2 and a half years ago, we re-financed our home with Citi Residential Lending. Because our FICA scores were not perfect (not bad), we were given an adjustable rate mortgage at 11.5%. We were not comfortable with this but we were assured that after 2 years, we could re-finance at a fixed and lower percentage rate. We were also assured that their appraiser would make certain that our home appraised within the acceptable range. We had looked at comps in the area and questioned this since the other homes were priced considerably lower. Our incomes were also documented well above the actual, reported amounts. We were told that this was common practice.
Indeed, we must assume some responsibility for not educating ourselves ahead of time. We believed that we could or should be able to trust the experts. We questioned both the appraisal and the income amounts but again, we were reassured that it was common practice.
When it came time to re-finance, we went to a different lender. We qualified for a fixed at a lower percentage rate. Within days of signing the papers, the market went haywire and the new loan was dismissed.
We contacted Citi Lending and requested a loan modification. We were told that they were not doing loan modifications. Our monthly payments increased $500 this past April. We were barely able to make the payments. We made countless attempts to speak to someone in authority but we were told that it wasn't possible. Our mortgage payments have increased $500 a month every 3 months.in April, they will be $4300 a month for a home that is worth approximately $330,000.
When we came to the realization that this was beyond our scope of capabilities, we wrote letters and tried to speak to a loan officer via the telephone. Our letters remained ignored. We tried to keep in constant contact with Citi Lending. Soon, we were receiving between 3 and 5 phone calls each day (including weekends) from the collection call center. We offered to pay the original loan amount but we were told that it was all or nothing.
In October, we were told that new programs would be available within the month. We kept in constant contact. No programs became available. Many of the representatives from the collection call center were rude and demeaning. One woman yelled and told us to just accept the fact that we would lose our home. We were threatened. We were told that our employers would be contacted. We pleaded with them to help us keep our home. We could easily afford the original payments of $3100 a month but there was simply no money to accommodate $4300 a month. We do not want to lose our home. We raised our children and grandchildren in this home.
We have continued to write letters. We continue to call the only number they have allowed us to access and that is the collection call center number. We asked for a number at which we would be able to speak to someone who might give us a chance to renegotiate the loan. We were told that it was too late. They could not give us another number.
Again in December, we called the call center and we were told to call at the end of the month, that they would have programs available. We called. The individual we spoke with told us that she had no idea what we were talking about.
We are now almost 4 months behind in our mortgage payments. Citi Lending has refused any offer but the increased amount.in October, we took out personal loans and re-financed an auto to come up with enough money to bring the mortgage current.
We are out of options. We are now putting the money aside in preparation to rent a house.
We are confused, angry, and desperate. Citi Lending is well aware of this as well as the fact that there is documentation that proves our consistent efforts to keep our home. We have been ridiculed over the phone, we have been lied to, belittled, humiliated, and ignored. It is frustrating when we have tried so hard to make this right and we are met with such unethical behavior. This company feeds off of the vulnerability and desperation of honest people who are facing foreclosure.
It is a most lonely feeling when you are 54 years old and you have no idea where you will be 2 months. It is sad to acknowledge that our 4 grandchildren will not be "going to Nana and Hockey's house" much longer. One of us has worked for the State of California for over 25 years. The other has taught special education for 30 years. We are decent, responsible individuals who simply stepped in a hole, too deep to get out of without help.
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