Citibank / CitiFinancial First Mortgage, TILA violatons
Bait and Switch: Have you ever been quoted a lower interest rate during the initial application phase, only to be given a much higher rate at document signing? One of our recent clients originated a First Mortgage with Citibank in September, 2008 and (because of duress and need). It appears that certain branches in the CitiFinancial retail banking system took many loan applications over the phone, documents all via fax machine, and in their rush to fund and close the loan with Borrowers, failed to provide Good Faith Estimates and/or required Federal Loan Disclosures prior to the date of document signing. In this client’s case, the Loan Officer ONLY provided the Good Faith Estimate and other Disclosures at the last minute, which is a clear violation of the Truth-In-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). This can be legal grounds to RESCIND THE LOAN and request every penny paid the bank since the loan origination! As we have developed this client’s loan modification request, our Forensic Loan Audit has revealed these violations and provided IMMEDIATE LEVERAGE with the Lender, who was previously un-cooperative in requests for a reasonable modification of the payment terms. STUCK IN THE BRANCH: CitiFinancial seems to have a policy of keeping the modification request inside of the branch, and away from the HQ Office in Maryland. The Branch Manager offers only minor concessions, such as a 40 Year Amortization (still at high interest rates like 11-12% in this case), and threatens “losing your home” and “foreclosure” and “litigation and “court action”). WE ARE HERE TO HELP YOU THE CONSUMER against these predatory lending practices. You need LEVERAGE going into your loan modification request, and competent advisors and counsel to provide this leverage. For CitiMortgage and CitiFinancial Mortgage Borrowers that need a FREE CONSULTATION as to your rights and legal avenues, please call us at (866) 968-9685 or visit: www.YourLoanModifications.com for more information about 1st Financial Nationwide and our experience in this field. Our extended organization handels 400+ CASES PER MONTH and many of our processors are CitiMortgage/ CitiFinancial specialists.
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