When our daughter was born in 1992, we refinanced our Deed of Trust through CITIFINANCIAL, who offered to combine all of our bills with the
original Deed of Trust. We were told that paying this note off would increase our credit score since our liabilities would be reduced. The original balance was
nearly 72,000. Although the loan proceeds were only 30,000.. Our daughter is now approaching 15 years old. Eventhough we paid on this account since that time, our balance remains nearly 35,000. At nearly 500 a month, we have paid back nearly 84,000 on the account. Two years ago, we were forced to leave our home following the arrival of Hurricane Katrina. According to our FEMA documents, our balance at the the time of the Hurricame was 35,930. Twenty-four months later our balance has ONLY been reduced to 35,568. That is after paying from November (THEY "granted us a reprieve for 90 days", but we have been paying interest on those excused
months) through May at a rate of 500 a month, and from May thru August at a rate of 400 a month. That totals 5200 in payments with only a 352 dollar reduction in the principal.
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