Comments on: A Fraudclosure Story | CitiMortgage Foreclosure, Loan Mods and Lies

By: Wes Bucher

Wes Bucher — Sun, 22 Jan 2017 17:39:20 +0000

Am contemplating my next move with respect to Citi. In my case, Citi now claims they have as collateral 80 acres when in fact they had 5 acres as collateral on their mortgage. The loan modification journey has been a disaster. Citi could NOT keep track of financial information sent, and then when they did receive it claimed that no matter what information was sent, the collateral wasn’t acceptable under any circumstance.

Citi knew that the purpose of the initial loan request was to have 5 acres as collateral – the initial inquiry, the application, the appraisal, and at loan closing. At loan closing they took exception to a 5 acre legal description at which time I chose to not close the loan. After discussion with the mortgage broker – a local bank – Citi agreed to accept the 5 acre legal description. Fast forward 10+ years, and now they assert they have an 80 acre legal description. The value of the 80 acres is too high to qualify for loan modification – makes more sense for Citi to foreclose – they will make $$$$. The value of 5 acres is such that a loan modification would be warranted – but they won’t even consider that they really only have 5 acres as collateral – which is the legal description on their Deed of Trust – that they ultimately accepted at loan closing – after lengthy discussion. I was willing to walk away from the loan closing !!!!, if they demanded an 80 acre legal description – Citi “chose” to accept the 5 acre legal description at loan closing.

The loan modification process has been a total joke !!! Been involved in the process for well over 2 years. I’ve probably had 25 different “account representatives” most of whom understand that it wouldn’t be “right” for a lender to foreclose on 80 acres when the lender only has 5 acres as collateral. To their credit, they seem like reasonable people, but …… they have no decision-making authority. Furthermore, it is IMPOSSIBLE to talk to anyone with decision making authority – not an underwriter, not their legal department. Nobody – not even their own account representatives have access to converse with decision-makers. The organizational structure is flawed to say the least.

The difference between misrepresentation, negligence, and fraud involves “intent”. I think I can prove intent, but it will risk everything I own to take that risk. I’m willing !!!!

By: Consola Johnson

Consola Johnson — Mon, 19 Sep 2016 20:54:45 +0000

I wanted to make repairs to my dream home, using the equity in my home but was told that process would take longer so lets go with the loan process with no interest charges because we will get the money from the equity in your home. At that time my mortgage was very low. Once the loan went through I received my mortgage statement the following month & it had went up to a thousand dollars & I didnt understand what had happened, so when I called they told me not to worry because the equity would come through & once it does I would be fine they said to continue paying the thousand a month which I did for more than a year. Instinctively I called again & they told me to stop paying the mortgage that they would send me another package involving my equity so I stopped paying waitng for the new agreement to come in & it never did. So I called & thats when they told me that I was behind in my mortgage & that I couldn't use the equity in my home & that's when the problems began I started corresponding with them through letters stating what had happened & that I was at a lost as too what happened & why when I followed through on everything that I was told before I knew it my disabled daughter & her disabled daughter & I were homeless with no place too go. This was the first time I had attempted to acquire any equity out of my dream home or any other monetary means & I had been in my home since 1997 without a loan or anything because I was afraid of dealing with the big business aspect of it all & this is what happened to me & my dream home.

By: Citimortgage Hell

Citimortgage Hell — Sat, 14 Mar 2015 16:20:43 +0000

I am in citimortgage hell. We applied for a HARP last year after my husband went into kidney failure and we had to be off work for awhile. They did a re-fi but worse interest rate and on a 40 year term. We were told NOT to make payments during the re-fi and they ruined our credit. Since then, they have lost TWO sets of notarized documents we sent to them first last November and the second in February. They sent us more docs to sign and notarize yet AGAIN this week. I video taped signing them, having them notarized at the bank, counting the pages, and handing the UPS envelope to the UPS employee. We are in a bad place. They ruined our credit so we can’t get another bank to help us.

By: anonymous

anonymous — Mon, 20 Jan 2014 01:15:58 +0000

CITIMORTGAGE SELLS FANNIE MAE MORTGAGE SERVICING RIGHTS …TO FANNIE MAE – UNUSUAL MOVE

Effort marks bank’s move to shed potential liability over servicing practices

Fannie Mae has purchased mortgage servicing rights on about 64,000 of its own loans from Citigroup looks to shed future liabilities tied to its servicing practices.

The unusual transaction had reached a definitive agreement with Fannie to sell servicing rights tied to approximately $10.3 billion of unpaid principal balances on mortgages owned by Fannie.

“The sale includes the majority of the delinquent loans serviced by CitiMortgage for Fannie Mae, Nearly all of the loans transfered are delinquent.

The agreement means that Citi and Fannie Mae have “substantially resolved pending and future compensatory fee claims related to Citi’s servicing practices on these loans,”

Compensatory fees typically refer additional fees a GSE may choose to levy on a lender/servicer should certain set standards not be met.

Compensatory fees can be assessed for delayed remittance of claim proceeds, delays in the liquidation process, late filing of a final request for reimbursement, and other timeline-related matters.

http://www.housingwire.com/articles/28604-citi-sells-fannie-mae-msrs-to-fannie-mae

*********************************************************
Citigroup agreed to sell servicing rights for about 64,000 Fannie Mae residential first-mortgage loans as it seeks to reduce a portfolio of unwanted assets.

Citigroup had reduced assets in the Citi Holdings portfolio to $122 billion at the end of September. The bank was selling servicing rights on $63 billion in loans in October

Citigroup paid Fannie Mae to limit its liability related to the servicing

http://www.bloomberg.com/news/2014-01-15/citigroup-sells-servicing-to-fannie-mae-on-10-billion-loans-1-.html

By: connie sneed

connie sneed — Sun, 19 Jan 2014 15:13:29 +0000

We just found out last wedsday that we lost our home by some contractor trying to change our locks ..we are on a motification program I cryed..our house was sold without a letter or anything from citibank ..last thing charita ashley citibank loan specialist said to us was it was good and wait for payment instrutions. ..no call no letter we were not behind in payments in fact a month ahead..tryed to get out of this program the first month but was told we couldn’t..so here we are waiting for the sheriffs to kick us out..

By: msmeme

msmeme — Tue, 17 Sep 2013 20:39:52 +0000

Citibank, N.A. totally sucks do not use them they are always switching me from one loan officer to the other. They just totally are screwing me around, the 90 day HOLD and get my refi done is about out for me to get the refi % we agreed on. AND the appraisal they told me get (they ordered) and told me I was pre qualified was good to go so to get the appraisal and than if that came back good than there was not a problem. HA they have asked me to send over and over stuff they loose etc. I think they are a scam!

By: craig

craig — Tue, 26 Mar 2013 12:18:12 +0000

I been with citi over 7 yrs lost job do to 5 heart attacks and now on a heart transplant list fraction rate below 28% tried modification under first under pnc bank no problem went for second mtg keep getting a run around then got a provel on March 15 2013 and on March 20 I get a denial so here iam down nine months now going to federal got help and attorney because of cities scruples tactics so for help they suck

By: ripped off by citimortgage

ripped off by citimortgage — Sun, 13 Jan 2013 03:37:58 +0000

have already lost our home after a arm rate . ballooned to 9% and $2300 per month from $1000 per month, they finally got the house , i think citi needs to be sued just like all the other ones, they will get theres in the end

By: lvent

lvent — Fri, 13 Jan 2012 15:08:57 +0000

In reply to Trudy.

Trudy.I am not an attorney but i know what chase did to my sister…forebearance payments landed her in foreclosure…maybe he should send chase the where’s the note letter requesting that chase prove they own his loan….you can google that….this is a great site for info and there are more listed in the right column….like living lies and mortgage servicing fraud. Sounds like your son is caught in their spider web of lies…tell him to get all of the info that he can and that CNBC reported yesterday that there are 40 million people that are 60 days behind on their mortgage…I don’t know if those people are strategic defaulting or victims of the economy but your son is not alone….and most likely chase is servicing his loan and the have no legal right to take his home….an attorney told me last year that I should not sign or agree to anything….the banksters debt is unsustainable….your son is going to be told a lot of lies so he should get all of the info that he can…..good luck to him…there is always someone here who will offer him advice….tell him to do his homework before he sees an attorney…what he does not know can hurt him…!

By: Trudy

Trudy — Fri, 13 Jan 2012 08:04:43 +0000

I just found this site and read many of the posts. Has anyone had any experience with the latest scam being pulled. Chase is our scammer of course through their attorneys. My son thought he was successful in getting a permanent modification. All payments were made through the trial and thereafter for almost a year total….then he got laid off from the low paying job he had gotten after originally being laid off from the high paying job. He got behind two payments but then found another job and called to let them know. Hadn’t heard anything from them until he called, just the normal statements. AFTER he called to tell them he would be able to make his payment on time and to arrange to catch up the other two he got served with a notice that he had 10 days to pay the entire amount or they would accelerate the note. He called and they would not work with him on catching up the other 2 payments. He hadn’t even gotten his first check yet which would have been enough to pay the coming month’s payment and even though he would have been able to catch up they told him not to send the payment unless he could send two as they were accelerating the loan. He then got the acceleration notice which demanded full payment or else they would foreclose on the house. That was last April. The notice of course says don’t send payments as they will be sent back, etc.

So after contacting attorneys and legal aid, etc. he decided there was nothing much he could do. I (his mom) am disabled and had been living with him and paying the utilities and buying food. Had I known what was going on I might have been able to make the payments from my meager savings for a couple of months but he didn’t tell me. I happened to be in the living room when the guy came to the door with the foreclosure notice.

In December, a couple of days before Christmas he got a certified letter saying they had decided not to accelerate the loan after all. Fools, we thought it was a good thing and we could start making payments again. This was followed the next week with a new demand from the attorneys for over $11K. This is (according to them) the amount he was now behind on the mortgage payments. Of course even 12 months of missed payments doesn’t come close to that….according to the modification loan he thought he had. It would be about what 12 of the original payments were. Or else they have added about $5K in miscellaneous charges. No way to tell since that letter had no kind of breakdown whatsoever. It was a typical 30 days to dispute the validity of the debt type of notice a bill collector sends.

Two days later he got another letter, this one certified, saying since he hadn’t paid the $11K they were accelerating the loan and are foreclosing in February. It doesn’t give any figures on the acceleration or payoff at all.

So, they refused to let him catch up the two payments, refused to accept any payments in the meantime and now he is so far behind he can’t catch it up in any kind of short order. He had asked for a forebearance agreement on the two payments in the first place and couldn’t get anything from them. He went to their meetings twice and called the first couple of times he got the UPS letters but that was all just buik form stuff because each time they said there was nothing they could do since the note had been accelerated. After a few times he quit trying. He’s going to try calling again tomorrow but I think this was another shady trick.

I didn’t read anything about this newest slick trick so I wanted to share it in case anyone got one of these we aren’t going to accelerate letters.