Citi Citi Mortgage Unfair lending practice, Deceptive Sales. Ann Arbor Michigan

I attempted to refinance my Mortgage in November 2008. After five calls and an accumulated time of more than 24 hours of hold time, I got through to Thomas O'Brien and in December of 2008 my wife and I received the paperwork to refinance the paperwork at a rate of 5.0%. Shortly there after, the rate went down to 4.75% and I contacted my loan officer, Thomas O'Brien at 469 220-1779 to find out if I could get the 4.75% rate. He said I could, but I would have to pay $500.00 to lock in the rate, which I agreed to. My wife and I jumped through several hurdles to get the loan and then on February 23, 2009 Citi Mortgage changed the amount of liquid assets they wanted to see from $1375.00 to $2628.00. I put the additional cash in my bank account and Sarah Doueik at 866-570-3080 Ext. 55376 informed me that this was not acceptable and my refinance was declined. I requested that the $500.00 I paid to lock in the rate be refunded, because Citi changed the terms and decided to decline my refinance. Despite being told I would receive a call back, no return call was made. I disputed the charge with my credit card company and VISA sided with Citi based on what Citi stated. The problem with what Mr. O'Brien told VISA, is that it was not true. Mr. O'Brien told VISA the fee was an application fee to start the refinance process, but he told me it was to lock in the interest rate. He stated I was fully informed of this, but I was not. As I said, he told me it was to lock in the rate. In addition, we had already started the process and I have paperwork from December, though they list the date as January 10, 2009. So the feeling I have, is that Citi can say whatever they please and I get stuck with the charge. I do not feel this is acceptable behavior by Citi Mortgage, especially given that they are operating on Tax payer funds.



The following is the last conversation I had with Mr. O' Brien


Mr. Buck,

I will research the loan and call you tomorrow.

Sincerely,

Tom O'Brien
Mortgage Consultant
6300 Interfirst Drive
Ann Arbor, MI 48108
469 220-1779
Fax 866 480-7202


-----Original Message-----
From: Heath Buck
Sent: Wednesday, March 04, 2009 1:43 PM
To: O'Brien, Thomas C [GCG-RE1]
Subject: Heath Buck

Dear Mr. O'Brien.

I emailed Sarah today for a status update about my loan and she replied saying it was "The loan was declined as of 03/03/09. The loan was declined due to lack of funds to close on the loan." What does this mean?

We jumped through all the hoops since November and this is where we are at?

I will ask you the same questions I have asked her,

Why were we not informed?

What does that mean? No one ever spoke with us about funds to close on the loan. What do we need to close on the loan.

If it is declined, I will be expecting a refund of the charge on my credit card. I need to speak to someone ASAP about this.





The following is my conversation with Sarah Doueik listed newest to oldest.

Thomas O'Brien.

-----Original Message-----
From: Heath Buck
Sent: Wednesday, March 04, 2009 1:37 PM
To: Doueik, Sarah [GCG-REO]
Subject: Re: CitiMortgage Rush please #

Who is the loan officer?

Doueik, Sarah wrote:
> >
> > You need to talk to Sales,
> >
> > Please send the e-mail's to the loan officer.
> >
> >
> > -----Original Message-----
> > From: Heath Buck
> > Sent: Wednesday, March 04, 2009 1:31 PM
> > To: Doueik, Sarah [GCG-REO]
> > Subject: Re: CitiMortgage Rush please #
> >
> > Why were we not informed?
> >
> > What does that mean? No one ever spoke with us about funds to close on the loan. What do we need to close on the loan.
> >
> > If it is declined, I will be expecting a refund of the charge on my credit card. I need to speak to someone ASAP about this.
> >
> > Doueik, Sarah wrote:
> >
>> >> Mr. Buck,
>> >>
>> >> The loan was declined as of 03/03/09. The loan was declined due to lack of funds to close on the loan.
>> >>
>> >>
>> >> If you have any other question in regard to the decline please forward it to the loan officer.
>> >>
>> >> Thanks
>> >>
>> >> -----Original Message-----
>> >> From: Heath Buck [mailto:
>> >> Sent: Wednesday, March 04, 2009 1:14 PM
>> >> To: Doueik, Sarah [GCG-REO]
>> >> Subject: Re: CitiMortgage Rush please #
>> >>
>> >> Just touching base. I wanted to find out where we are in the process.
>> >>
>> >> Thank you

Heath Buck
Fort Smith, Arkansas
U.S.A.