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  • Report: #515979

Complaint Review: CITI MORTGAGE

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  • Submitted: Tue, October 27, 2009
  • Updated: Tue, October 27, 2009

  • Reported By: BLOWN_AWAY — FONTANA California USA
CITI MORTGAGE
1000 Technology Drive O'Fallon, Montana United States of America

CITI MORTGAGE Citi Bank MANDATED WINDSTORM INSURANCE O'Fallon, Montana

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I purchased my home in 2006 for 180k got a 5.875% interest rate with taxes and insurance included with my monthly mortgage payments. I have been on time every month since I purchased my home . I have not asked for a refinance or a modification. My recent monthly statement from Citimortgage has a new insurance "windstorm insurance." I called Citi mortgage Mortgage servicing and was transfered to Citi mortgage Insurance because the department I called couldnt help me. The lady I spoke with was very rude insisting this is mandatory. I asked when I was informed, she claims a letter was mailed to me in May of 2009 indicating this new requirement - a complete lie. I asked if she could send me where it states in my loan documents where this is required, she would not. I asked if she could forward the law or where it states it is mandatory she would not. I asked to speak to a manger, there was no manager. Apparently this insurance has been optional - like earthquake insurance - for sometime and now all of the sudden in December of 2009 Citi mortgage is requiring my loan to have it. The additional "windstorm insurance" is $4000 a year, this increases my current payment by 150%. I called my current insurance company and asked if they usually write "windstorm hazard polices" in Fontana, CA, they said no. I called my friend who is an agent he too says he rarely writes these polices but can write me one if I need to have it for my policy for about under $1000 a year. I called my mortgage broker, who is still in business, and asked if he sells "windstorm insurance" with his mortgages, he said no. After I explained my situation to him, he laughed in disbelief and asked me if I was serious. I am very serious, this is no joke. I spoke with over 30 home owners today and not 1 of them pays this type of insurance, nor is it mandated by their mortgage lenders. 

I think I am being Scammed here. Is anybody out there having the same occurrence? Let me know, my attorney is taking a look into it tomorrow.

-Blown Away
Fontana, CA.

This report was posted on Ripoff Report on 10/27/2009 09:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/CITI-MORTGAGE/OFallon-Montana-/CITI-MORTGAGE-Citi-Bank-MANDATED-WINDSTORM-INSURANCE-OFallon-Montana-515979. 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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