CtitMortgage / Home Mortgage Loan Modification
I am writing to you as I have been backed up against a wall by my mortgage company. Let me tell you my story:
It started in April of 2008, when the physician's office where I was working, closed and left me unemployed. I was fortunate enough to find employment with the next month, but not before our financial oblications started to fall behind. My husband was our only income for this month.
As time went by we tried to keep up with the monthly bills, but this was hard as we were slowly falling behind futher.
My husband tried to contact our mortgage company in March of 2009.
We were trying to see is we could defer on one mortgage payment by putting it at the end of the loan.
CitiMortgage at that time stated that we needed to fillout a hardship form online. That was done immediately and they advised us that we qualified for a Home Affordable Modification through their loan mitigation department. At this time they advised not to make any more payments until they sent us a new monthly mortgage payment amount and in the mean time we were to send them copies of paychecks, bank statements, and all financial obligations and debt. They advised us that we would be put on a trial period for 3 months with the modified payment amount to make sure that we could make these payments on time.
We followed their directions to the letter. And also, received another letter from them adjusting our payment again and stating that we would pay this amount for another 3 months. Now we are going on 8 months with all of this and several times we had to resend all of our information to them. We kept in contact with them weekly and at no time did anyone tells us that we would not meet the criteria for the approval. Then we received an e-mail from them stating that our home modification was in it final approval and expect to be approved with in the next 3 business days. So when my husband called last week to check on this he was told that we were denied as we didnot meet the criteria and that we were now A$7600.00 in arrears. Now, mind you that we were NOT in arrears when we were instructed by them to not make any payments until we received their confirmation of our new monthly payment. So, needless to say that they told us that we had two options.One, was we could try and get a second loan through them at 5% interest on top of our original mortgage.After they have already trashed our credit, or we go into foreclosure if the lump sum of $7600.00 is not paid in full by the end of February, that is 2 weeks from the time that this letter was written. I do not know about you but we do not just have $7600.00 just sitting around or we would not have had to ask for their help in the first place. I do not understand how a company can lead you on and let you think that all is well. It took them a matter of 5 minutes to tell us that we had to much income to begin with. So, why did they not tell us that in the beginning when we first sent them all of our financial information. This truly reeks of a manipulation by them to steal our home which we have equity in at this time or force us into a loan at 5% interest over the next 15 years. Truly this is unacceptable