Citi Mortgage Failed Loan Modification, Internet

Facts Citi Mortgage  will  wither force you to accept their terms and conditions or allow your home to go  in to foreclosure !!

Their Loan Modification program is the worst ever produced -   the Fed Goverment had agreed to Bail out the big Banks  - but not the people who the  need help!  
here"s a short example -   

I am a home owner for 10 yrs.   I got laid off -  I contacted Citi Mortgage  for assistance to see what my options are. they said - unless you are in default by 3 months - we can not help you - when asked - what does "default"  mean ?- "well - you know - stop making payments for 3 mos. and then- we's gotta a lot of programs fo you's.."

as following their plan - beside - i was unemployed - property taxes $9,000 ( it's NJ)  i didn't want my house to fall into tax sale  while behind..  I agreed to partial payment and paid my local taxes on time.

  Citi Mortgage ran me around for 12 months., with partial payments, send documents, bank statments, more documents, more documents - send more money for holding to be applied.. The after 12 months of the run around  they  - served me with a Forclosure notice, a week later i was then contacted by Citi Mortgage - we can "offer you a LOAN MODIFICATION"  and "Save that forclosure" -  

My  Mortgage balance was $265,000.00 at the time: that they were able to lower my payments by $500 a month [looks great on paper]  :) "wow - great - a relief"

- However -  I had 20 years left on my loan previously - they added another 20years - a total of 40 years to pay the new loan.  they then TOOK those 12 months of miss applied payments+ all fees  - "holdings" ( that are un accounted for)  and added it back to the Loan amount - which was an increase!

My loan balance of $265K  with only 20yrs left - Had increased to a New Loan amount of $310,000.00 over 40 years.. 
 My house is worth $105K [ paid appriser] -   I can not sell my home, my home owner insurance wants me to have coverage for the new loan amount, Citi wants me to have coverage for the new loan amount.... ??? 
 "think about it - I'm 50yrs old and your going to add 40 years to my loan?" umm Medicare kicks in at age 65,,,  [ so we placed a band aid on a problem ]

Now, - I just took another hit - got laid off again, I reached out to Citi Mortgage again after having my new loan for over a year - requesting help - in hope that things have changed -  BUT was TOLD by
Citi Mortgage - that - They could can not offer me a Loan mod because of my loan Balance, Loan to value..is way off..  [ that I owe more than the home is worth- ]  
  
{contact HAM programs - Making Homes Affordable - same people I was directed to before and got no where }

If Citi Mortgage corrected this loan from the beginning - I would not have had this problem, Citi caused this financial off set in a Bad market - Citi knew dam well that home value was dropping yet they - CITI Mortgage had the green light to do this action - by  adding  fees and monies to the current balance of other people loans. 

that Citi  was given Federal funding to bail out their clients - however never did.. only invested  funds in a call center and processors working for $14.00 an hour.. 3rd party vendor...


  They advised -  that I should seek an attorney for a Chapter 11 or 13  possibly file for bankruptcy and allow the  foreclose to take place - that I may not find enough funds to recoup the loss [ arrears shortage] -

  I am in my 50's... If I do that  [ foreclosure - bankruptcy] - I will loose everything, 
My auto ins. will go up for bad credit - I will be unemployable with Bad credit - will not be able to find a place to rent with Bad credit  -once your credit is permanently destroyed - there is nothing to do - you will be on the street...  this is dammaging to me.!  there is nothing they are willing to do...!


How dare they do this to me, and millions of other people out there -  Citi Mortgage - was given Billions by the Fed government to help people with their loans.

Citi Mortgage took the money for them selves..,  The plan was for Citi to Reduce the Loan terms, Reduce the balance, to match the value of properties. 

  What Citi is doing to millions of people - is taking the Buff fund - (reduction money - as an example)  if you were entitled to $60,000.00 reduction - they are keeping those funds, where as they were suppose to apply it to your loan to "LOWER" your balance 1 then modify your loan - instead,, they increased peoples loans - added in all kinds of fees and interest  to your loan. 

 if you owe $200K over 20 yrs, at $833 a month and its stretched out for 40 years  shouldn't that dollar amount lower to $416.00 a month... iif it was a fixed rate and term plan...?  simple math - If there was Federal funding available to "Reduce " the loan amount  in this case = say $25,000.00 with the same loan amount over 40years -  [ new balance $175,000.00 divided over 40yrs =  $365.00 a month.  with interest maybe $386.00 a month - ?] 

What Citi Mortgage does is adds all those missing applied payment to the back end of the loan with a new rate and term, adding fees and cost to your new loan. even if the Loan to Value (LTV) is way off. they will still write you a new loan modification. However if you go to a bank and try to refinance - if your LTV is off - you can not get a loan.. so how can a bank get away with that scam !

By the way =  Loan Modification = you have to fall into their % ratios - in order to be approved when it comes to your Debt to income,  if you want to be approved you  have to show a shortage less than $430.00 a month... 
anything over - you do not qualify for a 2% loan modification ( if promised by the call center ) ,,, you do not meet their requirements.   you have to accept the terms and conditions of another "type" of program..

banks out source their call center - to read from a script -  those who make choices to determine if you qualify - will "Profile" your case - use a calculations tool - with out ever speaking to you... if you do not qualify - you are not approved. [ regardless if you've been doing /managing well for years] Citi's out look is - "Oh well " obviously it didn't work - thats why you are here"

   What banks are enjoying doing now - is letting your home slip into forclosure - so they can either take the home or "" sell it to an investor"" who works with the banks - [cash in pocket /hand off ]  to turn your home in to a rental.... BTW after you've been foreclosed - they offer you rental program in one of their housing alliance programs... ( hence place you in someone elses forclosed home  that they took from someone else)

I DARE  the  Federal Goverment - LAW firms to pull an Internal / Immediate - Audit / Class Action suit - on every LOAN MODIFICATION that CITI MORTGAGE provided in the past 3 years..  to look at the stunt they have pulled on their customers. 

Just walk in and seize their network systems- their documents - their books - what  has been done - what they are working  on  - to  use Forensic accountants to Audit  every loan Modification.. to stop this nonsence and heart aces that so many people are getting jerked around til they loose everything.

To put a stop to this nonsence once and for all to the millions of other who are going through the same night mare.

 there is a Law firm in NY starting a suit = I will be contacting them.