If no one is paying attention the bank and mortgage servicers will hold homeowners hostage yet again. I recently received urgent message sent in priority package from my mortgage servicer (Citimortgage) the letter inside the package indicated Citimortgage had identified my as a "valued customer" and wanted to extend to me the opportunity to take advantage of the new HARP program. It went on to state that if I wanted to lower my rate to 5% I had to complete the enclosed form and return immediately. They offered this "valued customer" the astonishing rate of 5% when I would easily qualify for the 3.5%. Can we say PREDATORY! The program is good, continued oversight is better!!!
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