Citi Residential Lending (aka CITI, Citi Group) is a predatory lender and should be investigated by the federal government.
Their so-called loan specialists deny any knowledge of Project Hope, which the federal government started to help with the current mortgage problems. All they want you to do is fill out another financial statement and qualify for another loan that they charge you more predatory rates on.
The reason I know this is that I too am a victim of the Citi/Ameriquest scam. The mortgage rate is the same, 6.75% over the LIBOR rate, not to exceed 12%. The loan started out at $2800 per month and has adjusted up every 6 months, finally topping off at $5189 per month.
I too have asked for a modification of the loan and have been denied, and told to fill out a financial statement. Loan officer Candace told me that I do not make enough money to qualify for a loan modification, and the next day Jimmy Foley of the President's office told me that I make more than enough money and do not qualify for a loan modification. Each time you talk to someone at Citi Residential Lending, they first start out by telling you that if you bring your mortgage payment up to date, then they can try to help you. Do not believe them, it is a bold-faced lie. I have done that and still have been denied.
I have placed calls to the President of CITI (the one being investigated by the F.B.I.) and have been systematically transferred each time back to some associate in California and fed the same line of nonsense. (I swear it is some jerk in India each time.)
So many people have been taken by Ameriquest/CITI that there has to be some way to go after them and get them to solve these problems. At 56 years old and raising 2 grandkids, I do not need to be worrying about foreclosure.
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