Citimortgage
Only $3,636 of $26,650 Paid on 11.99% Loan Hit Principal

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, but for those of us who got "taken," we are still paying for it.

The loan amount was $39,600 at 11.99% interest. In 5 1/2 years, $26,650 has been paid, with only $3,636 going toward principal and $23,000 going into CitiMortgage's pocket.

Over those five years, two of which we were laid off from work, not one single payment was ever missed. Every payment was made so that it would not 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).

I was sent to their loan modification department, where they took all our information and then came back and said that we did not meet the requirements. They told me that they figured we can afford 11.99%, so they will continue to make us pay so they can continue to rake in money.

One of their own employees stated, "that's one of the highest interest rates I've ever seen".

Company: Citimortgage
Country: USA
Address: PO Box 183040
Phone: 18002837918
Site: citimortgage.com

  <     >