Back in a CitiMortgage loan officer was happy to give us a loan that apparently was 105% of what our property/home was worth (not sure how that works). They are no longer allowed to do this after but for those of us that got "taken"; we're still paying for it.
The loan amount was $39,600 @ 11.99% interest.in 5 1/2 years, $26,650 has been paid with only $3,636 going towards principle and $23,000 going into CitiMortgage's pocket.
Over those five years, two of which being laid off from work; not one single payment was ever missed. Every payment was made, so that it wouldn't go into default. Several attempts have been made with CitiMortgage to see if we could get the interest rate lowered to a more manageable percentage. The last attempt was today (3.21.12).
Was sent to their loan modification department where they took all our information and then came back and said that we didn't meet the requirement. It told me, that they figured we can afford 11.99% so they'll continue to make us pay so they can continue to rake in $.
One of their own employees stated, "that's one of the highest interest rates I've ever seen".
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