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CitiMortgage Complaints & Reviews - Bi Weekly and Loan Modification Issues

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CitiMortgage

Posted:    JRWood

Bi Weekly and Loan Modification Issues

Complaint Rating:  92 % with 12 votes
Contact information:
CitiMortgage
United States
Everything has been fine with CitiMortgage for years. We have had no issues for 6 years, of course, we have not had to deal with them over the phone in that time. The last month has been unbelievable though.
First off, we applied for the Bi-Weekly advantage plan. Three bi-weekly payments had been taken out, with $25 of the $300 initiation fee taken out of each installment, before we had received the first monthly statement from CitiMortgage. Only two of the installments had been entered into our CitiMortgage account, the third was still being held by FNC Insurance. We noticed the bi-weekly installments were nothing more than a third party company taking $200 extra per installment and paying the payment in full once a month with $400 extra towards the principle. We looked at this and thought, "why do we need to pay a company to do this for us?" I called CitiMortgage and they said they had nothing to do with this and I needed to contact FNC Insurance company (should have read the fine print which states it is a third party company). CitiMortgage provided the number. I called FNC Insurance and asked them to cancel my policy... The gentleman said no problem, and faxed me a "notice of cancellation" to sign and return to them. I also requested FNC Insurance company to return my third installment, which they were still holding. The same guy said, "no problem, just sign and return the "notice of cancellation" and we'll gladly return your money. I looked at the form and it clearly states "FNC Insurance Co. reserves the right to keep any fees not yet collected." I told the guy I would not sign this form unless I was guaranteed FNC Insurance Co. would not keep any of my third installment they were holding on to. I also asked for them to return the $75 of startup fees they had already collected because I did not want to keep the Bi-Weekly plan. The guy said to write up a complaint letter, sign it and fax it in and they would look over it. I wrote the complaint letter and faxed it in. I called back and the same guy said they looked over it and would be returning my payment in full, without the $75 of startup fees already accumulated because we were three installments into the plan. I agreed to this. He said all I needed to do is sign the "notice of cancellation" form, send it in and the check would be sent out immediately. I signed the form and wrote a note on the bottom stating "my signature does not authorize FNC Insurance Co. to take out any additional fees as previously agreed upon." I called back the next day and they stated the check had been mailed. I asked the amount and the rep stated it was $300 less than we had agreed upon. I spent the next 2 1/2 hours on the phone pleading my case to no avail before losing my temper and of course any hope of getting my $300 back.

A few days after this, I find out I have a 25% reduction in pay at work. A few days after this I have CitiMortgage calling me to find out where my monthly payment is. The one I am now scrambling to figure out how to pay. I tell the rep that I have all but $300 of the payment and they would have to contact FNC Insurance Co. for the rest of it. Of course this wouldn't happen with CitiMortgage because they have NO IDEA who this 3rd party company is and only refer to them as an "acquaintance." So now I'm out a monthly payment. Great.

I transfer to the Loan Modification Department to see if maybe I can get my payment reduced. The minimum federal requirement is 31% HTI ratio. I provide my newly adjusted income and find out by their calculations I am at 30.34% HTI and I don't qualify. I do my own calculations and find myself closer to the maximum, at 36.5%. I inquire as to why our calculations are different, the guy could not explain it. So I check a little more and find out his calculation works perfectly if you do not include the impound account. I let him know the federal qualifications include the impound account. He puts me on hold to talk to his supervisor, whom I am eventually transferred to. They state CitiMortgage DOES NOT include the impound account in their calculations and ARE NOT required to!!!

Oh, and I also tried to get my past due balance added on to the end of my loan and CitiMortgage DOES NOT IN ANY CASE allow this either.

AM I CRAZY OR IS THIS RIDICULOUS????
Comments United States Banks
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 22nd of Aug, 2009 by   FIGHTER 0 Votes
YES THEY DO INCLUDE IMPOUND ACCOUNT -DO NOT LET THEM TRY TO MISLEAD -THESE INSTITUTIONS DO NOT WANT TO DO ANYTHING AS FAR AS MODIFICACTIONS INLESS THEIR FORCED TO-EVEN WHEN THERE FORCED TO THEY DRAG THERE FEE-I HAVE OVER 200PAGES OF DOCUMENTATION REGARDING A LOAM MODIFICATION -EVERY TIME I SPOKE WITH SOMEONE I GOT THEIR NAME AND FAX NUMBER AND AFTER THE CONVERSATION I SENT LETTERS IN SUMMIZING THE CONVERSATION-FIRST YOU NEED TO NOW THE FACTS OF THE OBAMA PLAN -SERVICERS OR HOLDERS OF YOUR MORTGAGE ARE REQUIRED TO GET YOU DOWN TO 31% DEBT TO INCOME THEN THEY GET INCENTIVES TO GET YOU TO 31% IF YOU STILL CANNOT RECEIVE THAT TARGET # AFTER INTREST RATE REDUCTION THEY NEED TO LOOK TO EXTENDING TERMS OF THELOAN-PRINCIPLE FORGIVNESS IS NOT MANDATORY BUT IF ONE NEEDS IT PUSH FOR IT.IF ONE ENCOUNTER PROBLEMS FILE A COMPLAINT ONLINE WITH ATHE ATTORNEY GENERAL OF THAT STATE AND THE OCC GOOD LUCK
 30th of Aug, 2009 by   jerkoff223 0 Votes
You should have never paid anyone to do a bi-weekly mortgage payment. You can do this yourself. You could have sent as little as $50 per month extra principal and reduced your mortgage yourself, with no out of pocket cost. When ever I see bi-weekly mortgage programs, that you actually have to pay to set up I think, are there really people this stupid that would pay to do this? Yes, there still is.
 2nd of Sep, 2009 by   Lord von Manor 0 Votes
My mortgage lender is B of A and I'm going through a similar issue. Two years ago I refi'ed my home and at the time they offered me a Bi- weekly program with a one time fee. I paid the extra month in mortgage and I think a fee of 400 dollars. From time to time I called and checked to make sure this program was working. It sure was unit last week I received a Payment Enrollment Form from B of A. I called the Rep at B of A and He tells me it have to re-enroll in the plan and pay an addition month mortgage with a $5 bi weekly. But why do I have to do this when I already paid the upfront fees over 2 years ago? He replied I never was on the Advanced Payment Plan. I was on a plan designed for people who could not afford their mortgage. Um, so maybe this is an error. So what happened to the extra mortgage I paid. REP: What extra months mortgage? What happened to the interest I save by being on the program? Rep: What saved interest? What Advanced Payment Program? Sir, The program never existed! But if you would like to sign up for the program I can help you with that. All you need o do is pay Octobers mortgage now(sep. 1) and $4.90 in additional fees bi weekly. Me: Wait a sec. why would I do that again when I already did this two years ago? Wait a minute; earlier you said the program does exist! Rep: Sir, there is no advanced Payment program. Me: [Click], [Click], [Click], [Click], [Click] - repeat! Now my head hurts so bad.
 2nd of Sep, 2009 by   Lord von Manor 0 Votes
My mortgage lender is B of A and I'm going through a similar issue. Two years ago I refi'ed my home and at the time they offered me a Bi- weekly program with a one time fee. I paid the extra month in mortgage and I think a fee of 400 dollars. From time to time I called and checked to make sure this program was working. It sure was until last week I received a Payment Enrollment Form from B of A. I called the Rep at B of A and He tells me I have to re-enroll in the plan and pay an addition month mortgage with a $5 bi weekly fee. But why do I have to do this when I already paid the upfront fees over 2 years ago? He replied I never was on the Advanced Payment Plan. I was on a plan designed for people who could not afford their mortgage. Um, so maybe this is an error. So what happened to the extra mortgage I paid? REP: What extra months mortgage? What happened to the interest I saved by being on the program? Rep: What saved interest? What Advanced Payment Program? Sir, The program never existed! But if you would like to sign up for the program I can help you with that. All you need to do is pay Octobers mortgage now(sep. 1) and $4.90 in additional fees bi weekly. Me: Wait a sec. why would I do that again when I already did this two years ago? Wait a minute; earlier you said the program does not exist! Rep: Sir, there is no advanced Payment program. Me: [Click], [Click], [Click], [Click], [Click] - repeat! Now my head hurts so bad.
 6th of Feb, 2014 by   tracymace 0 Votes
FNC insurance ageny contacted me through Citibank mortgage to enroll in biweekly payments. Wanting to pay my mortgage down quicker, i enrolled and paid a hefty enrollment fee. Two years later I am now being cancelled with no refund of my enrollment fee.
Thanks FNC insurnace Agency (citibank subsidiary)
 18th of Feb, 2014 by   liztn 0 Votes
Same here. After 6 years they cancelled my plan with no refund. When I asked when they were sending my refund back the woman, that maybe spoke English as her third language, once she understood me, asked if my contract said they would refund it if they cancelled it. I told her I didn't know but it did say they would provide a service they were no longer going to provide. So mad i could spit.
 11th of Mar, 2014 by   Rkr2014 0 Votes
Same just happened to us! We received a letter they are without notice canceling our biweekly plan! No refund ( yes we were stupid enough to pay a fee for to start up the biweekly plan!) I hate citimortgage and so do all the realtors I have spoke with . We called to ask why they cancelled the plan to an agent who I can hardly understand since she had issues speaking English! We asked for a refund to be told someone will get back to us! Yea right! When pigs fly!

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