Help retracted by bank error

  • Article by: James Eli Shiffer
  • Updated: November 15, 2010 - 9:46 AM

Advocates for struggling homeowners say Luis Navarro's story is evidence of a broken system.

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medvezhonokNov. 13, 10 5:01 PM

I am so grateful I got out from under CitiMortgage loan. They are one of the reasons the US is in the housing crisis it is in right now. The also are used by Primerica. Home loans at 5% over normal mortgages under the guise of finacial modification and consolodation. They do it primarily by having you solicit your friends to make your business work, and by constant telemarketing to get more agents for Primerica. It is all bad.

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ifarmectosNov. 13, 10 5:34 PM

Citi is incredibly profitable again, so I guess we can all feel good their executives are going to be back to getting their epic bonuses again even despite the robo mortgages and situations like this. When cutting corners equals big bonuses for ppl with expense accounts the country wins, apparently.

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richieswensonNov. 13, 10 5:42 PM

And $1848/3= $616. $616/mo is what separates him from paying his loan and homelessness? Me thinks he bit off a bit more than he could chew...

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kjsniderNov. 13, 10 7:42 PM

Then at that point him, myself, and everyone else who has a home with a mortgage right now will just stop paying altogether. Why not just bank that 50,000 for 2 years until you get kicked out. Absolutely no financial reason to own a home who's principal is equal or under the loan amount. I hope the rulers think about that.

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aleciavieraNov. 13, 10 7:44 PM

Comcast installers make enough money to pay almost $2k/month for a mortgage? He had no problem paying the mortgage until his pay was cut by 1/3? There's more to this story....

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merkinNov. 13, 10 7:48 PM

Your math is wrong. Payments were cut by a third, not to a third, which makes them $1232. You need to RTFA.

Parents, this is why you shouldn't let your kids cut class.

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coldbikerNov. 13, 10 8:36 PM

and read the content. Then admit your error. I was right, $616 is 1/3 of his payment, and his payment was reduced by 1/3 under the plan, and he was not able to make his $1843 payments, but he is able to make his $1232 payments, which are $616 less. DAH

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JDNCORKNov. 13, 10 9:03 PM

A mortgage broker says you can afford a $300k house assuming you spend money on nothing else. If you're stupid enough to blindly accept that, you should lose your house. I understand demonstrated financial hardship, but why did Citibank permanently lower his mortgage instead of doing it temporarily? He can't make payments but he has fresh flowers on the table?

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gleenelsonNov. 13, 10 9:22 PM

Just another case of scam and greed. Does anyone think Citimortgage corrects this if Whistleblowers doesn't call them?

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democratslieNov. 13, 10 9:51 PM

No, people like YOU who bought homes they could not afford and do not pay their bills, or worse, voluntarily stop paying mortgages they can afford to pay is the reason the US is in a foreclosure crisis. It's always somebody else's fault, isn't it? You bought the house. You signed the loan papers. But it is somebody else's fault. Grow up and take responsibility for YOUR actions. Try being an ADULT sometime and quit blaming others for problems YOU created.

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