Consumer complaint received 2015-05-28
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: CITIBANK, N.A. (AZ)

We began building our home in XXXX. By the time it was finished in XXXX and the real estate market had crashed, we had no choice but to convert from the Citi construction loan to the ARM offered by Citi Mortgage. In XXXX we told them that we were struggling to make payments and that when the payment adjusted up in XXXX XXXX, we would not be able to make the payments. They encouraged us to apply for a loan modification. After months of sending financial information to them they denied our request for a modification, saying we were making our payments and had no need for a modification. 

In Fall XXXX we asked Citi about doing a short sale. We followed Citi 's requirements for short sale by putting our home on the market in XXXX for several months with no offers. We then completed a short sale application which Citi received on XXXX XXXX. Our assigned Citi rep, XXXX XXXX, told us that we could move forward with the short sale process saying in an email on XXXX XXXX, XXXX, " The documents you have sent over have been received and now all we need are documents from your realtor once you have a buyer on the home. " We received an offer on XXXX XXXX which we accepted per Citi instructions and sent to them. ( Citi has never responded to that offer ). After sending the offer to Citi, they required us to re-sign all our contract paperwork with our real estate agent and then wanted revised offer paperwork. These requests trickled in from Citi over many weeks. 

Suddenly on XXXX XXXX we received an email via our real estate agent from a new Citi rep, XXXX XXXX XXXX, to complete an entirely new application, including additional information not originally asked for. We were shocked that XXXX XXXX had sent this request for our private, personal and business financial information to our real estate agent and not directly to us. We communicated to her through our real estate agent that it would take us a couple of weeks to pull all this together since XXXX was in the middle of moving her office and XXXX had a week scheduled out of town. Additionally our accountant needed to be given time to do XXXX P & Ls. When XXXX sent XXXX XXXX XXXX a clarification question on XXXX XXXX, XXXX XXXX responded on XXXX XXXX that since we had just ended a quarter they now needed the first quarter of XXXX in addition to what she had already requested. Our accountant had already completed and charged us for his work and we had faxed reams of financial information to Citi per XXXX 's XXXX XXXX request. 

We calculated that we had been given only 9 days to complete an entirely new application and not told we had a deadline or we would have to submit an entirely different ( subsequent ) quarter. XXXX XXXX was not forthcoming with deadlines. 

We have had conflicting information from Citi. XXXX XXXX told us by email that documents expire after 120 days while her supervisor, XXXX, told us by phone 4 weeks later that they expire in 90 days. XXXX also told us that we had never been approved for a short sale and that our original rep, XXXX XXXX, was no longer with the company. 

It is our position that our documents would not have " expired '' had Citi acted in a timely way on the offer that came in above the appraised value of the home. Citi caused our documents to " expire. '' They have asked us for new quarter information XXXX times, including multiple bank statements, P & Ls, detailed business expenses and now they are asking for XXXX tax returns after we sent XXXX in XXXX which they originally requested. Their actions have caused us increased expense and significant loss of time and health due to the stress of their harassment. 
Additionally, we have received daily collections calls from Citi with the callers having no information that we have applied for a short sale.