Our mortgage began as a conventional loan through Ford Financial, which my wife and I took out together. Ford then sold it to Associates, and eventually it landed with Citifinancial. I am sure it was conventional, since it carried a 15-day grace period before a payment counted as late, as such loans normally do.
Once Citifinancial took over servicing, Citifinancial Mortgage informed us that ours was a daily interest loan. Under that arrangement, a single day of lateness triggers interest and penalties. We were robbed, because Citifinancial kept rolling our payments forward to cover interest from earlier periods. By the time we finally escaped Citifinancial, our balance was $114K, although the original loan was only $97K. We feel thoroughly cheated and exploited by this giant corporation.
We have retained an attorney and filed a lawsuit, but the Citifinancial attorney keeps stalling him. Has this happened to anyone else, where Citifinancial changed the kind of loan you originally had, entirely at its own discretion?
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