I refinanced my mortgage loan just 8 months ago to lock in a fixed rate. Within a few months, the Citifinancial Corporate Monsters bought my loan from Decision One Mortgage. It has been a nightmare for me ever since. I forgot what it was like to just get a mortgage statement each month and pay it like everyone else does, because they keep messing around with my account.
First problem: apparently, my escrow funds from my previous mortgage company went to Citi in two payments. However, Citi decided to apply only one payment toward the escrow, and the second payment went to the principal. So immediately, they started sending me the "quote - SHORTAGE" notices. Second BIG problem: they wanted to change my original terms from my Decision One mortgage from a 6 month tax payment term to a 12 month tax payment term, forcing my mortgage payment up by over $100.00 per month to cover this other so-called "shortage." Conveniently enough, they add a nearly 50% additional interest payment to these so-called shortages, which never existed in the first place.
It took two months of yelling at their horrible customer service people to get them to set my mortgage terms back to the 6 month tax term. And they finally applied the money to my escrow.
But just when I thought things were all straightened out, I got another so-called "shortage" letter in the mail. They now want to add what they call a "2-month cushion" to my mortgage. The new notice increases my monthly payment by 60.00 per month for this so-called shortage, which is supposed to be in the amount of 365.00. Again, to Citi's benefit, they add the 50% interest to this shortage, which would have me paying another 700.00 over the year if I don't send this fake shortage to them in 60 days.
I really wish there was some way to fight these corporate monsters! I have decided that they just keep looking for more creative ways to get the CEO and upper level management bigger yearly bonuses by taking advantage of their customers.
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