My parents are both disabled. They got a loan for $5,000 to fix up their house. Two months later, Citi called them back in to refinance the loan again (to save them money). That loan jumped to $7,600. They started adding life insurance and pushing home and auto insurance. Two months later, they talked them into refinancing their first mortgage with all the insurance. That ended up making their bill $10,000 more on top of the mortgage.
Long story short, in four years Citi redid their loans seven times! On the last loan they did, they gave them a check for $1,000 and told them they did not have to wait the three days. I called the N.J. Division of Banking and sent them all the information. They told me this is called predatory lending, equity stripping, and credit insurance packing. I am looking for other people this has happened to. I am looking for a law firm that wants to go after Citi. This must stop!
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