My wife and I started out with a conventional loan at Ford financial. Ford sold our loan to Associates and it ended up at Citifinancial. I know it was a conventioanl loan because like most conventional loans you have a 15 day grace period before the payment is considered late.
After Citifinacial started serviceing our loan we were told that by Citifincial Mortgage that we had a daily interest rate loan where if you are late one day, they start adding interest and penalties. As a result, we were ripped off when Citifinacial kept rolling our payments over to pay for interest fro the previous. As a result, when we finally got out from underneath Citifinacial, we owed $114K on an original loan amount of $97K. We feel completely ripped off and taken advantage of by this huge monster corporation.
We have hired an attorney and filed a suit but he is getting the run around from the Citifinancial attorney. Has anyone had this happen with Citifinancial changing the type of loan they originally had at Citifinacial's discretion??
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