- Report: #659465
Complaint Review: CitiMortgage Inc.
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| CitiMortgage Inc. 5280 Corporate Drive
Frederick, Maryland United States of America |
|
CitiMortgage Inc. BEWARE---CitiMortgage Loan Modification only helps CitiMortgage and not the Consumer Frederick, Maryland
*Consumer Comment: "HAMPy-TARPy SONG"...
*Consumer Comment: Perhaps..
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We applied for a loan modification with CitiMortgage and just received our offer letter. It is a joke and a complete waste of time. Our offer was to drop our annual percentage rate by 1% and to increase our number of monthly payments by almost 200. This would effectively increase our payout to CitiMortgage by $1,200,000.00. This would double our current payout. Nice easy money for CitiMortgage. I am glad to see that this lender is there to help their customers. Fortunately, so is the local loan shark, and they probably offer lower interest rates than CitiMortgage. I am not sure who they thought that they were making this offer to.....but anyone with a calculator can quickly see that this is a really bad idea.
This report was posted on Ripoff Report on 11/08/2010 04:41 AM and is a permanent record located here: http://www.ripoffreport.com/r/CitiMortgage-Inc/Frederick-Maryland-21703/CitiMortgage-Inc-BEWARE-CitiMortgage-Loan-Modification-only-helps-CitiMortgage-and-not-659465. 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 TipsPerhaps it is a "bad idea". But you are only posting one side, and not even the entire side.
Why not post what your current terms are(Principal/Monthly Payment/Interest) and the "modified" terms. Then anyone with a calculator could truly see if this is a bad idea.
Also, exactly what terms were you expecting?
