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.