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Citibank Mortgage / flood insurance scam

Boulder, CO, US Review updated:

I have mailed proof of Flood Insurance for our Condo in Boulder to CitiMortgage Inc Insurance Center, Box 7706, Springfield, OH [protected] on four separate occasions since our former policy expired in early June 09. The flood insurance policy is also available on-line. In spite of this, Citi has taken out Flood Insurance on the property. We received the most recent demand today, August 15th. Citi has never answered any of our communications. This is clearly a scam to intimidate and harass the motgage holder. The mortgage covers only 20% of the value of the property and we assume Citimortgage would like us to pay off the loan. As a shareholder of Citibank, I am at a loss as to why this Company would try to alienate a client paying 8% interest.

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Comments

  • Mp
      Nov 22, 2010

    THIS COMPANY is without measure. I've never felt so abused in my life.
    I have the same exact problem. My insurance is 3 x's the value of my loan. The problem I had...Original loan papers only required me to insure the value of the loan...but after winding up at Citi after the loan being sold on two previous occasions, they demanded the full amount allowed by FLood Insurance program or the value of the home.
    This was and is not located on my loan papers...HOW DOES THIS HAPPEN TO HONEST CITIZENS who pay their mortgages? BECAUSE OUR LOANS ARE OWNED BY THE FEDERAL GOVERNMENT...FREDY/FANNY

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