My family and I are also victims of the loan modification process with Citibank. I put a lot of hope in this program, but in the end it got worse. Citi Mortgage "NEVER" told my husband and me that our credit would be ruined by applying for a loan modification, and they "NEVER" told us that if the modification was denied we would have to make up the difference of the payments for the past two years, along with late fees and interest.
My husband, the person in my life who was affected by this scam, did everything he was told to do by Citi Mortgage. He filed paperwork in time and paid the "Reduced Payment" of $600,00, more than half the amount of the original payment, around $990,00. We paid all the fees we were told to pay, called the bank numerous times to make sure everything was on track, and were never late on a mortgage payment.
Citi Mortgage told us that while we were trying to modify our mortgage we would be allowed to make payments that were almost half of what our original mortgage payments were. They also offered help to low income families through their website. Now things went from bad to worse. Our credit history now has a black spot because Citi Mortgage "NEVER" notified my husband and me what would happen if we applied for a loan modification.
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