Oh Delicious Irony! Citibank has reported me to a credit agency for a delinquent mortgage

[burythehatchet]

and declared the mortgage in default.

Have I ever missed a payment? No.

So why? Why, burythehatchet does Citibank do this?

Well, you see my mortgage was arranged with ABM, about 5 years ago. Somehow, through the magic of the market Citibank ends up with my mortgage two months ago. All my bills are paid automatically with my internet checking account.

So two payments were made that subsequently were bounced back to my bank. I re-routed them back to Citibank, but not fast enough.

Last week I explained to nice lady on the phone. Today I got deadbeat letter.

I go kill myself now.


OH YEAH, the irony... My taxes are bailing out Citibank. :rofl:

:(

[JuniperLea]

1. My original mortgage was with Countrywide...

And my refi was with WaMu... I expected something like this to happen to me!

They are getting our money, and getting our money. Why do I feel I'm double paying my mortgage? Oh, wait. Because I am!

Jesus Mary and Joseph!! I am tired of everyone else getting my money but me!

[cbayer]

2. Exact same thing happened to me.

My mortgage was sold to Citibank and I didn't change my automatic payments fast enough.

I have now sold the property, paid Citibank in full, recovered my escrow payments and couldn't be happier!

:toast:

[TomInTib]

3. You need to get Citi to retract and rectify that report, ASAP.

Hell, tell 'em you are contacting your Congresspeople, anything.

Buena suerte.

[notesdev]

4. You may have a potential suit there

I wouldn't take that lying down. A mortgage default is the single worst thing that can appear on your credit report.

[Hassin Bin Sober]

5. Federal law says they can't report you or charge late fees for 60 days after....

.....a servicing transfer. The law is in place for just this reason.

I'm in the business but here is a link I dug up....


http://consumerlawpage.com/brochure/mortgage.shtml
Mortgage Servicing
* Your current servicer usually must notify you at least 15 days before the effective date of the transfer of your loan servicing.

* During a 60-day grace period, you cannot be charged a late fee if you mistakenly send your mortgage payment to the old servicer

and

* The new servicer cannot report to a credit bureau that payments were late.

* Write to the servicer if you think there are any problems with your account.

* Within 60 business days of receiving your inquiry, the servicer must correct your account or determine it is accurate.

* Do not subtract any disputed amount from your mortgage payment. The servicer may consider this different amount to be a partial payment and declare the mortgage in default.

Bureau of Consumer Protection
Office of Consumer & Business Education
[phone]

[EFerrari]

7. Wow.. Great information. And I bet, like this Citibank attempt,

a lot of these companies are going to try to make a little side money via people's ignorance of the law. :(

[rvablue]

8. Cheers to you carpentrerman for posting this....I don't own a home

but this great, professional advice sure is going to help the OP.

[burythehatchet]

9. Thanks for the good info

[question everything]

6. Send a certified, registered letter to

Mr. Vikram S. Pandit , 51
Chief Exec. Officer, Director and Member of Exec. Committee

Citigroup, Inc.
399 Park Avenue
New York, NY 10043
United States

http://finance.yahoo.com/q/pr?s=C

and demand that it rectify the problem and inform the rating companies about that and let you know that they did.

[malaise]

10. Sue them! n/t