Consumer complaint received 2018-04-14
Company: CITIBANK, N.A.
State: MN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
We would like to keep our home and have the means to pay on a refinance. 
Our mortgage loan matured XX/XX/XXXX. A balloon payment came due. I tried to refinance with XXXX XXXX earlier in the year ( about XX/XX/XXXX ), however due to self-employment my prior year income was not favorable for a refinance. 
History : In XX/XX/XXXX we secured through a broker the initial mortgage that was an 80/20 so we wouldn't have to pay mortgage insurance and we didn't have enough to put down 20 %. The amount financed was {$150000.00} dollars. We paid the monthly payment of {$1300.00} on time for 15 years until the balloon came due. The balance for the balloon was about {$120000.00}. The attempts to get a loan modification started in XX/XX/XXXX. We were repeatedly asked for financial statements and hardship documents to which we always complied and then more documents were requested. Many times the information was redundant in nature. We have all the documents and chronology for requests and responses. We felt we were racing against the clock to find a resolution. The requests for loan modification were made with both lenders. Citimortgage holds the 80 % and XXXX XXXX held the 20 %. Both entities were making similar requests and we were complying. The back and forth of requests and document provision took us past the maturation date of the mortgages. In XX/XX/XXXX we sent our usual mortgage payment to each of the entities. Citimortgage cut a check and sent it back to us and communicated the only payment they could receive was payment in full of the {$93000.00} and change. We received a letter that was dated for XX/XX/XXXX to that effect. The next paragraph states, Since your loan has already matured, the failure to pay the remaining balance in full or make payment arrangements will result in our reviewing all options under the Mortgage or Deed of Trust to pursue payment in full. 
XXXX XXXX didnt send the payment back. They told us the payments would go into a suspense account and be held, but would not be applied to the payment of the mortgage. We chose not to send more payments to them under those pretenses. 
After the mortgages matured we still worked in earnest to get a loan modification that would help us to keep our home. Every time they called they would ask if we were still living in the home and maintaining it. I consistently told them our desire was to stay in the home. Frequently I would ask about refinancing. 
I think it was the 3rd month after not paying that our credit score began to drop. Before the balloon my score was XXXX. It is now XXXX. Then we began to get calls telling me that we were behind on our payments. I would explain they wouldnt take our payment. They would then look further into the account and see that the loans had matured and end the call. 
Through this process I tried multiple times to go through the refinance discussion, but as soon as they plugged in the credit check they would tell me they were unable to do anything. When I inquired about sitting before a live person and explaining our situation I was told that government regulations tied their hands and they were unable to accommodate even under extenuating circumstances. 
All examples going forward are about Citimortgage primarily. We settled with XXXX XXXX early this month. 
After months of document requests, of which many were redundant, we received a letter ( XX/XX/XXXX ) of congratulations that we had been approved for a loan modification that involved a trial period under the Citi Supplemental Modification Program. The monthly payments were going to be {$4900.00}. Our monthly payment to Citi for the last 15 years was {$1100.00}. There was no possible way we could meet this payment. It was in conjunction with the XXXX XXXX expected payment that was just shy of {$2000.00} per month. ( Meanwhile the day prior we received a letter that told us under certain conditions we were approved for a short sale. That was interesting because they knew we had equity in the house because in XX/XX/XXXX they had our house appraised and it came in at {$160000.00}. ) I called to ask why it was so high and they stated it was based on 31 % of my gross income. My income was reported to be {$12000.00} per month. I told XXXX XXXX that was not correct. My income was being reported 50 % more than it was. I sent an appeal letter dated XX/XX/XXXX that explained that 2 of the income considerations no longer existed. 
The appeal went nowhere and on XX/XX/XXXX we received a letter telling us we were denied for Mortgage Assistance as a result of us not accepting the trial period for the {$4900.00} payments. 
Meanwhile, the calls still came that stated we were delinquent on our payments. The latest call was within this last week telling me we were delinquent of our monthly payments for a total amount of {$11000.00} and change which would have been the amount if we had been paying our usual mortgage payment. 
We received a letter that is dated XX/XX/XXXX that gives a tally of delinquent payments since XX/XX/XXXX. With each month these are the subsequent totals it shows per month : Payment due XX/XX/XXXX {$5500.00}, Payment due XX/XX/XXXX {$6600.00}, Payment due XX/XX/XXXX {$7700.00}, Payment due XX/XX/XXXX {$8800.00}, Payment due XX/XX/XXXX {$99000.00}, and Payment due XX/XX/XXXX {$99000.00}. 
Letter dated XX/XX/XXXX stated that our property may be referred to foreclosure after 14 days from the date of the letter. 
Letter dated XX/XX/XXXX we received a letter that referred us to options for Foreclosure Prevention Counseling. 
Here we are today on the cusp of foreclosure. I visited the XXXX County Community Action Program and it was suggested I reach out to you. 

This is only a brief summary of everything that has occurred the last 10+ months. There is much more, but I am hoping this synopsis is enough to give the jest of our story. 

Bottom line, we want to keep our home and stay in our home. Our hope is that a refinance can be done for the outstanding amount ( That increased almost {$8000.00} in the last 11 months ). 

Thank you for your help and consideration. 

XXXX and XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation