As we mentioned when we launched a few weeks ago, some of the questions we get will be answered in separate blog posts as opposed to in the comments section. Our reason for this is that a lot of the questions bring up opportunities for us to explain how the process works, and we want to make sure as many people see it, and it is easier to find if you want to refer to it later.
question we want to answer comes from a homeowner in
been with Citimortgage for over 10 years - at least, I thought I was. When my
husband got fired last October, I called to see if I could get my payments
lowered. Citi lowered them for 6 months. I made my regular monthly payments for
May and June. Then, I began receiving phone calls from Citi. They said I owed
them $1,700.00 in late fees! I explained to them that my husband was still not
working, I didn't have that kind of money. They mentioned something about
foreclosure. To make matters worse, I'm a waitress in the oil spill area of
First, I want apologize if you received less than the high customer service process we expect of ourselves. I've forwarded the issue to the appropriate management for review.
I can't speak to your account specifically in a public forum, but I did want to talk generally about your question about loan ownership.
CitiMortgage does originate many mortgages and keeps some of them on its books
as owned loans, the majority of loans we and other lenders originate in the
One of the complications from this system is that when a customer such as yourself calls in asking for a modification, it's not always up to us to be able to change the loan as we see fit. If the actual loan belongs to an investor or has other guidelines, then we are bound by their rules on what we can and cannot do in terms of a modification.
As I said, you should be hearing from us soon if you haven't already, and I really do hope we can find a solution that works for you under the options available to us.