CIT Bank - Elders be aware of reverse mortgage SCAMS

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If you are thinking about getting a reverse mortgage from any bank or reverse mortgage company, be aware and check them out for real thoroughly. It sounds like a good deal ? But there are

those that will have you sign many papers with all kinds of HUD

regulations, that you will need a district court judge to explain the not so simple rules.

If you are elderly and you have paid off your 1st mortgage after a 30 year mortgage...and your house is in still in pretty good condition. Be sure you get several quotes from different agents and real estate firms, or companies. Also absolutely take a lawyer with you even if you have to pay him to do so. sure you understand the terms and whatever you do make sure all is truly understood. Speak to your family if you have a close relative you can trust. If not sure of anything, STOP, and sell your house your-self.

CIT bank violates bankruptcy injunctions

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In 2013 I filed a Chapter 7. Part of the chapter 7 is that any attempt to collect a debt for me was supposed to cease.

Since The discharge CIT bank has been reporting to the credit bureau that I had a poor payment history missing three payments and they still continue to hound me to try to pay the alleged $500 debt through my present lemded, ocwen Bank. I plan on contacting the ombudsman this week and getting this matter to stop, once and for all

Review about: Loan.

Reason of review: Problems with payment.

Comments

Anonymous
#1519446

Contact the attorney who handled your bankruptcy.

Anonymous
to Anonymous #1519451

I was thinking about doing that, among other things to get this matter straightened out. It is really hurting my credit score

WARNING About CIT Bank: 11/2/2012

Phoenix, Arizona 3 comments
Not resolved

Warning!!! DO NOT do business with these people!

Once they get your money, they do everything possible to prevent or delay giving it back. They deducted money from my account for a very large wire they were supposed to send, but then refused to send the wire. Later they said they had a two week hold on checks, but it was more than two weeks, and they still would not send the wire. I became very concerned that they were in financial trouble, and that they really were not able to wire out a very large amount of money. Before that, they told me they had the right to a 30 day delay, but I checked that out with another bank and was told that was not true.

The wire was supposed to go out Monday, 10/29/12. But, they could not find the paperwork -- which they eventually did. Then, we were promised that it would go out Wednesday -- which it did not, and they did not tell us. On Friday, I spent the entire day trying to get them to send it. With much difficulty, they finally sent it very late afternoon on Friday. This ensured that I could not use that money until next week.

Customer service people have little or no authority. It seems that they have a policy of delay which refers things to their business office. I left three messages with their vice president and he did not return those calls. I waited a full 15 minutes on their home office general line, but the receptionist was, "still busy with other callers". Only after I threatened legal action through another location did he answer the phone. I did finally get them to send the wire, but only after threatening legal action with a couple of people, and the matter was escalated to "the highest office".

The extra 10 basis points of interest is absolutely not worth the frustration and the risk of dealing with this kind of organization. I will definitely close out my CIT account, because their delaying tactics and deceit have convinced me that they are either too arrogant and uncaring about their customers -- or much worse. I will not further risk the "much worse".

Review about: High Interest Savings Account.

Reason of review: Poor customer service.

Comments

Anonymous
#1428921

Thank you. I was just about to transfer $20,000 into a savings account there I will not now.

Anonymous
#1056023

CIT is NOT CitiBank. Two unrelated institutions. Obviously CIT wants that confusion.

Anonymous
#767816

Are you referring to Citibank, or CIT Bank? The subject indicates both.

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