house foreclosure question

[ajk912]

12 days late sounds really fishy. Heck, with my lender(was Countrywide, now Bank of America) I am pretty sure I am still within my grace period. Let's say the payment is due July 1, I have until July 15 to pay. Yes, I will have a late fee, but I am still within my grace period.

I agree you don't have the whole story.

 

[Colleen27]

That's horrible, but I don't think it is unusual for the way Citi does business. Our mortgage is with Chase, and we have a 15 day grace before the late fee even kicks in. My mom's is with Citi, and she's gotten collection calls as soon as 2 days after the payment due date, when she was still within the due date, and her one and only experience in getting a month behind (when the house burned down over Thanksgiving and she used Dec. mortgage money to put Christmas back together while waiting for the insurance to pay out) was such a PITA that she's looking at options for refinancing as soon as she gets the house rebuilt. Even if I hadn't already sworn off using any of the bailout banks, her experiences with Citi would keep me away from doing business with them.

 

[DisTwix]

They are definitely pulling shady tactics on her. I heard on NPR today that Citi and some other lenders are changing all their rates/rules/etc, because of how much more capital they are required to have in hand, since all the bally-hoo with fishy lending and credit defaults. I am guessing it has something to do with that.

I can't imagine any single mortgage ever being written without a 15 day grace period, standard 30 day report, and 60/90 day foreclosure. I had to go thru foreclosure myself in 2003/2004, and even then it took almost 18 months for the foreclosure to actually be final. If I had known I could have lived rent free all that time I would have!!! I moved, because I assumed the bank would be there post-haste to kick me out... it just doesn't work that way.

Also - there is a Federal Law that all debt collectors are beholden to... called Fair Debt Collection Practices Act... there is specific language in there that covers how the collectors are allowed to behave.

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf

 

[flamom]

i have Citimortgage and have to agree they are the worst.

 

[lmok]

I think she said Citi. I heard that mentioned amongst some choice curse words lol.
thanks for the link. I am going to forward that to her.

I wonder if it could be a 2nd mortage or a home equity line?