Citibank
Pre-Approved Refinance Offer Fell Through Without Any Notice

The CitiBank Pre-Approved Refinance under the Obama plan is not pre-approved in the sense that credit card offers are pre-approved, and if you are not careful you will miss a payment per instructions and then throw your perfect payment off when this loan does not go through.

The staff all along the way is clueless as to what is required to approve this "Pre-Approved" offer.

I was told twice that I do not need to verify employment, yet they needed a ballpark figure of my income, and the exact amount is not required because it is insignificant anyway, but that is not the case.

I got this house when loans were easy. I was self employed, presented a few unofficial documents to show I did business, and made a claim of income with no official documents. I am one of the few who got a fixed rate, did not get into debt above my head and am still in my house, but CitiBank put me at risk of losing it all by getting ahead of themselves by saying I was Pre-Approved. They sent out a notary, we processed all the paperwork, and the notary said not to make my next mortgage payment, which is normal procedure, but CitiBank never bothered to notify me the refinance never went through.

If I had not pestered them along the way, I never would have known that it did not go through based on my inability to provide official proof of employment.

What a poorly run operation. If I was not familiar with the name, I would have pegged them as scammers, and I still have my suspicion of shady activity, mainly because in the year 2012 it is just so unbelievable that people in business can really be as incompetent as what I experienced at CitiBank. I did make my payment on time, and I hope there are no residual effects from this frustrating experience with CitiBank. "Pre-Approved" Ha!

Company: Citibank
Country: USA

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