Consumer complaint received 2016-02-22
Company: CITIBANK, N.A.
State: NJ
Product: Mortgage
Sub-product: Other mortgage
Issue: Credit decision / Underwriting

Complaint:
1. In XXXX I was XXXX. Being self employed I lost some business because I had to temporarily stop working. I had no choice but to file for bankruptcy. Because In XXXX I was no longer able to make my monthly mortgage payments because my savings were depleted I stopped making payments. 
2. In XXXX To prevent foreclosure in my home I accepted a loan modification. The loan modification reduced my payments significantly from XXXX to XXXX. This modification deferred {$45000.00} of the principal balance with no interest or monthly payments. The negatives were that the loan was extended to 40 years, the interest rate was XXXX when the HAMP rate was 2 %. 
3. Being an independent Loan Mortgage Officer attending a seminar in early of XXXX I had the opportunity to talk to a CitiMortgage Homeowner Support Specialist who suggested to stop making the monthly payments so " the bank would pay attention to your file '' she said. I believed she was genuine so on XXXX/XXXX/XXXX, I sent a letter with all the financial information to CitiMortgage and stopped making payments as suggested. 
On XXXX/XXXX/XXXX CitiMortgage reply requesting additional information which was sent timely. 
On XXXX/XXXX/XXXX CitiMortgage requested more information and send me XXXX Borrower Assistant Form XXXX which, on XXXX/XXXX/XXXX was fully completed and faxed with all the additional information requested. 
OnXXXX/XXXX/XXXX I received a letter from another Homeowner Support specialist who appeared not to know that Citimortgage had already been talking to me for the past 9 months. On XXXX/XXXX/XXXX ; XXXX/XXXX/XXXX and XXXX/XXXX/XXXX I received similar letters. It was confusing. 
4. Parallel to processing the application for the loan modification CitiMortgage began foreclosure proceedings making me believe that this was a necessary process to qualify for the HAMP program. To my surprise on XXXX/XXXX/XXXX I was served summons by the court. I believe this was done in purpose to pressure me to accept the loan modification that they would propose. 
5. On XXXX/XXXX/XXXX I received an email informing me of the approval of the mod-trial, which I accepted after the scary moment I endure when I received the summons. 
6. The mod-trial ended by XXXX/XXXX/XXXX but, on XXXX/XXXX/XXXX XXXX XXXX XXXX send me a Servicing transfer, to begin payments on XXXX XXXX, XXXX XXXX. Although, the mod-trial payment ended XXXX/XXXX/XXXX, the modification agreement dated XXXX/XXXX/XXXX calls for a modified principal balance as of XXXX/XXXX/XXXX. Additionally, the amount that was previously deferred for XXXX was included in the principal also, the loan was extended 3 more years or 40 years from the closing date and 4.625 interest rate, the new monthly payment increased from XXXX to XXXX. 
8. I received the closing package on XXXX/XXXX/XXXX and when I called to question why they had deceived me during 9 months making me believe that my payment could be reduced, they told me that " if we do n't receive the package by tomorrow '' they will foreclose. They gave me no choice to deny the offer. I still have not recovered my business income and is really causing me hardship. If they had not encourage me to stop making the payment with the hope that I could get the HAMP rate I would have never applied for the second modification. My credit score has been affected. 
9. CitiMortgage did not provide me with an amortization schedule and neither a breakdown of the late charges, interest, late payments and principal that were modified. Therefore I do n't know if they waived all prior late charges as outlined in their offer.

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 non-monetary relief