Hello dear reader,
One of the best things about the Internet is that you can get good advice for free. A lot of this comes from sharing experiences. I realize some of these experiences might just seem like endless whining, but its still helpful, even if it is.
In light of that, I have some complaining to do....
Who wants to start the website citimortgagesucks.com?
I'll be a contributing author. Actually, my story isn't quite as obnoxious as the stories on this site: http://alexking.org/blog/2004/10/26/citimortgage-frustrations
But its obnoxious none the less. Most of the incompetence with citimortgage comes from it being too large a company. Banks should be small. You should be able to see and trust the people you give your money to. And they should be small enough to know you well so they know if you are a credit risk for real. If you call Citimortgage, you will get an Indian who, while polite, can not really comprehend what you are saying besides reading off his computer screen. They could just make a computer program to do that and save even more money than they saved by outsourcing to India in the first place.
My story: I got my house back in February 2003, 5 years and one month ago. In 2005, I had the FHA mortgage down to 78% LTV. I called them to have the MIP removed. They wouldn't budge. So I called a few months later. They told me that they couldn't cancel it, that FHA mandated it. I did some research, but I couldn't find much on the subject of MIP cancellation or PMI cancellation with an FHA loan. Then a few days later I checked their website, and they changed it! Now it said that they cannot cancel MIP unless you've had your FHA loan at least five years. I swear they put that up on their site just because I called them about it.
OK, WEll, it came 20 days ago. In February, on the 27th, I emailed them on the link on their site for MIP cancellation, since for the past 3 months they have had a recording on their voicemail that says "if you are calling about refinancing your mortgage, we are experiencing longer than normal wait times, you can log into our website...." I sent in the request for MIP cancellation. I got the response "WE have received your request for MIP cancellation and will investigate it. We will send you a response in the mail in 3 weeks.
3 WEEKS?! Can you believe that! I bit my lip. Waited 3 weeks. No letter came. So I called them today and got a new Indian, well, he was new to English. At least his English was better than my Hindi.
I asked him to check on the status of my MIP cancellation request. He said that You are eligible to request MIP cancellation as of March 1, 2008. Would you like me to go ahead and request this to be researched? I can get back to you in two weeks.
Yeah, so I tried to explain to him that I had already requested it, but he was like a broken record and made it seem like the request had to come after March 1. So I made another request.
We'll see what happens in two weeks.
Update: May 29,2008 - I got the MIP removed! They sent me a letter and they took the MIP off. Well, wonders never cease. They did it a month later than I thought they should. I don't think they would have done it automatically. I think I had to request it after 5 years was up, so when they went to review my request, the 5 years would have already passed.
How hard would it have been for them to review my file in February, and then flag my MIP to be removed for the March bill, given that the February bill went smoothly? I guess with computers and all these days, its harder than ever to automate things like that *note the sarcasm*.
Well, I"m out that $40 for that month, but its too hard to try to get a refund for that.