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Citi Mortgage / pmi scam

Atlanta, GA, United States Review updated:

I've had my mortgage with Citi for 10 years. I was unaware I was sucked into PMI, after a lifetime of never being late on rent or mortgage. After making large principle-only payments, I brought the mortage down 1/3 in 8 years, and requested the PMI be removed. I was told to submit $400 for an appraisal along with written request which I did. 6 weeks later no word, so I called and they said the appraiser was unable to reach me. I received no calls or messages at home or on cell. 3 weeks later, still no response, so I requested my $400 back. They said "we never received any money or request from you" and I said "then WHY would you have allegedly sent an appraiser out?" They can't even lie well. Weeks later I received my $400 back with an unsigned letter saying "we're unable to accomodate your request because the appraiser cannot reach you". If YOU have had similar experiences with ANY of Citi's companies, including not being able to speak with anyone in the US about a problem, please post and share on any social media website!

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Comments

  • Mv
      20th of Nov, 2012

    Be glad you didn't pay for the appraisal. Mine came back with some BS estimate of $2500 decrease in value. Even though my LTV is at 68%, they are refusing to remove the PMI simply because the home depreciated in value. An agent on the phone said as long as I meet the LTV requirement, they would remove it but they need that appraisal first. You're right, it is a total scam and they freaking lie. I have filed a complaint with the Consumer Protection Bureau and realise that this is really only for documentation in lieu of an eventual lawsuit. I will cost them more money to fight me in court than what they get from me in insurance money, that will make me happy.

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  • Ma
      20th of Nov, 2012

    We are still waiting for a Closing date. Since May. The GFE expired in mid October, and I used that to my advantage to re-negotiate the APR, however, they conveniently forgot to send out paperwork on a home equity line of credit I have, conveniently extending the time further. In the meantime, of course, they are raping me monthly at the same rate/payment, while I go without food except once a month.

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  • Th
      15th of Nov, 2016

    I contacted Citibank and offered to send additional funds to meet the 80% loan to equity requirement even though by their calculations its now at 78.5%. Nothing I did or offered (spoke with Vicki Oxford in their St. Louis office executive team 636-261-4167 and verified) bypassed the requirement of a home appraisal with a cost of $385. I went through this a couple of years ago and the comps used were neither the same size of home or in my neighborhood, in fact miles away, and the values came in low. I do not fear a fair appraisal but why should I do it now in a market with rapidly rising values and I owe under the 80% of the original appraisal. And, the term left on the PMI is only $200 more than the appraisal (if it were done today!!) What's clear is Citibank only allow you to wait until the "automatic" TERMINATION of the PMI to receive full payments of the PMI. It's a fee that they make a lot of money on, a little over $4800 so far from me on a $138, 000 loan.

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