In 1999 we purchased a cozy 3 br. Home with the help of Citi Financial. We had 2 mortgages on this home. Our payments were high, which was due to our past credit history, but we were on the way to cleaning our credit up that is until I became very ill and then developed an injury on top of it.
I ended up loosing my job of 5yrs. 8mos. (workers comp. Claim still pending). As a result we fell behind on our payments and were forced into signing a forebearance agreement, which increased our payments by $200.00 a month (on top of the $605.06 and $143.00 for the 2nd). I was not able to return to work, had surgery pending, and no unemployment (long story) but we managed to pay the forbearance amount plus the other amounts with 2 late
payments during this time.
In November I had my surgery and we continued paying until January until we could no longer afford the high payments. As a result of paying these high payments, My Ford ranger, that I had been paying on for 3 years, was reposessed.
We were neglecting our other bills and suffering needlessly. I called Citi several times to try to work something else out but just got the run around. We even found somone willing to purchase and re-sell the home back to us but Citi refused the short sale. We were then forced to sell our home and luckily were able to before the Sherriff's sale on Jan. 2nd 2003 but not with out major problems.
Citi Financial had lost our 2nd mortgage and all records of past payments as well as the correct balance. The sale almost didn't happen. Luckily they realized that they screwed up and reworked the payoff amount so that we could sell the home. We even got a little money and found a bank who would work with us. We purchased a mobile home with more reasonable payments and when my workers comp. Case is settled, hopefully we will be able to set aside money and pay off the mobile home.
Now our other vehicle is about to go to the junk yard but it seems we can't get a loan for even $2000.00 to buy a beater because Citi Financial has not reported to the credit bureaus that we paid off the loan and there was no forclosure.
We did our best to what was best for all parties concerned but I guess they can do whatever they want. The one with the most money wins! Just one word of advice to those seeking a home loan... Always check your states predatory lender laws to see how you can protect yourself and avoid making the same mistakes we made.
Citi Financial is a predatory lender. If you need a loan go to a regular bank or credit union or fanny mae, these other places may take you where you don't want to go!
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