05/25 - I want to call your attention to a very serious matter that is going on with the lenders who are supposed to be handling loan modifications for American citizens. I contacted my lender on or around the end of May. I explained that I was trying to refinance our property because we were on an ARM that was scheduled to adjust very soon, but due to the economy no one would refinance it, not even my own lender. I also stressed the fact that I work for GMAC and had taken a slight pay cut and my commission was changing. We were current at the time we contacted the lender, nor had we ever been late on our house payment. I had also noticed when I looked up my account online that it stated that if you thought you might fall behind, please contact them. That is exactly what I did.
I explained my situation and they were eager to help. They explained that I would be on a 90 day trial period and to make my new payments of 1845.00 a month starting in July. I made my July, Aug. and Sept. payments as scheduled. Still no paperwork. I called them very regularly and got the same answer: keep paying your payment, we are getting it all taken care of.
Come to find out, after nearly a year of making my new payment, I never qualified for the program to begin with, because one of the guidelines for the program was that your house payment must exceed 31% of your income. It took them a year to figure out that our house payment does not exceed 31% of our income, yet it took me 30 seconds to figure out we do not qualify. They have had our pay stubs this entire time. Not only was I misled, but I feel that these practices are completely unethical. This company did not do me any kind of just service at all.
I am NOW behind by the difference between what my house payment is (2140.00) and what the modified payment was (1845.00). My credit report went from perfect to now showing me late. I did exactly what my lender asked of me and followed through for a year, only to find out my credit is now messed up and I am now behind, and I am going back to making my regular payment of 2140.00. In the midst of all of this my rate adjusted and my payment went down to 1903.00. Had I just made my payment as normal and not called them for their help and advice, I would not be in this situation. I did what was right. Had I put myself in this mess I would take responsibility for it, but for the lender to put me in this mess is ridiculous.
I feel this lender puts its borrowers in these types of situations to ensure they cannot go anywhere else. I feel I have been completely scammed. This lender should have had me continue to make my normal payment until they knew we were approved. They should have let us know that our credit was in jeopardy.
I even called about 2 months ago and asked why it stated we were making partial payments, and they reassured me that it would be reported as paid as agreed as soon as my final documents came out of underwriting. How does someone who does not qualify end up in underwriting? I have done my homework and some very time-consuming research on these lenders. THIS IS HAPPENING EVERY DAY TO GOOD PEOPLE WHO PAY THEIR BILLS! These loans and lenders must be looked at with a very fine-tooth comb. I am begging that you please take a look into this. These lenders have to be stopped. Citi Mortgage seems to be doing this very regularly.
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