Consumer complaint received 2016-09-30
Company: CITIBANK, N.A.
State: NJ
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I am writing today in regards to my home loan that was modified by CitiMortgage in XXXX of 2016. I have been in touch with XXXX XXXX as well as XXXX, my new servicer, and I have been advised that I need to contact Citi directly. 

I was offered a streamline modification by Citi. I accepted that offer and began to make trial payments. After the trial payments began but before the modification was accepted, XXXX XXXX started a principle forgiveness plan. The rules were very clear. 
The Mortgage must have a XXXX less than or equal to {$250000.00}, before capitalizing eligible arrearages The Mortgage must be at least 90 days delinquent The property securing the Mortgage must not have been an Investment Property at origination NOTE : XXXX XXXX will provide the Servicer with a list of Mortgages that, based on data provided to us at delivery and/or by the Servicer, meet the above criteria and will serve as a starting population. The Servicer may validate occupancy status as of the evaluation date. The Servicer must validate that the Mortgages in the starting population meet the delinquency and XXXX requirements described above, and must evaluate them using the additional eligibility criteria as of the Servicer evaluation date, described below. 
As of the Servicer evaluation date The Mortgage must have a post-modification mark-to-market loan-to-value ( MTMLTV ) ratio greater than 115 % ( determined in accordance with XXXX XXXX XXXX ) The property may be vacant or condemned The Mortgage must have been originated at least 12 months prior to the evaluation date for the Modification The Principal Reduction Modification must result in a principal and interest ( P & I ) payment that is less than or equal to the pre-modification P & I payment ( determined in accordance with Section XXXX ) If the Mortgage is secured by a leasehold estate, the term of the lease must not terminate earlier than five years after the maturity date of the proposed modified Mortgage. If the current term of the lease terminates earlier than five years after the maturity date, the term of the lease must be renegotiated in order to satisfy this requirement prior to offering the Borrower a Trial Period Plan. 
The Mortgage must be a conventional XXXX XXXX Mortgage currently owned or guaranteed in whole or in part by XXXX XXXX If the Borrower made monthly mortgage payments after XXXX XXXX, 2016 to become less than 90 days delinquent, the Borrower must be at least 30 days delinquent on the evaluation date My loan fit each of these requirements but I still have n't been offered the principle reduction. The current value of my property is {$100000.00} but I currently owe over {$220000.00}. XXXX XXXX has confirmed that I was on the initial population list that was sent to the servicer for solicitation. 

Shortly after I completed the trial period for the streamline modification Citi sold my servicing to XXXX. Since I was serviced by Citi at the time that the initial population list was provided by XXXX, it was Citi 's obligation to send out the solicitation. In addition XXXX seller servicer letter is very clear that if a customer accepts the streamline modification prior to being solicited for the principle reduction, the streamline modification that was accepted should be converted to the principle reduction.

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