A few months ago,I got a home equity loan from citifinancial. I asked for 2 thousand and was declined but a week or so later, I got a call from another guy who worked in same office. He told me he could probably get me the nobey and then he went on to tell me he could probably get me 5 or 10 thousand./I doubted what he was saying and so my response was tea sure whatever you want! I missed our appointment time because I was still intoxicated from the night before and had gotten only 1-2 hours sleep. He found me somehow and called and called and called till I finally could get up and walk a little. At the office, I got worse-throwing up and still being drunk. I asked him over and over if we could do the signin another day when I would be able to understand what I was reading. He insisted so much that I signed papers without even reading them. I had no idea what the terms of contract were, as a matter of fact, I could barely stand upright. In the end, I asked for $2000 and get this, he gave me over $40,000 that day. It was later discovered that it was not my S.I.N on the application and many more irregularities. After trying to resolve issue for weeks but no luck, I decided to stop payments on the account until such a time as all would be cleared up/ Well, my account is now with the recevor dept and I'm am panicked! Suggestions?

Hello deb:

When you lie on your loan application, NOT paying the loan back is a BAD idea. Bank fraud will land your *ss in the slam. Pay whatever you have left back and see a criminal lawyer. Since it's only been a few weeks (yeah right), I'm sure you have most of the money left (yeah right, again).

excon

Hello deb:

You communicated fine. I just don't believe you. And no, I don't get it. YOU signed the loan documents. YOU got the money. YOU'RE the one who's going to be prosecuted!

So, you're telling me, that CitiFinancial used the wrong financial data so they could screw themselves (right)? They had the RIGHT financial data when they turned you down. What? You think they discovered their mistake and then, just to be nice, proceeded to give you $38,000 MORE than you asked for? And, of course, you just had to take ALL of it, without even asking why...

Do you think I just fell off the turnip truck??

What happened (if I believe even part of what you say) is that the loan officer jimmied the documents for you. He got a piece of this action, didn't he? So, he's probably going to the slam, and I think you'll be joining him...

excon

A lot of your story does not make sense. If you said, you got $2K, but the loan was for $40K, I could understand it. Then it would sound like the loan broker was running a scam. But for you to have gotten $40K would only make sense if the loan was for more that.

Another thing, no one gets a home equity loan for $2K. That's just too low. If you are gainfully employed and have enough equity in your home, then its highly unlikely you would be turned down

I also don't understand why you had trouble rectifying this. If CitiFinancial is part of the CitiGroup family, they are one of the largest financial institutions in the US. There should be no problem getting this straightened quickly, if you dealt with them and not the broker who started the mess.

Even if you were not totally with it that day, once you sobered up, what did you do with the check (no way you got cash)? If you just deposited, then make the payments or pay it off.

So you can see why excon and I are skeptical here. There are just too many holes in your story to believe. Now do you want to tell us the full truth or what?

By the way, what is an S.I.N?

You're funny Exon! But really, everything I have said is true! That's why I'm on here, looking for suggestions! I will probably hire a lawyer! I was hoping to avoid that cost! I present it one more time, more succinctly this time!I applied, was denied credit cause I had just returned from Europe and didn't have a job yet! That's what the ist guy said! Oh, I had just borrowed $5000 and was back for another $2000. He said that the system is pretty much automated and when the data is entered, it is automatically formulated, if you will! So, what's next? I get a phone callabout 10 days later from the other guy and he tells me that if I still want the $2000, he might be able to get it based on an home equity loan.Funny, cause the other guy said he tried that too but didn't work.I was 3000 miles away from that office at this point, I had gone to visit my mom, who I was worried about! She was only 66, never sick but she suddenly didn' look herself! I was trying to buy an american insurance plan for her, hence my foolish decision to borrow against my house with a loan shark! I've told you the rest in my 1st post so maybe now, you could try piecing it together for me! This is my 1st time doing this--it;s fun!

I would love to give you all the details but I thought you might get bored or annoyed! I'll give it to you in bullet form/point form o.m? You guys are great! Thanks

How about just answering the questions I raised?

Hello again, deb:

Thanks for filling us in. However, those details change nothing. It's just more evidence that the loan officer is a scammer. You may be an innocent guy caught up in his scam - or you may not be. I don't know. You surely didn't ACT innocent!!

Right now, this situation has probably NOT turned into a criminal investigation - YET. But, if you don't come clean with the bank, and do it very quickly, it will. Once it does, you're toast!! And, I wouldn't be waiting for them to act.

excon

SIN is a social security number--you have an equivalent! It's the most important identification that we have! You can't work without having one! It is also the most popular method used in Idenity theft---if a person is clever enough to manipulate the system and acquire one of these fraudently, then the sky's the limit! Ok! Here goes, in point form: No job but approved for $5 tyhen declined a week or two later for $2 more! I realise the amount for home equity usually starts at 10 but I just borrow $5 that turned in nearly $6 after they put all their fees on. I suggested to the guy that he get me the minimum allowable for home equity and I would use it to finish paying my car---The math now looks like this:$6+ remaining on car and $6 owing to them plus I wanted $2-3 more! When the first guy tried, he could not get it approved because I did not have a job! I think that's standard with regulated banks like royal or cibc. I had already asked my bank, where I have my mortgage but there was no way, and I know the manager a little! That no work thing is pretty important to banks but not so to finance companies like citifinancial. I was surprised that is is part citi group! The only time you would borrow from them is when you are either desperate, as I was or if you have a bad credit record. The interest rate is double and the qualifications to work there are not difficult to get! Now, are you starting to see a little more clearly?

Excuse me, Exon, but I have no idea what you mean by that! I haven't done anything wrong! But what are you thinking? What could I be guilty off?

Quote:

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Originally Posted by debtuc

Now, are you starting to see a little more clearly?

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Hello again, deb:

NO!

You are great at obfuscation. However, I don't like pulling teeth. If you want help, answer our questions.

excon

In the US SIN is referred to as SSN, that's why we weren't sure that's what you meant. It doesn't really matter what SSN is on the loan papers. The only place that matters is a) for credit reporting and b) for tax liability (which would be important to you if this was a home equity loan). So having the wrong SSN doesn't change your liability.

I'm not sure that the citifinancial you went to IS part of CitiGroup. When I Google the name it comes up with a web site that is part of Citigroup. But I have no idea if you are referring to the same firm. If it is, then they will have prominently displayed the CitiGroup logo. Therefore, it would be surprising that you were not aware of it. And no, they would not be a desparation lender. Companies like Household Finance or Beneficial Finance are considered 2nd tier lenders that go for a higher risk clientele. I don't think the CitiFinancial would be.

But you still haven't answered all my questions. If you got a check for $40K, what did you do with it? What have you done to get the loan information corrected? Are you working now? How much equity did you have in the home?

Quote:

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Originally Posted by debtuc

What particular point are you stuck on? I.m not clear! Did I tell you that he had 2 cheques for me....

I dropped into the office and he was so shocked to see me--not in a good way! I asked him to give me every bit of paperwork associated to that loan so that I could reveiew it. information from my file, I would have to get a lawyer to make the request! I still haven't discovered the SIN yet.

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Hello again:

No, you didn't. Are you unable to even read what you wrote?

DUDE! When this loan officer was not happy about seeing you and told you that you couldn't see the file, and needed a lawyer to do so, DIDN'T THAT GIVE YOU A CLUE??

Stop with the dribble of information. You are in trouble. See a lawyer. I'm done.

excon

I'm assuming the piece excon quoted was from a PM, since its not in the thread. But I have to agree with him. This whole thing should have set off so many alarms and whistles that you should have run. And no, you didn't tell us he had 2 "checques". But that still doesn't answer where the money is. Also, in the US we refer to checks not checques. So where are you located?

But the bottom line is this whole thing smells. And you should be running to a lawyer to extricate you.

Hello again debtuc:

Please don't remove your comments. It makes it exceedingly difficult for anyone to follow the discussion, and WE aren't the only participants here.

Besides, if you don't like our advice (and you clearly don't), by removing your comments, nobody else will be able to help either.

excon

I've read all the posts and the whole situation still isn't clear to me. But I did catch the phrase "loan shark" in one of your replies. Is that what you did ; went to a loan shark for the $40,000? If so then criminal liability is the least of your worries. The physical safety of you and your family are now at stake. As others have told you, get a lawyer now.