ED Magedson – Founder
Citimortgage20 Commerce Dr O'Fallon, Missouri USA
Citimortgage Mortgage Modification Hell O'Fallon Missouri
What a complete tragedy this whole modification process is---wonder why individuals loose their homes--end up in an even more compromised position than when they started. Well read my letter to Citi---I was told one thing and at the end of the process was in complete shock when I received my mortgage modification papers---how is this allowed to go on.
CITI GO TO THE MORTGAGE NAUGHTY CHAIR:
I'm sorry but I do not believe that is what Citimortgage did. Because when I look back on my records when I originally called in I made Citi aware that I may have difficulty paying my mortgage. Let me reinforce when I called in I was current on my mortgage. Citi was more than happy to which seemed shocking to me because of the stories you hear.
I am glad to see that Citi acknowledges that someone in January told me very different terms than what appeared on my final modification documents.
"Oh no problem "--in fact I was told that there was an unemployment forbearance plan. Where for people in my situation perhaps up to three months of my mortgage would be forgiven to help me get on my feet again. I learned after all of this in the last two weeks some individuals might qualify for up to 6.
Then in January when I was told my mortgage was was approved for a modification. I even asked if I should make my January payment--oh don't worry about it. We'll roll it in on the back end. So now I'm technically four months behind on my mortgage. I asked on the phone as well as through email what the terms were. "Oh don't worry your payment will be what it is during the trial a little more or a little less."
Citi and yourself can spin this in the slick way that has been done over the past couple of weeks but I was put in an even worse situation because of this and I truly should have been given an opportunity to decide for myself if this was the direction I wanted to take. I have single handedly destroyed my credit with CitiMortgages' assistance-a credit rating which was well over 800 until this crazy economy started.
Again--there was only one option I was consider for no matter whether the terms were finalized or not. And I did sign those papers feeling very threatened. And you are right that the permanent modification I received does explain what the terms will be--the problem is why isn't that provided on the front end so someone like myself who probably did qualify for some unemployment forbearance and could have and wanted to make her mortgage payments beginning in January could have made a thought out decision. Instead I enter into this trial phase--paying my three months of the trial modification payments on time-I might add that had I not been diligent on this that wouldn't have occurred. Know why-Citi although I had confirmation numbers didn't withdraw my funds on the 1st of the month. I had to call in and do make sure it was done. So now rather than being what should have been 1 month behind on my mortgage-which ballooned into 4 because I didn't qualify for unemployment forbearance whoola that magic Citi wand is waved and I'm now 7 months behind on my mortgage. So Citi rolls in $11032 on the back end and can't even tell me where the $4908 of my modification payments are. And per our conversations I couldn't even get a straight answer even what the $11k was for. Again it's pretty simple to me with hindsight what a very unfair procedure this is. And had I known then what I know now I would have never ventured down this slimy slope. It's like I also said to you I was thrown over the waterfall without even being allowed to make an informed decision on my own.
I also find it interesting that when you begin this trial modification that you are actually locked out of your mortgage account and don't even receive mortgage statements. Don't you find that interesting---thus putting you further and further in the hole. You can't pay your mortgage even if you want to---crazy isn't it. And I thought I was actually paying my mortgage---crazy, crazy!
Don't you find it interesting that even though my unemployment was added in as my income--and I have that recorded on one of our conversations that on February 7 I receive a letter from Citi stating that I do not qualify for the HAMP program for unemployment forbearance because guess what---"I refused to accept unemployment" Which of course is not true. You yourself in your email make reference to my unemployment below. I can't imagine Citi's computer system just spits out all these erroneous communications unless it benefits them and then when you call in -- don't worry about that it's just a formality. And the only option Citi has is for me to go through the HAMP process again. Why should I do that-it was your mistake. As a parent when a child misbehaves they are punished--you don't punish a child is they did nothing wrong--you correct the error and redo. Cit needs to go to the naughty mortgage chair and correct their behavior.
I believe that was a convenient way for Citi to bounce me out of that one as well. I will state once again, my income is no where near the $110,000 stating. I myself found a waterfall calculator published by an economics professor and low and behold when I run the same numbers it is a much different scenario. I even emailed you my latest bank statements and payroll stubs--I wonder if you can locate that email. Again, I'm not directing this towards you are have a job to do and I get and understand that. What's interesting is the last income number you provided me of $7500 completely locks me out of anything. I also find it interesting that before I got to you Tom who I spoke to said there was an underwriting error as my they counted my unemployment as income but whoola I can't have unemployment income because I am bounced from the unemployment side of HAMP because again I refused to accept unemployment.
I also bet if I asked for documents to make sure my mortgage was assigned properly -- whoola they probably don't even exist. I can tell you they don't exist at the deeds register office someone else owns my mortgage. I've never seen such absolutely poor business practices. Because really the process is pretty easy. Computer program, input data, output results. If it wasn't for some reason beneficial to foreclose on my or other individuals they wouldn't even be so sloppy in this process. Citi and other banks prey on homeowners-even though because of the corruption the banks did they were mandated to help out the little average homeowner. I find it absolutely appalling that no one even went to jail for the robo signing--because after all that amounted to forgery.
I sincerely hope because I purchased my home for $371,000 and put $70,000 that the FDIC's protection of banks such as Citi doesn't incentivize them to go aggressively after homeowners. To put the homeowner in a setup position that before they know what is going on their homes are basically snatched right from under them. I believe I've seen models where the banks actually make 10's of thousand if not in the 100's of thousand of dollars on foreclosure because the FDIC shields them.
Those modification documents need to be correct because I will not participate in Citi's sloppiness and who knows get myself into something that is even worse than this very unfortunate situation. As someone who has a greenbelt in project management I would truly like to recommend that Citi starts a quality control or process improvement initiative so that errors are identified and eliminated. I can't believe that my investor Freddie Mac would find this acceptable and I sincerely hope they audit their service providers.
I would also like to see my original loan papers if you would be so kind as to forward those. Again, thank you for getting back to me but this needs to be done correctly. When I spoke with Freddie Mac they told me I wasn't considered for any HAMP programs---why again was that?
This report was posted on Ripoff Report on 05/08/2013 03:54 PM and is a permanent record located here: http://www.ripoffreport.com/r/Citimortgage/OFallon-Missouri-63366/Citimortgage-Mortgage-Modification-Hell-OFallon-Missouri-1049427. 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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