Bruce and Stacy sent a message to Jane Fraser CEO, CitiMortgage email address that said:
Jane Fraser, CEO CitiMortgage
1000 Technology Drive
O'Fallon, MO 63368-2240
Dear Ms. Fraser,
We are writing to you today to share with you our experience with CitiMortgage. We are also appealing to you as a parent/mother and provider for a family.
We HAD, at one time, a home loan with CitiMortgage . We were loyal CitiMortgage customers; we paid our mortgage on time and took/take our debts and financial commitments seriously.
At the end of 2003, we gave birth to our daughter. She was born with a rare genetic disorder (Williams syndrome); I was forced to leave my job at that time. Our family took a huge financial hit at that time with the loss of one of our two incomes. In addition our child needed specialized care that increased our out lay of bills monthly... Then, in 2007 (my husband works in the entertainment industry), we struggled through Hollywood's lengthy writersâ strike. This strike devastated the employees who worked in the entertainment industry. At this time my husband and I were both unemployed. We were forced to leave our primary home and enter into a rental home. I had to return to work and did so in 2008 (even though my daughter was still at home much of the day and in need of my care). At this time we started to clean up our catastrophic financial situation. As you know, many of the banks suffered their own catastrophic financial losses and were bailed out by the US Government after the financial collapse of the US economy. The President of the United States, Barack Obama, encouraged banking institutions to help the American citizens in financial straights in a similar fashion with their loans. We were fortunate to negotiate new and reasonable terms for our numerous loans with almost every bank BUT CitiMortgage.
When we began the process of applying for a loan modification with CitiMortgage, CitiMortgage instructed us to go into default in order to be considered for a loan modification. Although this is not documented in writing or written in any notes/communication, we were told, by CitiMortgage, that we would not be considered or even qualify for a loan modification if we were not in default (as being current did not prove financial hardship...). We went into default and stayed in default for some time (not going over 90 days delinquent as we NEVER intended to foreclose - we were just playing âthe gameâ as outlined by our lender). Many months later, and after three loan modification denials (once, for not being in default enough - I know you dont have this in writing because you did not document it in the notes, but this is what CitiMortgage employees told us), we threw in the towel. However we did briefly begin a fourth request for a modification, but CitiMortgage said they MIGHT only consider a short sale. But a short sale would not help us. We needed to keep our property in order to make finances elsewhere make sense and we desperately needed to lower our monthly mortgage payments. So, we borrowed money from our elderly parents to bring the account current in the hopes of refinancing the loan.
In 2014, after bringing the loan current, CitiMortgage sold the loan to Faye Servicing. Our predicament then/now is that we still need to lower our payments and therefore still desire to work out a refinance. But the negative reporting that CitiMortgage shows with regard to the credit bureaus, due to our late payments (which were paid late due to CitiMortgages recommendation), is preventing us from being approved for any refinance. We have already requested, through CitiMortgage customer service, that you remove these late payments from our credit. CitiMortgageâs form letter stated that they are obligated to report such information... However, I do not believe it is against the law to remove these negative marks. This is especially true and necessary under the circumstances. There was miscommunication and misunderstanding and, as we never got help with a loan modification from CitiMortgage, CitiMortgage has an opportunity to do the right thing now and help us get a refinance by removing all reported late payments on the loan in question .
I do hope that you can, after all this, show some compassion and swiftly remove any negative marks from our credit due to the late payments that you have reported.
Thank you for your time and consideration. Thank you too for your prompt attention to this matter. We look forward to hearing back from you.
Best regards,
Stacy Bruce
