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Citi subsidiaries must pay $28.8 million for giving ‘runaround’ to borrowers

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Mortgage Professional America | 24 Jan 2017, 08:15 AM Agree 0
The CFPB hit both CitiFinancial and CitiMortgage with fines, saying the servicers kept borrowers in the dark about ways to avoid foreclosure
  • | | 24 Jan 2017, 12:34 PM Agree 0
    This is just a slap on the wrist. CitiMortgage is by far the most unprofessional financial institution I have dealt with on both a professional and personal level.
  • | | 24 Jan 2017, 12:50 PM Agree 0
    This was common practice with all the big banks, they only offered modification options and foreclosure avoidance if the property was under water. When there was equity in the property no modification was offered and it would then be pushed to foreclosure so they could steal the equity in the property.
  • CEIII | | 24 Jan 2017, 12:52 PM Agree 0
    If you think Citi is bad wait until they investigate Caliber which has to be the worst mortgage company of them all!!
  • Photocrazy | | 26 Jan 2017, 12:18 AM Agree 0
    I spent 6 months on the phone with CitiMortgage trying to get them to put through my HAMP modification. First, like most, they made us go 3 months behind saying it was required, it was not, so it trashed my husband's credit score. Then I sent in the paperwork with the first check, making sure I followed the instructions and the checklist, putting the check in with the paperwork. I then called a couple of days before the cutoff to make sure they got everything and I was told yes, everything was fine. The first check doesn't go thorough my bank so I call, the person tells me the hold the checks for 3 months until they have the 3 payments then they put them through. the paperwork said they would cash the checks and hold the money in a separate account until the HAMP was approved . The next month my check goes right through so I call and ask why the 2nd check went through but not the first. I was told I had been removed from the program because I never sent the first payment. I told them yes I did, it was in with the paperwork. They asked "Why was it in with the paperwork?" so I proceeded to read them the instructions and the check list which both said to put it in with the paperwork and I had called before the due date to make sure that everything was OK. I sent another check for the first payment, even though he told me it wouldn't do any good, with a letter of explanation. They put that check through, so I call again and the woman went though everything and said it was their error and she would put me back on the program. I wait a couple of weeks and call again to see if it had cleared the first step and was told again I hadn't made my first payment and was dropped. I asked for a supervisor and explained it all again and she put me back on. This went on for 2 months more before they said it was transferred to step two and it should get done in a couple of weeks. I call back and am told he hadn't even cleared the first round, so back to the supervisor, which I found out was the only one who could really tell what was going on, they had more information available to them than the call takers. I called them at least once a week after the first 2 months, and demanded a supervisor every time. After the first interaction, I got a notebook and wrote down who I talked to the date, the exact time, and exactly what they said, so the next time I called and they asked "Who told you that", I could tell them everything. It took 6 months and a multitude of phone calls etc. They finally called one day and told me it went through, I bet if I hadn't been on them every minute, it would have never gone through and they would have foreclosed for being behind, because then they would want all of the back payments that weren't covered by those smaller monthly payment I was making. I think they got tired of me and figured out I wouldn't fold like many did and put it through to get rid of me. I am disabled and home all day, so had the time to do this, I imagine many did not.
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