I had done business with citifinancial for years. It was a local office where I felt the people were truly my friends. I've learned in the last 5 years this is part of the job. I had bought my first home with the help of a friend. I went through a real estate company and allowed them to guide me through my first purchase. The real estate company had me go through a mortgage broker who seemed to be very nice. It seemed to be going well for the first few months after moving in to the house. Then all heck broke loose. I quickly learned I was sucked into one of the sub prime loan debacles. Then when the chaos hit I found out the broker had long gone out of business. Citifinancial (who at the time I had a personal loan) offered to take me out of the adjustable mortgage and refinance me in a fixed mortgage. The whole process seemed to run smoothly. When it came time for the closing they rushed me through the process but the payment was manageable. My intent was to make the payments and then in a year or so earn a reduced mortgage rate (which was what I was offered). A year later when it came time for the reduced rate they told me I needed to refinance to consolidate all my payments so that the rates would come down.
I had been comfortable with this as they never seemed to have guided me wrong in the past. Boy did I learn the truth the hard way. They made so many promises, offered so much help, I read all the conditions, they leave the room with the papers and come back with my copies and send me on my way. Then I get home and read over what I had and realized my interest rate had jumped to 11.75%, no insurance or taxes escrow, Nothing like I had with the previous company. I have painfully made the outrageous payments for many years now only to see that none of my large payment goes toward the principal of the house. The area I live in is very depressed. I contacted the office to find out that they had falsely reported income that I didn't have (I'm on SSDI from cerebral palsy), got an outrageous appraisal on my house. I have been fighting to get this corrected and they act like they have no idea what I am talking about. The mortgage has since been transferred to two offices further down in the state, and each time it is moved the people get more rude and more rude. I applied for a restructure recently due to financial hardship and the day after faxing the paperwork they sent a reply that it was denied. They claim I have plenty of income to make the payments. If I did I would not be struggling. They have hurt me so much that now I cant even get a refinance with a decent person. I'm a single mom trying to keep a home for my son and a place where I dont have to keep moving from rental to rental. I've been here in this house 7 years and now fear I will end up losing everything. I've tried to find some kind of help, researched bankruptcy but can't even afford that. The attorneys around here don't even want to bother taking on the company because they are just "small town" attorneys. It is a shame that this company gets a government bailout, renames the company and continues to take advantage of people with nobody doing anything to help stop this issue.
On several occasions I have told them to just take the house and I'm not going to pay anymore. They reply with "we don't want the house, we want the money." I would think if they wanted the money they would do something to make sure I can keep paying them.