by this companies unethical practices. We owned our home more than 15 years and planned to make it a lifetime home. We did everything right up to withholding our mortgage payments to leverage the Citifinance company to right down so we could stay in the home.

We have since found out the appraiser stated our home was worth $138,000 even though he/she never came to our home. They also used all our household income, ignoring our request to not use the benefits our children received. the company did lend us 125% value of the home and then didn't apply our payments accordingly to which when we asked why we were told our mortgage was not a mortgage but a secured simple interest loan! Holy Cow! Utterly disgusted with this organization and I do believe they violated the law.

At this point I simply want them to get the deed changed out of our name and eliminate our responsibility. We currently maintain the property and pay the city storm sewer fees as we are considered the current owners. If we purchased a home via sheriffs sale we would have had to have the deed changed within 90 days, Citimortgage seems to be eliminated from following the law as it is going on 6 months and it doesn't appear there is an end in sight. We just need to move on to a larger home and clean up our credit report to reflect the home is no longer in our name.

Stay away from this organization, especially if you are military or veteran. They take advantage of you knowing you have guaranteed income and they can take advantage of you.

This report was posted on Ripoff Report on 09/18/2012 01:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/CitiFinancial/Troy-Ohio-45373/CitiFinancial-preditory-lending-fraudulent-documents-125-loan-Troy-Ohio-942749. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on CitiFinancial

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

We broke NO laws

AUTHOR: Valerie - (United States of America)

Can you please explain how you got around that minor "unimportant" requirement of financial need. 
Yes,
In order to file our bankruptcy we had to show that we were unable to physically remain in our home, we didn't have a financial qualification but extenuating circumstances beyond our control to stay in our home therefore we were able to prove our case in federal court that we were unable to financially afford to modify our home and due to it being upside down (loan to value) our grant could not be applied either, making it a medical necessity to move and not affordable to maintain two residences.

On the original documents we signed there were values NOT written in as we were told they would be done later with the final appraisal and we were not given the updated paperwork at that time, it wasn't until the end of 2010 that we discovered the issues.  We only paid interest the first three years so no principle was paid on making us upside down on the mortgage which is not how we interpreted the loan agreement.

As for moving on, we do have a sizable downpayment and are currently working with a potential lender. We moved from a 2100 sq ft home (we have 8 children and my husband is disabled requiring much medical equipment) to an 800 sq ft home earlier this year. We are in a home that is uncomfortable to say the least so we are attempting to move on in our lives. We know God has a plan for us and will take this lesson in stride, in the meantime people need to know this company is shady at best at how they practice and interestingly our local offices are now all closed.

We had awesome credit until the BK and it was only completed due to the unwillingness of the bank to work with us, so at this time we only want the deed to be transferred so we can be completely finished and the bank has yet to complete that transaction from a sale date of April 4. Six months seems like quite a long time to complete this transaction.

As for a foreclosure on our credit report, that should not be the case as the home was included in the bankruptcy and had not seen a judgement in the court.

When we purchased our home we intended for it to be a lifelong home, one in which our children who grew up moving while my husband served our nation in the military, would be able to call home. We didn't consider my husband ever needing a first floor full bathroom or modifications to our kitchen to make it accessible. No one in their 20's/early 30's thinks about those things. We did read the fine print and we did what we felt was right from the start, however a 125% loan is against the law and we were not aware of that at that time so we do feel we were taken advantage of as well as misled on the nature of our mortgage. Regardless of the issues, we do strongly feel others need to be aware of some of the "loose" practices and ensure they read every little detail as well as ensure their documents are fully filled out before they walk out of the office, a mistake we made trusting our loan agent. We want the deed transferred and to be able to move on in our lives I believe my husband earned that and he deserves the world along with the hundreds of thousands of other disabled veterans facing numerous challenges as a result of their commitment to this nation.
Respond to this report!
What's this?

#2 Consumer Comment

So....

AUTHOR: Robert - (U.S.A.)

What you are basically saying is that you don't read the documents you are signing and have no problem breaking FEDERAL Bankruptcy Laws.

First off with the original Refinance.   Everything is disclosed to you when you are signing the loan documents.  If you didn't want to take 125% out you could have just said NO.  If you noticed the income was a bit high..you could have had it corrected.  YOU have total power over what happens.

But this statement has even more problems...

Our attorney advised us to file for bankruptcy which we didn't financially qualify for but would get us out of our house.
- So you didn't financially qualify for the Bankruptcy but your attorney advised you to do it anyways.  Not only that but you actually got the BK approved and discharged.   Can you please explain how you got around that minor "unimportant" requirement of financial need. 

the company did lend us 125% value of the home and then didn't apply our payments accordingly to which when we asked why we were told our mortgage was not a mortgage but a secured simple interest loan!

- Umm...a Mortgage is the definition for a loan that is secured by Real Property.  It can be many types of interest calculations.  Probably the most favorable and fair to the borrower is the Simple Interest Loan.  This is where the amount of Interest you are assessed is determined by your current balance.  So as you pay down your loan you continue to pay less interest.

We just need to move on to a larger home and clean up our credit report to reflect the home is no longer in our name.
- In your wildest dreams this isn't going to happen for a while.  At best you just have a BK and all of your other debts are erased including the house.  In the worst case you have the BK as well as the Foreclosure on your credit.  The chances of you getting into ANY house(let alone a bigger house) is about zero for the next several years.  Because no bank is going to be willing to take a chance on you,  unless you can come up with a huge down-payment and without charging you huge interest rates.
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory