Consumer complaint received 2017-08-20
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage — 
Company: CITIBANK, N.A. (DC)

Dear Consumer Protection Financial Bureau : This is written as a formal request for an inquiry to be conducted into the business practices employed by Citibank. In that regard, I believe that I have been the subject of deceptive business practices and the victim of predatory lending. On or about XXXX XXXX, I, along with my mother, XXXX XXXX, as co-owner, purchased real estate property located at XXXX XXXX XXXX XXXXXXXX XXXX, D.C. XXXX, which is XXXX the XXXX, a low-income neighborhood. The property was appraised, listed and purchased for {$140000.00}. On or about XXXX XXXX, Citibank issued a second mortgage loan on the same property for an additional {$50000.00}. There was no written appraisal provided, however. Then, on or about XXXX, the property was reappraised and refinanced by the first lien holder for approximately 180.000.00, which was the maximum property value at that time. Therefore, the second mortgage loan that was issued by Citibank was satisfied and a request for the account to be terminated was made. Albeit, coupled with the income and debt to ratio in place, Citibank continued with the advancement on the line of credit. The housing market then became stagnant and, as a result of the advancement, the property was severely under water. Therefore, on or about XXXX, Citibank was contacted and requests were made for a loan modification, but to no avail. Moreover, there were no further payments made on the advanced line of credit, which resulted in a delinquency. Notwithstanding, aside from sending late notices, Citibank did not take any collection measures. Moreover, Citibank did not report any payment delinquencies to the Credit Bureau. Discussions continued, however, and I was of the belief that negotiation consideration was being given to this matter. It appears, or at least it has the appearance, however, that deceptive practices were being employed instead. In that regard, on or about XXXX XXXX, seven years later, Citibank initiated a foreclosure action against the property. It was also at a time when Citibank could collect and capitalized on the outstanding debt. In that regard, the prolonged delay to collect, coupled the recent revitalization in the area and rising housing market as well as the home improvements and first mortgage pay down, resulted in an increase in the property 's equity and/or value. In XXXX, an appraisal was performed with a return estimated property value of approximately {$260000.00}, which is the equivalence of {$9000.00} per year since the XXXX appraisal was conducted. The home improvements on the property included, amongst other improvements, required necessities such as windows replacement, bathroom renovation, the installation of a new heating and air conditioning unit, an underground sump pump, and new plumbing fixtures, and was costly to maintain. As a result of the foreclosure action, the infliction of mental anguish was imposed and I was, unjustly, forced into selling my property. Citibank was, therefore, challenged with a counterclaim for predatory lending and deceptive practices, for which Citibank steadfastly argued the statutory limitation as its defense for not being held accountable for it 's reprehensible conduct. A delay for which Citibank was solely responsible for manipulating. In addition to the above, while the case was in the litigation stage, Citibank or representatives on its behalf, went onto my property, changed the locks and posted a " No Trespassing '' sign, claiming ownership to the property. Notwithstanding the above, upon the recent sale of property, Citibank assessed numerous charges and fees onto the lien for payment without providing me a statement of accounting for record, review or dispute. Moreover, upon receipt of payment and after capitalizing at my expense, Citibank then forwarded the payment delinquencies to the Credit Bureau to further its harm against me. Citibank also issued a refund check and then, immediately, stopped payment. It is my belief that actions committed on Citibank 's behalf was nothing less than a modern-day business scam and its business conduct is outrageous, to say the least. In light of the above, I am seeking to have an investigation and/or further review conducted into the practices employed on behalf of Citibank and its collections methods. Ideally, I am seeking to initiate a class action lawsuit just as XXXX XXXX XXXX XXXX did against Citibank for predatory lending practices in minorities neighborhood. ( See the attached link : XXXX XXXX  XXXX. ) Indeed, I believe my circumstances fit exactly into its profile of targeted victims ; and, moreover, believe that others victims felled prey to Citibank 's practices during this period. Alternatively, I am seeking reimbursement for all the funds collected, up to and including the payments made as well as attorneys fees and court costs that was incurred as a result. Moreover, I am seeking the removal of the tardy negative credit reporting, in that the information was solely withheld for the purpose of its profit and benefit. Your attention to this matter is appreciated. If there are further questions and/or concerns, please feel free to contact me at ( XXXX ) XXXX or XXXX XXXX, at ( XXXX ) XXXX, XXXX XXXX XXXX XXXX, XXXX, D.C. XXXX, or via email. In the event this matter should be routed to any other agencies overseeing banking institution and practices as well, please let me know. Thanking you in advance for your attention to this matter. Sincerely, XXXX XXXX XXXX XXXX