Complaint Review: CitiFinancial - Troy Ohio

Can you please explain how you got around that minor "unimportant" requirement of financial need. 
Yes,
In order to file our bankruptcy we had to show that we were unable to physically remain in our home, we didn't have a financial qualification but extenuating circumstances beyond our control to stay in our home therefore we were able to prove our case in federal court that we were unable to financially afford to modify our home and due to it being upside down (loan to value) our grant could not be applied either, making it a medical necessity to move and not affordable to maintain two residences.

On the original documents we signed there were values NOT written in as we were told they would be done later with the final appraisal and we were not given the updated paperwork at that time, it wasn't until the end of 2010 that we discovered the issues.  We only paid interest the first three years so no principle was paid on making us upside down on the mortgage which is not how we interpreted the loan agreement.

As for moving on, we do have a sizable downpayment and are currently working with a potential lender. We moved from a 2100 sq ft home (we have 8 children and my husband is disabled requiring much medical equipment) to an 800 sq ft home earlier this year. We are in a home that is uncomfortable to say the least so we are attempting to move on in our lives. We know God has a plan for us and will take this lesson in stride, in the meantime people need to know this company is shady at best at how they practice and interestingly our local offices are now all closed.

We had awesome credit until the BK and it was only completed due to the unwillingness of the bank to work with us, so at this time we only want the deed to be transferred so we can be completely finished and the bank has yet to complete that transaction from a sale date of April 4. Six months seems like quite a long time to complete this transaction.

As for a foreclosure on our credit report, that should not be the case as the home was included in the bankruptcy and had not seen a judgement in the court.

When we purchased our home we intended for it to be a lifelong home, one in which our children who grew up moving while my husband served our nation in the military, would be able to call home. We didn't consider my husband ever needing a first floor full bathroom or modifications to our kitchen to make it accessible. No one in their 20's/early 30's thinks about those things. We did read the fine print and we did what we felt was right from the start, however a 125% loan is against the law and we were not aware of that at that time so we do feel we were taken advantage of as well as misled on the nature of our mortgage. Regardless of the issues, we do strongly feel others need to be aware of some of the "loose" practices and ensure they read every little detail as well as ensure their documents are fully filled out before they walk out of the office, a mistake we made trusting our loan agent. We want the deed transferred and to be able to move on in our lives I believe my husband earned that and he deserves the world along with the hundreds of thousands of other disabled veterans facing numerous challenges as a result of their commitment to this nation.

What you are basically saying is that you don't read the documents you are signing and have no problem breaking FEDERAL Bankruptcy Laws.

First off with the original Refinance.   Everything is disclosed to you when you are signing the loan documents.  If you didn't want to take 125% out you could have just said NO.  If you noticed the income was a bit high..you could have had it corrected.  YOU have total power over what happens.

But this statement has even more problems...

Our attorney advised us to file for bankruptcy which we didn't financially qualify for but would get us out of our house.
- So you didn't financially qualify for the Bankruptcy but your attorney advised you to do it anyways.  Not only that but you actually got the BK approved and discharged.   Can you please explain how you got around that minor "unimportant" requirement of financial need. 

the company did lend us 125% value of the home and then didn't apply our payments accordingly to which when we asked why we were told our mortgage was not a mortgage but a secured simple interest loan!
- Umm...a Mortgage is the definition for a loan that is secured by Real Property.  It can be many types of interest calculations.  Probably the most favorable and fair to the borrower is the Simple Interest Loan.  This is where the amount of Interest you are assessed is determined by your current balance.  So as you pay down your loan you continue to pay less interest.

We just need to move on to a larger home and clean up our credit report to reflect the home is no longer in our name.
- In your wildest dreams this isn't going to happen for a while.  At best you just have a BK and all of your other debts are erased including the house.  In the worst case you have the BK as well as the Foreclosure on your credit.  The chances of you getting into ANY house(let alone a bigger house) is about zero for the next several years.  Because no bank is going to be willing to take a chance on you,  unless you can come up with a huge down-payment and without charging you huge interest rates.