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attyadvisor, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 5547
Experience:  28 years of practice consumer protection law
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Seeking legal assistance in suit against CitiFinancial In

Customer Question

Seeking legal assistance in suit against CitiFinancial
In the early 2000 I secured a 15-year second mortgage against my residence in Sterling Heights, Michigan. This loan was used to make repairs and upgrades to the home. This loan was revised several times, but always remained with Citi. My original mortgage was with Bank of America for $110,000, and the CitiFinancial Loan was $30,000 approximately.
During the housing and financial crisis of 2008, my employer of 16 years (a tier-1 automotive OEM supplier) had to downsize. I took a buyout and continued to live and work in the Detroit area. In 2010 I was offered a position at VW in Chattanooga and moved the family there for the position.
The Detroit housing market was as low as it could go at the time I attempted to sell my home. We went with a short-sale specialist realtor who worked diligently, receiving offers for my home in the $80-100k range. Bank of America was my primary mortgage holder and they refused all offers provided until the home was to go into the Sheriff Sale. 45 days prior to the Sheriff sale a cash offer of $100,000 was received and accepted by BoA. The closing was to occur 1 week prior to the scheduled Sheriff sale. At the closing the prospective buyer did not have the cash and the deal fell through. Another buyer agreed to the terms, had the cash, and the only activity that had to occur was changing the name on the purchase agreements. BoA refused to accept the second offer and our home was sold in auction.
BoA set the initial acceptance price of the property at $160,000. No offers were received and BoA assumed ownership of the home. $140,000 were owed on a home that BoA assumed for $160,000 at auction. (?)
3-6 months later BoA sold the home for $90,000, less than the last cash offer received.
I had stopped making payments to CitiFinancial and the loan went into collections. I was called by an employee of Citi who informed me that while the property that secured the loan had been foreclosed, Citi had not received any funds from the sale and the loan would now be considered a Personal Loan and still be due. I challenged this and was directed to a Citi Lawyer who indicated that this was true, and any failure to pay would result in collection and court costs against me to get their money. I continued, and still continue to make payments to this this day.
In August of 2015 I was going through the process to secure a new mortgage for my first home after the foreclosure. During this process, the CitiFinancial loan became an issue, as it was listed as a mortgage against me. I contacted my CitiFinancial office in Ecorse, Michigan, emailed and spoke to the Manager John. I pushed John to change the type of loan from a mortgage to a personal loan and he refused. He stated that I could submit my request to another department. This was done, and denied.
Fortunately my lender for my new mortgage was able to understand and write the new mortgage anyway. They had never heard of such an arraignment, and suggested I contact a lawyer to straighten this out.
I am seeking legal advice and representation to eliminate this situation from my life. I have never been one to seek legal action. However in this case I believe this is my only recourse.
I would like to have the loan eliminated without any future payments and no impact on my credit report or future financial activities I may pursue. I would also be interested in seeking all back payments from CitiFinancial since the loan should have been paid off from the BOA auction activities in 2012. I would also seek all legal fees.
Also would I need to have legal representation in Michigan, or where I reside now in Tennessee?
Submitted: 9 days ago.
Category: Consumer Protection Law
Expert:  attyadvisor replied 9 days ago.

Welcome to JA and thank you for your question. I will be the Attorney that will be assisting you.

Expert:  attyadvisor replied 9 days ago.

The jurisdiction is the County and State where the property is situated. Once you hire an attorney you would not need to be physically present in the State only your attorney would need to be.

That being said there are several complaints that need to be filed with the State and the Federal Consumer Protection agencies that regulates lenders as something sounds off on this situation.

Have you filed any FTC, State Attorney General, cfpb or any other complaints for investigations of the lender? Are you online with me?

Expert:  attyadvisor replied 6 days ago.

FTC complaint

Attorney General,1607,7-164-17331---,00.html


If you can tell me the county in Michigan where the property is located I can provide a link for Attorneys in that area that provide FREE consultations.

Please do not hesitate to ask me any additional questions that you may have with regard to this matter as it would be my pleasure to assist you.

If you would be kind enough to rate my service positively so I will receive credit for my work I would appreciate it.

The Attorneys on the site do not receive credit for their time or work if the customer does not rate us positively. There is no additional charge to you for a positive rating and you can still receive a refund. Thank you for your consideration.

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