Consumer complaint received 2015-09-11
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: CITIBANK, N.A. (CA)

I applied for a loan modification with CitiMortgage. Prior to the banking melt down, my husband and I refinanced our home. We were put into a XXXX Interest Only Arm. It would be interest only for the first XXXX years. We are XXXX and have been for many years. The interest only option worked for us during the recession. It helped us maintain our home, even though our XXXX had to be used to help a lot during the most challenging times. But we were never late and always made our payments. We knew this would be the year we needed to refinance as our loan would not be fully amortized. We worked very hard at maintaining our credit and paying down our debt. We tried to get refinanced and apparently, we do n't make enough with the new lending guidelines to qualify. It was suggested by our credit union that we request a loan modification, that it was not necessary to be late on your mortgage to be considered. So we did. I submitted everything they asked for and let them know that the money in our accounts were from last year and that this year was very slow and to not mistake that as extra income in any way. I was told that during the review process it would be requested to be updated. No one ever asked me. Instead, I received documentation that we make too much money to be considered. I contested this, and then they told me that I was not in eminent default. so no changes to their answer would change. Meaning, 1. no one had died, 2. I did n't get a divorce and 3. I was n't late due to a job loss. I told them that the reason I applied was to avoid any future interest rate increases. I was told that I make too much money and can afford it. I said, while it may seem I can afford it now, the feds will increase interest rates most likely by the end of the year. In XXXX my payments increased to {$1000.00} more a month than what we were paying and the remainder of my term is XXXX years. I was only asking for a fixed rate over a 30 year amortization. She said they would not consider any changes to my terms. So, I as a XXXX person, I do n't make enough money to refinance my home and make too much money to modify my terms. This just is n't true. They have my tax returns. I 've even updated my bank account statements and they can clearly see that I have n't had a paycheck since XXXX. I do not feel I am being treated fairly. I 'm a realtor and know so many stories first hand about how people asked for principal reductions, fixed rates, etc and they were in better circumstances than me. I 'm not asking for any favors. The mortgage broker who qualified me for this loan knew that we were self employed, we did n't know until after the fact that we had an adjustable mortgage. It was never made clear to us. Now that we understand it, we have worked hard to get rid of the mortgage and in a more permanent XXXX. We worked hard at keeping our credit good, paid our mortgage as our responsibility and are only asking for a fixed rate ( even if it has to go up a little ) on a 30 year amortization. We have been denied unfairly. Not to mention, how many home counselors we have been reassigned to from citi is unbelievable in such a short amount of time. I do not believe they have looked at our file, but only as a number by the way they referred to us as not having eminent default, by death, divorce, or loss of job that resulted in late payments as their requirements. Technically, we do n't have 'jobs ' ... .we are self employed and are lacking work this year, despite the many years on XXXX our industries.