This month, CitiMortgage concluded a 10-city Road to Recovery Tour of cities nationwide aimed at helping struggling homeowners find much-needed, long-term mortgage solutions. I am pleased by our progress on this initiative.
At these open-to-the-public Road to Recovery events, we were able to connect approximately 1,000 homeowners having difficulty making their mortgage payments with customer assistance experts in one-to-one counseling sessions. Although the vast majority of these borrowers were CitiMortgage clients, we were able to offer direction to non-clients also facing these same problems.
In this outreach, in cities across the
We surveyed attendees, with 96 percent indicating an "Excellent/Good rating on overall value" on the sessions, and 97 percent saying they are "very/very likely" to recommend the experience to a friend. We feel strongly about the importance of raising awareness of the assistance options available, so these results are promising.
Since 2007, Citi has worked with more than 1.1 million borrowers on modifications, extensions, repayment plans and other loss mitigation efforts. Helping homeowners in need is a continued and fundamental priority for Citi. Resolving these issues is key to economic recovery and we remain focused on what Citi as a company can do to move forward.
I have held a citimortgage for almost seven years. I refinanced once last year and I am doing so again with Citi. I have a home equity with Citi, my credit card is with Citi, and so are my bank accounts. I have been a police officer for almost 16 years, my wife is an elementary school teacher for almost 10 years. We pay our bills and we pay our taxes. I have gotten the run around on this refi like I can't explain. I asked for a direct number to my mortgage handler and got Snook's Catering some where in Michigan and then waited on hold again until I received someone who could give me the direct number. I have faxed AND mailed the same information several times to refi a loan I ALREADY HAVE and gave you all the paperwork one year ago. I am so disgusted at this point I am ready to cancel everything I have and go with Teachers Federal Credit Union. I am a loyal customer but I don't even want to bring my three kids to Citipark at this time. Thank you for taking the time to read this.
Reply to this comment by Christopher Koltzan on 02/23/2012
Christopher, I apologize for the experience. I forwarded your message to one of our managers. I understand Christy has been in touch with you and your loan is scheduled to close soon. We value your business and thank you for being such a loyal Citi customer.
Reply to this comment by CitiMortgage on 03/19/2012 in response to Christopher Koltzan
I sold my home (CitiMortgage Loan) in June of 2011 and just received a letter about my interest rates going down? I was thinking to myself why am I receiving this letter since I have already sold my house six months ago? I decided to give citi a call. Come to find out I still have an outside balance with citi and the mortgage is still active!!!! What do I do? I have called all day and got nothing but a bunch of hang ups and transfer that lead me nowhere with no help!! I even called a local branch and still no help! I am very frustrated and annoyed with citi's "customer service". Every citi staff person I have talked to states this is very strange but no one can help me! I NEED SOMEONE TO ANSWER MY QUESTIONS AND NEED THIS RESOLVED!!! I SOLD MY HOME 6 MONTHS AGO AND NOW I AM SHOWING NO PAYMENTS FOR THE LAST SIX MONTHS!!!!
Reply to this comment by Joe Madrid on 12/27/2011
Thank you for contacting us, Joe. I apologize for the experience. I have forwarded your comment and email address to one of our managers. I understand we have made contact with you and are working with you to resolve the issue.
Reply to this comment by CitiMortgage on 01/11/2012 in response to Joe Madrid
We have been working with Citimortgage since April 2011 to short sell our home. The good news is that we have had a buyer since April, and the second lien holder had been cooperative and had accepted the offer. All the pieces of the puzzle are well together and are cooperating except Citimortgage (primary lien holder)!
The initial offer was submitted in April and was later increased by the buyer. However, both offers were rejected. We were asked to bring a better offer which is not possible as the current offer is already slightly above the market value. Citimortgage seems to be out of touch with the reality. The property is not eligible for loans (less than 51% owners in the complex), resides in a apartment complex (not condominium complex), and has much higher HOA dues compared to similar properties. We were successful in disputing the BPO, and were told to re-submit the offer as the BPO and offer price were the same. After weeks of work of creating the updated paperwork, working with escrow and re-convincing the second lien holder, the offer was again rejected. The reason given was that the offer was too low, which is in direct contradiction to what we were told earlier!
We have been given four different BPO values at different times. Hypothetically, even if we find a buyer who offers at the current Citimortgage BPO value (despite of the adverse reasons given above), it seems that the offer will still be rejected as it was the last time. The entire short sale process with Citimortgage seems to have no relevance at all. A homeowner support specialist has already been assigned to the case, and we have had negotiators on this case since the beginning, but we have not been received any answers on how to move forward. We would appreciate if one of the supervisors can look into our case to see why this simple and straight-forward short-sale is not being approved. Thank you.
Reply to this comment by Sourabh on 12/23/2011
Sourabh, thank you for contacting us. I've forwarded your email and comment to someone that can assist you. We will be in touch with you very soon.
Reply to this comment by CitiMortgage on 01/11/2012 in response to Sourabh
Dear Citi Mortgage, your HARP program is a joke. You really should make it known on your website that you will only help to reduce the interest rates and refinance to 125% of the current value. I have held two loans on two investment properties for 6 years blemish free and recently got led to believe there was hope in lowering my 6.5% interest rates. Have you looked at the home values in Florida lately? I put 30% down on one home and 20% down on the other (inheritence money, so I am even more reluctant to short sale or forclose), yet the current value unables me to refinance through this HARP program. It just shows that you want people to forclose and that these programs and events are all just ways to milk more "distress funds" from the government. I am truly disheartened by this, it is sad and unfortunate.
Reply to this comment by Nicole on 12/01/2011
I apologize that you feel that way. I forwarded your comment and email to one of our specialists. Someone will be in touch with you soon. The HARP refinance program is restricted to Fannie Mae and Freddie Mac owned loans. We are only able to apply the program to Fannie and Freddie loans that we service.
Reply to this comment by CitiMortgage on 12/19/2011 in response to Nicole
It is absolutely discouraging to read these comments. I'm in the same boat as so many clients and the video, and support team all seem fantastical and completely out of touch with reality. I know how Elizabeth and jpom feel. We were advised to stop paying if we wanted help so we did as told. Soon we received "Sale of Trustee" notices and were told to make forbearance payments for six months when Citi would be ready to evaluate our case and work something out. We then heard from a "counselor" and the next week were told our home was officially foreclosed. After weeks of sending pay stubs, tax reports, etc., etc., we believed Citi would make a bona fide attempt in helping. Little did we know. We finally spoke to an attorney who is advising legal action against Citi. This is not what we want to do. We simply want to work with the bank and avoid a tangled mess!!! Help us find somebody who really cares.
Reply to this comment by Josie on 11/24/2011
Josie, I apologize that you feel that way. I forwarded your comment and email to one of our specialists. Someone will be reaching out to you soon.
Reply to this comment by CitiMortgage on 12/02/2011 in response to Josie