Citimortgage Complaint - Stay away from Citimortgage when you get a loan for your home
It is very common these days for homeowners to find themselves in an upside down situation in regards to their homes. We live in the state of Florida where the housing market has been on a continuous roller coaster downhill. 4 years ago my husband and I purchased our first home (a town home). We saw that the housing market was climbing up and up. Being first time buyers, we were afraid that if we didn't get in then, we wouldn't be able to afford a home at all. So we OVERPAID for our home. 2 years ago when the market went down, we saw a good opportunity to buy our second home. We purchased our second home for more room and more privacy because we were a growing family. We figured we would be able to sell our home and walk away even, not in the hole. Foreclosure after foreclosure and short sales in the town home community, the property value of our home dropped 75%. We currently rent the home out for only the interest of our mortgage. We have an arm on the loan, it is considered an investment property (which is quite comical) so no bank is willing to help us and we can not refinance b/c it is not worth enough of the loan out on it. Citimortgage has been making 6.5% interest on our loan for the past 4 years. We have never missed a payment and we would like to do "right" by the community and keep the home in good standing. We loose money every month on the property now and when the principal of the mortgage kicks in, we will not be able to afford the home. This brings me to our problem. All we need Citi to do is lower the interest rate and lock that in for 30 years. With the economy being the way it is, my husband and I can not risk taking a hit on our credit by not paying the mortgage or short selling it. If he were to lose his job and have to get another one, they look at credit and they could decide not to hire him b/c of our financial decisions. I am so frustrated with Citi b/c they want us to be in trouble with our mortgage before they help us. They would rather us short sale on the property then to help good customers. I do not understand this. With a resolution that seems so easy to fix, why are they not willing? I really need some one who can help, I have called every mortgage company I know and have called all the "help" agencies that Obama put into force for this type of thing, but I get the same answer all the time - you are making payments on time and can afford the payments. Why would anyone help you? Well our problem will come when our arm expires and principal kicks in, then we will not be able to afford it. That doesn't take a genius to see. So again, what is the big problem of simply adjusting my interest rate? Citimortgage is unwilling to help their customers and they are eating a huge profit right now. Please do not ever use this company to finance your home. They are bad news.