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refinance scam

Complaint Rating:  100 % with 3 votes
100% 3
Contact information:
Frisco, Texas
United States
Phone: 214-663-2142
Received notice from citi to refinance my 5/1 arm into a fixed rate in early Sept. 2009. After working with their represenative, and being assured that it would be approved on our second home in Texas, I gave them the $470 for an appraisal to start the process. After getting the appraisal and with credit scores of over 800, I was advised that they had turned down the refinance on a judgement call. I feel the real reason was the reduced revenue and the $470 should be refunded. They said sorry but it is our call and nothing could be done. I think they are misleading customers only to keep their employees and apprasers working.

No more bailout money!!!
Complaint comments Comments (2) Complaint country United States Complaint category Mortgage Companies


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 18th of Feb, 2010 by    0 Votes
the very same thing happened to me. call citibank and tell them that i will do my business with someone else.
 26th of Dec, 2012 by    0 Votes
I discussed refinancing with Citimortgage to go from my current 6.58 interest rate down to a 2.75 interest rate. I only owe 57, 700 on my mortgage for the next 17 years so it makes sense to go down to a 15 or 10 year refinance. Well, I got the numbers back and it appears instead of saving, my total I owe will be 59, 600k. So that means Citi is stealing all the savings and trying to con me into paying them 3k so they can steal it. What kind of scam is this? Are people really that uninformed? I was told I would save 100-200 per month note. Really? And rather than use the tax value of my house I am to pay them 650 for an appraisal? Nonrefundable of course should the loan not go throuth. They should be put out of business for theft. Of course I declined. Had I not asked for the entire 15 year payout schedule I would not have known they were stealing the savings. I guess they expected me to go for the 100-200 per month savings, which is not really savings since I would owe more.

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