• Report: #394153

Complaint Review: Citbank - CitiMortgage

  • Submitted: Sun, November 23, 2008
  • Updated: Mon, November 24, 2008

  • Reported By:Chicago Illinois
Citbank - CitiMortgage
www.citibank.com New York, New York U.S.A.

Citbank - CitiMortgage Full payment made to Citi before mortgage due date;not reporting them, reported me to collections, threats. New York New York

*Consumer Suggestion: Did you call and ask them first?

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Due to my paycheck schedule, I decided to start making two monthly payments to CitiMortgage for my loan, split evenly.

I got a letter today saying they are going to "accelerate" my foreclosure! Of course, I know that all my payments have been made!! I have bank records to back it up.

I called the hotline. The last reported date they received my payment was in September-the last month I paid the entire mortgage in one payment. I have made three payments since with October's two payments (which equal MORE than my mortgage) not being recorded, nor my payment in November. Keep in mind, my bank account was debited. That means, they have my money....have not recorded it and they are threatening me. Also....it is not like they have been "rejecting" the money and putting it back into my account.

I hate this company. It is no wonder they are failing. I hope they do at this point so another company can take over my mortgage.

Have anyone else had this issue? What do I do? Any legal attempt to take my house by them would back fire as I have proof they have accepted my money but I am still scared. How can a company do this?

Chicago, Illinois

This report was posted on Ripoff Report on 11/23/2008 09:37 AM and is a permanent record located here: http://www.ripoffreport.com/reports/citbank-citimortgage/new-york-new-york-10026/citbank-citimortgage-full-payment-made-to-citi-before-mortgage-due-datenot-reporting-th-394153. 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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Updates & Rebuttals

#1 Consumer Suggestion

Did you call and ask them first?

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

Most creditors do not allow (2) 1/2 payments to equal a whole payment. When people pay an amount less than their total payment, that amount either gets applied to principal, or it gets held in a suspense account because the creditor is not sure what you want them to do with it. If you would have called and asked them if you could make (2) 1/2 payments rather than a whole payment, they may have told you no, that they are not set up to accept a series of partial payments as a whole payment.

I just read my loan docs and they basically state that the lender does not have to apply any partial payments until a complete payment is made. Once a complete payment is made, then the partial payments will be applied to the late fees, extra interest, or principal balance. It also states that in the event of foreclosure, any partial payments held will be either returned to the borrower (yeah, right), or they will be applied to the account directly preceding the foreclosure.

Back in the old days, some people would pay every two weeks rather than every month. They found that they could greatly decrease their interest if they did it that way. The loan companies have put a stop to this practice by not accepting a series of partial payments to equal a whole payment.

I'm not sure how you are going to get this fixed. Hopefully you get a nice manager to help you out.

Next time, hold onto your partial payments until you get a full payment together, then pay it.
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