How’s Your Bank Handling the New Mortgage Programs?by Tim Manni
Some consumers are complaining that their banks are not yet prepared to handle the president’s new mortgage-assistance programs. The Consumerist featured a story today about a frustrated Citi customer who was looking to modify their mortgage under the president’s new program; but apparently Citi said such a program “doesn’t exist”:
Last week after learning about President Obama’s mortgage assistance programs, the news said to go to mortgage company websites to learn more about how each company was handling these proposals. Last week, I visited CitiMortgage.com. I followed the links, and inserted my information. After that was completed, their service prompted me to schedule an appointment with a representative. I schedule an appointment…[and] took off work to wait for the call…
After I received no call, I began calling Citi. I was transferred to 4 agents, all of whom had no idea what I was talking about…I walked the final agent…through their website, and the agent …told me that the option doesn’t exist.
Experiences by other readers continue in the comments below the story. Readers who commented on the Consumerist’s story have also posted problems they have encountered at other banks besides Citi.
In defense of these institutions, this isn’t a “light-switch” process. It takes time, money, and talent to execute Washington’s latest homeowner-assistance programs — three things many banks are running low on.
READERS: Have any of you contacted your bank trying to find out more information regarding the new mortgage programs? If so, we want to hear your story — leave us a comment.