I refinanced my mortgage more than two years ago with Ameriquest Mortgage. Shortly thereafter, Citi Residential Lending acquired my mortgage from Ameriquest. I was locked in an interest only loan and called Citi Residential to refinance. They told me that they are not refinancing loans and they are not acquiring new loans.
Also, interest rates have declined drastically since I originally refinanced. The interest rate that they gave me after the interest only portion of the loan was completed was 2 points higher than the current interest rate. Citi Residential gave me some spill stating that their interest rates are calculated six months before the rate is set to change. I thought that was an absolute lie.
Additionally, as I was trying to resolve issues with my current insurance company, Citi Residential forced insurance on me. The amount that they forced me to obtain was 2 1/2 times more than my current rate. I never received anything stating how much coverage I would receive, what company will be covering my home, or a prospectus.
I am almost to the point that I'm willing to contribute to the rise in the foreclosure rate.
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