Consumer complaint received 2016-09-26
Company: CITIBANK, N.A.
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
I have been subjected to predatory financing, the assignment of adjustable rates that did not match our income, failure to process our paperwork in a timely fashion, and numerous occasions where Citimortgage continued foreclosure proceedings against me while we were under review for a modification. Our original loan was refinanced in prior to XXXX by XXXX XXXX XXXX. At the time, they refinanced XXXX properties at once and we feel that they were predatory in doing so. The interest rates on both properties escalated quickly and made the properties too expensive to pay. Additionally, the properties were valued at much less than what was owed. The loan process was inadequate in that XXXX held XXXX at the close of escrow to pay off my student loans. They did not pay the loans but Citi will not acknowledge that amount in the current loans. I am paying for funds that were never disbursed by the company. XXXX is no longer in business to provide the documents or escrow totals to me. Citimortgage became the holder of this property and have refused to work with me to become current. This is despite my demonstrating that I am capable of making the payment. Over the course of the past three years, I have continuously sought modifications through Citimortgage. They have consistently lost my documents which caused me to file new documents almost every 90 days. Throughout the years and most recently in XXXX, they have changed the point person without notifiying me on several occasions. I have submitted complete modification packets to the assigned person to find out months later that there was a new person as my primary contact. The primary contact would have no information about my case or would say that they had partial information about the case. Citi has encouraged us to make a payment on the account but then has later said that they had no record of the payment and could not show where the payment was credited. This was not through a trial payment but through the agent primary contact saying that we could make a payment. The co owner filed a chapter XXXX and the bank accepted payments at that time. When I attempted to continue to make payments afterwards, Citi told me that they could not accept my payments. My last loan modification request was denied. There was no reason fro the denial. I appealed the decision but faced an auction date despite that appeal and the despite the submission of a new loan modification packet. Citi representative who was my fifth point person this year requested documents and although I submitted them on the date that she requested them, I received a letter dated the next day indicating that I had not submitted the papers on time and therefore my house would still be auctioned. Although it is my desire to stay in my home, since my modification was denied, I appealed the decision but also sought loan mitigation options through Citi. I was told about the short sale option. I asked to be allowed to do that but was told that my home would have had to have been on the market for 15 days prior to my request. Since then I have completed another loan modification packet and have been told that the bank can not talk with me about the process because I am in bankruptcy. I had to file bankrupt, because that was my only option left to help me to keep my home. I am unclear as to what else to do. I am capable of making the original modification payment. The bank will not assist. Additionally, the home has a beam that runs through the center of a room which was added prior to our purchase, the insurance will not cover the repair of the beam which is resulting in the roof sagging. The bank will not acknowledge that there is an issue. I am sending a narrative at this time. Please advise as to which documents you may need.

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