March 21 This is a formal complaint against Citimortgage Company. Due to their fraudulent misrepresentation of the facts of the rules & regulations for the Home Affordable Loan Modification Program endorsed by the Federal Government. With their lack of disclosure to pertinent information in regards to guidelines, that was necessary in our making an educated, well informed decision to our home’s future. Now with our backs against the wall we have no choice but to make a decision, with no benefit to us. Our nightmare began in March of enclosed with our Citimortgage statement was a flyer for a home modification. We qualified because I am collecting unemployment & my income was cut in half. Our mortgage has always been current & paid on time. They told us NOT to pay the full amount ($2,534) from now on to pay $1,500 & in 3mos we would get the final paperwork. $1,500 being the new monthly payment with 2% interest. We were worried about our credit & Citimortgage assured us that because we were enrolled in the Home Modification Program we were protected & that our partial payments would not affect our credit nor would we be faced with foreclosure. We were also assured that no interest, late charges would be applied to us. We have done everything we were asked to do & always compliant with all our paperwork, with a 24hr turnaround. We were promised our own Loss Mitigation Rep, but that never happened. Over the past year, we have spoken to dozens of different reps, & we were told that the phone conversation were recorded (you never got connected with same rep twice, even with knowing their name & badge #) they quoted the above payment & said that because we qualify, this was a guaranteed modification. 1 year later, according to Citimortgage we were denied the Home Modification Program through Fannie Mae because of my unemployment benefits - & are now faced with a Citimortgage “in-house” modification. So we are stuck with ONLY a $300 savings per month, & now our principal went from $289,000 to $306,000 with 4% interest (more that what we bought the house for). Also we were reported to all major credit agencies stating we were in foreclosure. They are pushing us to sign their in-house modification quickly, saying if we decide not to, we will have to pay $18,000 back interest, or lose the house. A serious investigation of their fraudulent actions needs to be addressed immediately & hopefully we can save other people their home. We are fighting for our rights & what was promised to us, and that was a to lower our mortgage to make it Home Affordable, clearly that was not the case here. Please contact me at 781-727-0841 for any other questions you may have. Thank you, Thomas & Lynne Carnazzo
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