EDITOR'S NOTE: Below is an excerpt of an article now posted on the Illinois Family Institute's web site.
"I had never missed a payment and I had never been late on a mortgage payment. For the next three months, I sent in my monthly mortgage payment, which reflected the verbal agreement I made with Citibank. After a three month period, I began receiving documents which gave the appearance I was in the process of negotiating for the reduction in my mortgage payments--when I was led to believe back in June, I was meeting my responsibilities regarding the re-financing of my mortgage I had agreed to with Citibank. After a two month period of a back and forth documentation inquiries I was receiving from Citibank, I was then informed I did not qualify for the 'Homeowner Affordability and Stability Plan.' Beginning in December, I started to receive notices from Citibank's collection department which stated I was in arrears on my mortgage payments. To my amazement, Citibank was now demanding the $426 decrease for each month I sent in a payment after the June verbal agreement. Citibank told me I owed $426 for each of the six months I thought I was under the 'Homeowner Affordability and Stability Plan' program."
To read full article, go to: http://www.illinoisfamily.org/news/contentview.asp?c=34682
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