Archive for May, 2012

CitiMortgage Modification Lawsuit

CitiMortgage have a lawsuits brought about against them by homeowners stating that they did not reduce loan payments per promises made.  Many homeowners were left in a very bad financial situation as a result.

The class action came about because of the treasury’s Home Affordable Modification Program (HAMP) which was introduced to help owners facing financial problems.  Home owners were given a trial period of three months to make reduced payments.  If they managed to do this for the trial period then it would become official.

So many homeowners with CitiMortgage loans completed the trail following all instructions of the HAMP program.  But – they were not allowed access to the permanent program.  The result was that many of the homeowners were left in a financially bad way – and many were in a worse way than when they started.

The lawsuit against CitiMortgage states that they did not fulfill the HAMP agreements with their mortgage-holders and that it misrepresented the information of the program.  Its open to all homeowners who fulfilled the trial period of three months per agreement subsequent to April 13, 2009 and who were not allowed permanent entry into the program.

Mortgage Modification Lawsuit Against CitiMortgage

CitiMortgage are faced with a class action lawsuit filed by homeowners that alleges that the company did not fulfill their promise to provide mortgage borrowers reduced loan payments.  If fact the suit states that it also financially devastated the borrowers.

The lawsuit states that homeowners with a mortgage loan from CitiMortgage could us a trial mortgage modification program to help them reduce payments.  This program was built around the U.S. Treasury Department’s Home Affordable Modification Program (HAMP).  The program would become official if the homeowners lasted the three month trial period making the reduced payment amounts

Many homeowners completed the trial and followed all stipulations of the program – however they were denied access to the permanent program.  This made things very difficult for the homeowners and many were in a worse situation after they completed the trial.

The lawsuit claims that CitiMortgage did not honor its agreements with homeowners and that it misrepresented the information of the program.

The lawsuit is open to all persons in the US who are serviced by CitiMortgage and who complied with the conditions of the trial program and who did not receive permanent mortgage modification per the loan modification agreement.

More on Mortgage Modification Lawsuits

 

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