• Report: #632627

Complaint Review: Citimortgage - Citifinancial Mortgage

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  • Submitted: Wed, August 18, 2010
  • Updated: Wed, August 18, 2010

  • Reported By: Judi — Kemp Texas U.S.A.
Citimortgage - Citifinancial Mortgage
Internet United States of America

Citimortgage - Citifinancial Mortgage We are otw to foreclosure on anold property that we owe a ton of money on internet

*Consumer Comment: Reality...

*Author of original report: correct

*Consumer Comment: Two Properties..

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We bought a property in 1999 for 40,000 financed..and STILL owe over 34,000,due to a 10 pct interest rate! that in itself should be fraud,since our credit is good,never missed a pmt,etc...the note,originally,was an OF,and then was sold,multiple times.CM has had it about 4? yrs..we moved and bought a nome,since the other property is a 1978 trialer! and we found a good deal on the home we are in.

CM's property has been rented for over 3 yrs,and now renters have defaulted,moved,and the place is trash,not counting the age of the mobile home.

We can't get our loan modified,since it is not our primary residence,we obviously cant sell it for the amount owed,the realtors laughed at us about doing a short sale,since it is so old,noone will touch it,nor a deed in lieu of,since they want our whole life story,and it is stil not guaranteed that we will 'qualify"...

nor a refi,since,again,it is not our primary residence..

I am so nervous about,besides losing our so hard worked for credit over the last 20 yrs,they wont help us with any solutions..it sux,they suck,any suggestions?

we cant pay 2 mortgages..who the hell can unless you are rich...

lordy,lordy...just dont know what to do...a lawyer? would that help? since property value may be 15grand,certainly not 35 grand..


This report was posted on Ripoff Report on 08/18/2010 04:26 AM and is a permanent record located here: http://www.ripoffreport.com/r/Citimortgage-Citifinancial-Mortgage/internet/Citimortgage-Citifinancial-Mortgage-We-are-otw-to-foreclosure-on-anold-property-that-we-632627. 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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REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Reality...

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

anyway,didnt mean to disturn anyone,just venting my opinion,with the way the economy is,we should only have to be liable for what property in question is worth.


 - You can vent all day long..no problem there. But what you think "should" happen is NOT reality. Would you pay the bank more if the property value went up? My guess is that if the bank came to you and asked for more money because the property value had increased, you would slam the door in their face telling them to "pound sand".


Again this is an INVESTMENT, it is no different than if you had invested in Stocks, Precious Metals, or any other Business. If that INVESTMENT looses money you don't get to say "Whoops I made a mistake", and get your money back.

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#2 Author of original report

correct

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

Correct,we never should have moved out of property in question with that huge mortgage owed...I am sure we will be ok...since no matter what you think,we dont have the money for 2 mortgages,since like most out there,we are lucky to keep up with one...yes,just like everyone else...

anyway,didnt mean to disturn anyone,just venting my opinion,with the way the economy is,we should only have to be liable for what property in question is worth.

 

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#3 Consumer Comment

Two Properties..

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

You are complaining that they will not help you with your SECOND property, when people are struggling to keep ONE.  Yes your situation sucks, but don't expect a lot of sympathy. 

Your second propety is considered an investment property, and as with other investments you may not only not make money you may loose money.  It is not CM's fault that the renters defaulted.  Unfortunatly it sounds as if you know you will not be able to recover any money from the previous renters.  If you want to save the property you may need to do things you don't want to do.  Such as making it your primary residence, or getting another renter.  If getting another renter requires you to put money into the property then you may need to get equity out(if you have any) of your primary residence to pay for it.

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