Tuesday, November 17, 2009

Citibank: The kick in the head that just keeps on giving

One of the things I was most looking forward to about having a full-time job was the possibility of refinancing the condo, which has now been on the market for nearly 19 months. I waited until I'd been getting a steady paycheck for three months before doing a little research on the subject. And let me tell you, what a downer.

Apparently, because I'm making considerably less than I did when I purchased the property (can't count overtime pay) the combination of mortgage, property taxes and assessments takes up roughly 77% of my income--and that's before they take out taxes. I cannot include H's contributions in this calculation because I would list the place as my primary residence. Also, remember the little old issue I had with Citibank? You know, the one where they said I couldn't qualify for any of the government bailout mortgage readjustment plans unless I was a full 30 days past due? And how, against every fiber of my being, I let it go past to get some help? And how they EFFING PROMISED me I'd get a readjustment and even took a check over the phone then COMPLETELY AND TOTALLY SCREWED ME OVER, INSINUATING THAT I MADE IT ALL UP? AND HOW THEY FRICKING SOLD MY MORTGAGE TO SOME COMPANY IN WISCONSIN BEFORE I COULD DO ANYTHING ABOUT IT?

Remember that? Well, the number-one reason I can't refinance is because I had a late payment in the last 12 months.

People who have to give up that much of their take-home pay to have a roof over their heads can't get a refinance, but if it only takes up 28% of your income, you can get a lower rate pretty easily. I mean, I get it, but I DON'T GET IT. Can anyone tell me what I'm doing wrong here, besides the obvious: I didn't have the foresight to know that my industry would collapse a decade after I chose my major? I mean, I thought it was smart to have put the place on the market while I still had a job. Now I get to look at doctors' scripts signed by contemporaries I used to go to the library with, while I've had to start over, wrangling their patients and getting passive-aggresively chewed out at least once an hour.

Yes, I realize that I'm not alone. And that I probably shouldn't complain. I thank heaven every day that the people I love have their health. I just pray that it stays that way.

6 comments:

SupaCoo said...

dealing with mortgage companies is THE WORST. They always make you feel so inadequate. I'm so sorry about this situation. :(

Anonymous said...

*&^% citybank.

Anonymous said...

There are lawyers who can review all the transactions leading up to your present situation to be sure they were all done legally. In some cases the bank can't even produce the mortgage they are attempting to collect payments for.

Just a thought.

Librarian Girl said...

I have nothing constructive to say here, but I just have to say: THAT SUCKS. Really, really.

Madelyn said...

that really does suck. It sucks that you tried to be responsible by investing your money into a really nice condo with an amazing view because everyone said "invest in real estate" and then the economy went in the Sh***er and now your screwed. I'm sorry.

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