CitiMortgage
Mortgage Loss Mitigation Request Raises Equity Stripping Fears

My mortgage was sold to CitiMortgage about two years ago. Through repeated phone calls, I have been trying to find a way to change my due date and to learn what assistance is available to make my payments easier and timely. After one and a half years, I was told I could submit a completed loss mitigation package to them for review.

Upon receiving the documents, I am convinced they are planning to institute, or attempt to institute, what is known as equity stripping. I believe this because so much time has passed in my attempts to work with them that I have been forced to place my home on the market for sale in an attempt to get away from this company.

CitiMortgage enclosed in the loss mitigation documents the requirement that I provide a copy of my listing agreement and the estimated net proceeds for the expected sale. My equity in this house is sizable, to say the least. Due to payroll problems related to my profession, my mortgage is continuously one month late, and the late payments keep piling up regardless of what I say to try to correct the problem. They will not work with me in any capacity aside from refinancing with them, and after what I have had to deal with, thanks but no thanks!

There are other circumstances in this affair that play a very important part in the scenario, but they are too complicated and involved to go into here. What are my options? What do I do to protect myself? In other words, help!

Company: CitiMortgage
Country: USA
State: Missouri
City: St Louis
Address: PO Box 790005
Phone: 8007237906

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