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Citi Mortgage / how do they stay in business

1 Heflin, AL, United States Review updated:

On June 12th, 2007 I had a house fire in my basement. The basement and all of its contents was totally destroyed along with the upstairs being heavily smoke damaged. The heat made it to the roof and caused a spot in my roof to start leaking. I was dealing with Liberty Mutual Insurance and really thought it was going to be a MAJOR headache. But to my surprize the headache came from my mortgage company which was Citi Mortgage. #1 I had re-financed a year or two earlier just to have my mortgage sold to citi...which I would have NEVER wanted. I have had payment problems, ever since the start with them loosing my payment, saying it had not made it, etc etc. My point is I have enough problems on my own making payments and not screwing up my credit without their help! Anyway, the check came and it was made to me and Citi mortgage. I endorsed the check and sent it to them as they asked. Let me back up. Between the insurance company and Citi, I was told it may be 30 to 45 days before I would have the money to start working on the house. Citi however told me that if I wanted to use my own money, or put it on a credit card that "as long as I kept good receipts" they would send me my money with the first construction draft. This was the first lie that was told to me. I used my savings, and kept good receipts and was not finished, but back in my house in less than 3 weeks. Of course when it was time for me to get my money they told me that I could not get that money until the end and the house was totally finished. Well I stuck it out, robbing peter to pay paul for a year and then on my last inspection they informed me that instead of the 75 to 80% complete it had to be close to 100% complete for me to get my next draft. My question was how am I going to get it that far if I dont have any money...And their answer was to us a credit card or something. Needless to say, no one really cares. They just want their money and nobody know what is going on with the other side. If at all possible NEVER use this company for anything and please pass the word. It is September 19th and I still dont have my money and my house still isnt finished. So I have not had any saving for over a year. I am behind on a bunch of things including my house payment and they are sitting on my money.

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  • Mg
      28th of Oct, 2009
    0 Votes

    Yup, that's citimortgage for ya. Our house caught fire, the check was sent to citimortgate as the insurance company signs it to both the owner and the lender. Citimortgage then disburses the check in equal amounts of 3, so you get 1 check at the beginning, another check once you are 50% or so complete with the construction and we self contracted and thank God we did because Citimortgage expects you to have your house 95%-100% COMPLETE BEFORE they release the last check!! That makes no sense!!! It took 1 month to get our first check after calling at least 3 times a week asking where it was at. We finally got it and they signed it off to me AND the company who took our clothes to get dry cleaned because of the smoke!!! How does that make any sense!! Needless to say, they have no idea how that happen, a week later we got another check. We asked for our 2nd check and again, you have to send receipts that add up to the amount of your first check, and so we did. Again, it took 1 month for us to get our check as we had to keep calling and every time it was something new that they had never mentioned! Whether it was to have the contractor sign off on the receipts with their number and it takes 2 days to process or send copies of the cashed checks as well and wait another 2 days to process, or that our check hadn't been approved, or that it had been approved but it takes 7 days to release it, or that it was mailed but we never received it and had to call back, etc. etc. Now, we are waiting for our last check and I am not looking forward to it. Let's see what other excuse they have!!!
    Thank GOD we self contracted because we saved a ton of money and didn't really have to use any out of pocket money to complete it. Citimortgage likes to hang on to that money as loooooong as possible so if you are in this situation, please keep calling! They HAVE to release the funds, it's your money! Or call and speak to their supervisor, we had to do that in order for them to release our second check.

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