I am suing Citimortgage.....follow along as I hang these bastards.

File a bankruptcy immediately... You can stop these guys from taking your home!!!!!

Originally posted by lostviking
File a bankruptcy immediately... You can stop these guys from taking your home!!!!!

Filling a bankrupcy is NOT the way to go. If you have nothing at all to lose, then perhaps, but do you really want trustees going through everything you own and selling it all off at a liquidation auction?

reply to post by lostviking
After donating $500,000. to the Ocommie campaign..#imortgage got a nice 'bailout!'
When these sorry SOB's bought out my mortgage.. they doubled my PMI and raised the amount my home would have be appraised so I could never get out of the PMI. I'm buying a new home to get away from these 'con-artist' and I will never deal with them again. My dad and his friend's have sold their stock in this company...along with "MSNBC's-GE" and ' left wing' CEO of Progressive Ins.

Check out Obama's resume: www.commieblaster.com

I worked for Citi in the UK.
I got tired of all the goddamn beaucracy, you couldn't sneeze without getting authority from your manager or another team to carry out the operation, it was even difficult to be in IT. My work eventually went to the US to be done by Indian workers, but even they managed to foul it up and I avoided the fallout. My development experience was hurting so I left.

Citi, like other companies has good employees who love their customers and will do all they can to resolve the client issues.

It was several months after I left Citi, that I learnt the truth about the company, please read Naomi Klein's The Shock Doctrine, see how many times Citigroup crops up, and it isn't for all the right reasons.

Rubin one of the main men some years ago, can be implicated in the giving to the Chinese of tungsten bars coated in gold!

Citigroup is like JP Morgan and other banks, read CROOKS. The management should be sent to the salt mines to slave away for the parasitic, psychopathic or less sociopathic scum that they are. They are destroying the US, UK and other nations through illegal financial instruments and betting FOR failure when these countries fail, i.e. a poignant example is Greece.

Go watch the max keiser report which has reinforced what I know.

Bloody hell, everyone in the US/Europe I will pray for you tonight against this,

Retch

reply to post by CookieMonster09


Cookie Monster....you are delusional. Bad stuff happens to people. I was fired from a high paying job while on medical leave. I prevailed in court, but I wasn't compensated for all of the fall-out that occurred. There isn't more to this story. I got screwed....and my attorney wouldn't have touched this case had he not have had convincing evidence that Citi acted in bad faith. There are way too many people in line behind me he could have chosen to represent. God forbid something ever happens to you, and as you scramble to get on your feet, people doubt and blame you. Shame on people like you.

reply to post by retchalin

Retchalin....thanks for the info. You are spot on Mate.

reply to post by Onegovernment


What? and Lame!

reply to post by lostviking


Sorry to hear about your misfortune, Lost Viking. However, for every honest person that falls behind on their mortgage for a legitimate reason -- such as a medical condition, or a temporary job loss, etc. - there are hundreds of crooked borrowers, builders, and mortgage brokers that were deliberately manipulating the banking system for fraudulent purposes.

Mortgage fraud was rampant - The mortgage broker and borrower both sought to defraud banks by inflating the borrower's income on the loan application, doctoring credit reports, etc.

Speculators, "house flippers", and crooked developers were the worst - They left whole subdivisions vacant and unfinished, and left the bank with the losses. The banks got screwed over royally by these crooks.

So, for every sob story that I hear about someone losing their home, it's really hard to have sympathy when you know that the large majority of the time, the borrower bought a bigger house than he or she could afford, with no money down, at "Interest Only", and a speculative mind set that they were going to "cash out" and flip the house for a hefty profit in 3-5 years when the "Interest Only" option expired. They gambled and lost.

And now everyone that does pay their mortgage on time pays the price in the form of decreased home values and a stale real estate market that won't correct itself in many, many years. Not to mention that these are the same borrowers that lied on their loan application. You'll get little sympathy from me - Sorry.

Those that do pay their mortgage payment through these very tough economic times, and have suffered job losses and ill health and wage cuts, have strong character and honor their commitments. If they were ever to be unable to afford the house, they would do the honorable thing and turn in the keys and try to make honest amends with the bank to bring resolution to the matter. They wouldn't hide behind Mickey Mouse games, dishonest lawyers, and funny games. They wouldn't trash the bank's collateral - the house itself - like so many people do when they lose their homes.

You know, it must be nice to live in a house rent-free for 1-2 years or more before the bank finally forecloses. I wonder what that's like. The rest of us pay every month while we watch our property values plummet by 50% or more because of deadbeats that screwed over the banks with their crooked mortgage fraud schemes.

I guess crime does pay, eh?

reply to post by CookieMonster09


I was more than willing to pay all arrearages, including all their inflated fees and fees that they couldn't even justify in order to save my home. Citi flat out didn't want to modify my loan, they wanted to steal my home and all 200k in equity. Believe me, had I not had any equity and the home was an albatross....Citi would have worked with me. The fact that I my home is in a good area, with tons of equity made me a sitting duck. I think after my 'repayment plan' was approved, someone at Citi said 'oops' who approved that plan? We could have made 200k!" Citi then reneged on our deal.

There is something seriously wrong, when a homeowner who is back on their feet (especially in cases where it isn't the owner's fault), is not allowed the opportunity to redeem all late payments, pay all fees, and keep their home. I was willing to pay Citi back every dime it incurred (and even fees they didn't understand themselves) to keep my home. I knew they were inflating my loan with fees they couldn't justify...but I didn't have a choice if I wanted to keep my home. They have all the power. It is also unfair that consumers have no choice over who services their home loan. Citi has been a nightmare since day one. Word of advice....always send your mortgage payment certified mail- so they can't conveniently say they didn't receive it.

reply to post by lostviking

I was more than willing to pay all arrearages, including all their inflated fees and fees that they couldn't even justify in order to save my home. Citi flat out didn't want to modify my loan,

How many times a day do you think Citi hears this same exact same story from borrowers that are somewhere in the foreclosure process? 100 times a day? 500 times? Probably more.

You know what deadbeat borrowers do in these circumstances? They agree to pay all the fees, and bring all the payments current -- They do most anything and everything to stop the foreclosure process. Once the fees are paid, and the payments are current, and the bank agrees to stop the foreclosure process, the deadbeat starts the whole song and dance over again and stops paying!

Then the bank has to go through the lengthy and expensive process of going through the ENTIRE foreclosure process once more again --- a second time! Why would a bank believe you when you have already proven that you don't honor your commitments?

The sad reality is that most delinquent borrowers don't qualify for loan modifications because they have crappy credit, late pay history, charge-off's, and a long litany of abuse of the credit-lending relationship. The vast majority of these delinquent borrowers are deadbeats, or house-flipping speculators, or downright criminals. Most of the delinquent borrowers should never have bought a house to begin with, and would never ever have qualified for a traditional mortgage under normal circumstances.

reply to post by nightbringr

I disagree Nightbringr. Bankruptcy is a legitimate tool to stop a foreclosure. Not only that, people are now listing their homes as unsecured, and within the bankruptcy, demanding the lender to demonstrate standing. If the person is upside down, or the note pooling and securization is not up to legal standards, the lien is quieted or the home value is 'crammed down' to the present value. Judges in bankruptcy are there to preserve a person's 'fresh start', and most judges/trustees work towards that goal. Bankruptcy isn't fun, but if you love your home, or have a lot of equity to guard, it is definitely an option. It also buys you time.

reply to post by CookieMonster09


Serious... Who the hell are you working for????

The reason why the bank won't typically accept payments is because they have already started the foreclosure process. Once they do so, if they were to accept a payment, they would have to stop the foreclosure process. If you didn't make the next month's payment, they would have to start the foreclosure process all over again. The banks figure it doesn't make sense to play these costly games with borrowers that make payments only when they are threatened with foreclosure, only to stop making payments once the foreclosure process is stopped.

Secondly, while there is complete craziness surrounding how these mortgages were sold and passed from one mortgage lender to another, ultimately, at the end of the day, someone stroked a check at closing for the purchase of the house. That house today might be only worth a third to a half of what it was worth 5 years ago when the closing took place. Whomever holds the mortgage paper today is now holding an asset - real estate - on their books for a fraction of what they paid for it.

Thirdly, the banks got totally screwed over by corrupt mortgage brokers and borrowers. Mortgage fraud was rampant, especially by sub-prime borrowers. You can call that the bank's fault for being so naive, but a criminal that lies to a bank on a mortgage application is still a criminal any way you look at it.

For all of the anger directed at the banks, take a look in the mirror, Mr. American Consumer. You certainly didn't complain when credit was loosey-goosey, or when you lied about your inflated income on your mortgage loan application, or when you refused to put 20% down like every other conventional mortgage in the past 100 years, or when you were riding the speculative "house flipping" frenzy. You didn't complain when the politicians kept selling to the American public that "everyone deserves to own a house in America". Where were you then?

Don't blame the banks for your own vicious thievery and greed. You gambled that your house would appreciate in value, and you lost that bet. Don't blame the banks. Look in the mirror.

You mean you don't find it odd that the bank will keep a home owner in his home for almost a year who's house value is less than the loan, but will automatically start foreclosure proceedures for people who are on time and have have equity in their home... Please rid of us of your ignorance and join Fox, CNN or MSNBC....

you also don't find it odd that Mr. Bank Lender lent out money at high interests rates while packaging high risk mortgages as Triple AAA Bond's to the highest bidder... Please...

I'm still hoping that ATS is a place of intelligent thought, and please do some reasearch... I almost can't wait until your old and find out that Social Security is Bankrupt... But I guess thats your fault right???

The sad reality is that most delinquent borrowers don't qualify for loan modifications because they have crappy credit, late pay history, charge-off's, and a long litany of abuse of the credit-lending relationship. The vast majority of these delinquent borrowers are deadbeats, or house-flipping speculators, or downright criminals. Most of the delinquent borrowers should never have bought a house to begin with, and would never ever have qualified for a traditional mortgage under normal circumstances.

Funny how anyone in a tough spot thru a crappy economy brought on by bank fraudsters is "suddenly" a "deadbeat" "speculator" flipper" etc etc etc - its all about "demonising" te person you wish to rip off.

The multi millionaire bank mangers who just got bailed out wth TRILLIONS of taxpayer $ al awarded themselves "multi million MORE in "Bonuses" for what a greta jobthey did - in ripping us off once more!.

In the Bank adds these same people ae made out to be "clients" - much desired bank customers - who ae always right.

Now they are every form of scum...

And eyt they are ythe same people - mums and dads trying to raise kids and feed cloth ducate tem - its not a LOT ot ask of life.

When these mums n dads have finally had enough, and decided to act in defense of the children and their childrens futures - they will rise up - and they Will take over banks and start throwing these high paid theiving bank managers who demonise decent hardworkin honest family people, in order to profit from their suffering, - will be thrown bodily & alive, from the top story windows of their concrete and glass sky scrapers, and the peole wll clap and cheer as they splat on the pavement.

A fitting end for them and their ilk.

Theres an old saying - 40,000 frenchmen can't be wrong!

The French havea bit of a reputation for surrendering in times of war and not fighting etc - but when it came to the french revolution - France became a republic BEFORE the USA threw off the shackles of the English in their war of independence over the Boston Tea Party.

They ALSO led suport to the Americans in their fight against their English overloards, and assisted them to establsih their own Republic like thatin France.

Label them all you like and deride their food as fredom fries instead of french fries etc, the facts arethey rise up in the french revolution and overthrew their tyrannical rulers.

Wheres any sign of that among the name calling Americans?

Isn;t it true then that even the French have more backbone than your average jellyfish American?

Whats wrong with the yanks have they become too soft? Jellyfish....inneed of a spine transplant?

Long past time that the seppos took back control of their country by force - the Wikki leaks is designed exactly to do that - to show them what REALLY goes on behind the scenes and getthem incensed enough to rise up and turf ot teir criminal overlords.

Theres a famous saying that "from time to time it is necessary to water the tree of liberty wth the sacrifice of human blood".

Also that "those who would give up liberty for security deserve neither" (mightta been ol Ben Franklin?).

Anyhow - despite the fact they havearms enough for one too each man woman and child - itseems that - the US populace, are just o apathetic to do anything to help themselves.

For a nation that fancies itself as "Gung Ho" - they seem to be all out of gung and over supplied with Ho's!

You know what- it wouldn;tsupriseme if the French had to come and save their sorry asses one day!

Just how far can the US fall before the people decide to act?

Will they have even a shred of their former reputation left in the rest of the worlds eyes?

I never cease to be suprised at just how apathetic the worlds superpowers people have become.

Nowaday's not much suprises me anymore.

Cheers

I wish you the best of luck,unfortunately there is no justice unless you can afford it. Since the lawyers with the help(bought undoubtedly) have written themselves into every facet of life have created a legal nightmare so that they can bill incredible fees. Bought a house in 1977 and signed 3 documents, refinanced a house and in 2005 and had to sign 86 times.

Not sure about Citi, but Bank of Amer is just incompetent. I have a 15 year mortgage that I'm paying on when I got an unsolicited offer to refinance and lower the rate. Being "self unemployed" decided I would go ahead and take advantage and convert to 30 year at the lower rate to get some flexibility, no new money and in fact specifically requested that all closing costs were be paid direct so as to not increase the principal. After 8 months of jacking with them I was turned down on the re-fi as not credit worthy. They already have the loan on a fifteen year mortgage and there is no new money. It gets better, after about 3 months that we ended that charade, B of A calls again with their great re-fi deals. I laughed and inquired whether they ever communicate within the bank, didn't he know that I was by their standards a dead beat despite the fact that I never sent a late payment and always paid more principal? I was then assured that this was a different program and required no credit checks or income verification, just simple docs. I'm a moron fell for it again. 4 months later they start asking for income verification and bank statements. At that point I wrote back and pointed out that that wasn't part of the deal and thay could either show up to close or forget about it,in more colorful terms. Thought it was over until I get their rejection letter that I was turned down because they were unable to meet my unreasonable demands. Included the credit report that they knocked my credit rating down 50 points because of too many new credit inquiries. Guess what, all by B of A who apparently once you sign up, calls the credit bureau about once a week just for the hell of it.

It's not over yet. I came completely unglued and wrote them back a scathing letter about them soliciting me, costing me money, wasting my time, misrepresentation and general incompetence in not being able to restructure an existing in house loan from 15 year to 30 year amortization and causing a drop in my credit rating. Got a call yesterday from the office of the CEO of B of A. Unfortunately I'm in Turkmenistan so it came at 4:00 AM local time and missed it. If mortgage companies are not crooks their incompetent.

reply to post by ianmoone1


Here is an interesting read:

online.wsj.com...

This is a very telling story.

People always put 100% of the blame on the securities and credit rating firms, and they certainly are to blame for much of these issues. But people overlook the irresponsibility of someone who is on welfare accepting a 103,000 loan for a home even she would realize is not worth half that.

When i went to purchase my house, i did the math ahead of time to determine what i could afford as a month mortgage payment, and factored in possibilities like reduced income among other things. When i went for a loan, they suggested i could get a loan for a home that would have stretched me to my limits. I ended up buying a more modest house and im grateful for it.

There are two sides to this. People wouldnt get into financial difficulties if they learned financial restraint. Its the old "Well, i maxed out my VISA, so lets get a Mastercard to pay it off!" routine.

She is as much to blame as the banks or lenders in a case like this. I feel bad if she does not have the intelligence to realize she is digging a hole for herself, but we cannot protect people from themselves. Did she assume the consultant she was seeing had HER best interests at heart when we all know they are doing a business and that business is to make money?

If someone offered me a $300,000 loan against my $130,000 house, i would run the other way, and fast. I dont need a loan, as the only thing i owe is my mortgage, everything else i buy is up front.

People need to take responsibilities for their own actions instead of blaming others.

reply to post by billyjack


BillyJack...couldn't agree more. Citi is equally incompetent. My last call to Citi, before this escalated was with a senior manager in loan modifications, who was supposed to send out a 'reaffirmation' plan. The reaffirmation plan was supposed to allow me to sign on the dotted line, and accept all late payments, fees, arrearages, etc. I was told this would bring me current, arrearages would be posted to the end of the loan, and all would be settled. I never got the packet!!! I knew I wouldn't based on Citi's long history of failing to fulfill it's promises. Had I waited for that packet to come, and not have found the attorney, who bless his soul, saved me from hell, Citi would have had my home. I learned to never trust a word they say. Everything they have done has been in bad faith from the very beginning of this fiasco.

I am sorry to hear about your Bank of America fiasco. I would write the credit bureau a letter stating that the credit pulls were not authorized or done with your consent. Perhaps you can get them to remove them. I had issues with Bank of America in the past too. I will never, ever do business with a big bank. If I do get a mortgage in the future that is with a big bank, I will look to refinance it locally.....and pay the closing fees to do so. No other business in the world, could survive doing business the way banks do. They are truly evil. And it isn't just the banks, but the soul-less robots who are willing to do their dirty work for nine dollars an hour.

reply to post by nightbringr


You are talking about a very small percentage of people who will exploit any system. Are you saying the majority of us who have posted under this post are dead-beats, swindlers, cheats, and idiots? You are part of the problem if this is your belief. I agree that there are those who bought into properties that they couldn't afford, investors who got in over their heads, and people looking to modify loans they can already afford (in preference of lower payments). However, you aren't hearing the desperation coming from people, who acted in good faith, but for whatever reason, had financial issues or got tangled up with an unethical and unresponsive bureaucratic organization who is so incompetent, they can't follow through on their word.

All I have heard here, are people who have attempted to remedy a situation where every one wins. The banks continue to make money, no vacant homes, no destitute families, no broken dreams......We are Americans, and if all of us become broken......no one wins. No one has spoken of the sheer hell that hangs over your head when these issues occur.

I have been so depressed, and felt so despondent for the past two years, all I could think of was offing myself so that my family could have my life insurance, pay off the house and go forward. My misery has tainted everyone around me. I haven't been able to enjoy my children's lives like I should have with this black cloud over my head. I try, but you feel like you get held hostage. You spend all of this time trying to remedy the situation....call after call....after call. Lie, after lie, after lie. Calls transfered from department to department, and then you get hung up on after all of the transfers; and get to start all over again. The system is set up to fail.

The victimization that occurs, and the destruction of dreams is criminal. It tears down good people, and it eventually affects every one of us....if you realize it or not. Do you think your child's teacher can do a great job when everyday, in the back of her mind, she is wondering if she will lose her home???? Do you think your doctor, who when caught up in his optimism, purchased a home that is now worth half of what it was, can do his best job with financial ruin hanging over his head?

Serious... Who the hell are you working for????

First, watch your language. It's not very polite to use swear words in a public forum. But, to answer your question, I work for no one in expressing my own point of view.

You mean you don't find it odd that the bank will keep a home owner in his home for almost a year who's house value is less than the loan, but will automatically start foreclosure proceedures for people who are on time and have have equity in their home..

I have no proof or evidence that this is taking place. All I have is your statement, with no evidence to support your claim. And, frankly, I don't find this assertion very credible. There are, after all, two sides to every story, and we only get to hear your side, and not the banks.

Banks do not typically start foreclosure proceedings unless the borrower has defaulted on their contractual obligations.

You might find that harsh, but it's no different from any other contract involving significant sums of money. Stop paying your electric bill, and see how fast the electric company will keep your lights turned on without getting paid. How about your water bill? Have you ever walked out of a restaurant without paying?

Then why is it somehow so ethical and acceptable --- so morally superior in your view -- to stiff a bank? It's called an "entitlement philosophy", where people like to place blame on others instead of looking in the mirror.

you also don't find it odd that Mr. Bank Lender lent out money at high interests rates while packaging high risk mortgages as Triple AAA Bond's to the highest bidder

Let's see... The average sub-prime borrower got a mortgage loan for more than they could afford, with Zero money down as a down payment, at interest rates that were at historical lows. All this with a lousy credit score, weak job history, and inflated income on their loan application. No questions asked.

And who do you think gets stuck with the bill when the borrower defaults? The banks. Why do you think so many banks have failed in the last couple of years? Because of too many defaults on mortgages due primarily to rampant mortgage fraud.

If you don't understand the difference between a traditional bank that originates real estate mortgages, and Wall Street investment banks that package loans and re-sell them (two separate business functions, mind you), then I am afraid you need to do some homework and learn the difference between the two. There are really only 4 general exceptions - the 4 mega-banks in Chase, BOA, Wells, CITI.

The multi millionaire bank mangers who just got bailed out wth TRILLIONS of taxpayer $ al awarded themselves "multi million MORE in "Bonuses" for what a greta jobthey did - in ripping us off once more!

For every bloke at the top of a bank or mortgage company making millions, there are thousands of worker bees at the bottom making peanuts.

It's practically a media frenzy now to demonize anyone working in the financial sector. Yawn.

reply to post by CookieMonster09

Dear CookieMonster,

I too am against the 'entitlement mentality' that is rampant in this country. However, when banks break laws they should be punished accordingly. When people, like me, suffer a setback, and attempt to make it right.....the big banks are so incompetent, and so corrupt there is no justice. The TARP money that came from tax payers, never helped anyone it was set out to help.

TARP and the new QE2 are bailouts for companies that have dug themselves into the abyss. What is the first thing these big corporations do with the government assistance (0.04% interest loans)? Go out and buy more banks so that they can become larger, more bureaucratic and too big to fail. It is time to let capitalism prevail, and to allow mismanaged banks to become insolvent. While were at it, let's end the Fed. We can unwind this mess that has taken 80 years to become this unmanageable.