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DO YOU HAVE A MORTGAGE FROM CITI MORTGAGE? WATCH FOR THIS SCARE TACTIC!

I was quite surprised the other day after receiving a letter from CitiMortgage demanding a copy of my ORIGINAL 2006 Second Installment Real Estate Tax Bill.  They threatened me with DELAYED ESCROW PAYMENT, along with the applicable penalties and interest that goes with that delay, if I don't promptly send the bill to them - no later than November 16th.  The letter arrived on the 7th, just before Sue and I were headed out ouf town for the National Association of Realtors Conference, and our Business Coach's Annual Jumpstart Workshop in Los Angeles.

Although I did comply with the request, the tone of the letter caught me off guard!

Cook County Treasurer Maria Pappas, in a letter and press release drafted Wednesday, November 7th, reminded CitiMortgage that all lenders are required to make on-time payments from their escrow accounts, and cannot pass along a new $5.00 charge for duplicate copies of Real Estate Tax Bills when paying on behalf of their borrowers.  "The mortgage companies know that they still can make electronic payments without an original bill," Pappas said.

CitiMortgage, as one of several national lenders who sent out such a notice, replied officially that they would pay their borrowers' Real Estate Taxes on time, regardless of whether they received a copy of the latest bill.

Please click here to see the full article in the November 8 edition of the Chicago Tribune.

DEAN'S TEAM LEADER,

DEAN MOSS

Posted: Friday, November 09, 2007 1:29 PM by Dean's Team

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