Class Action lawsuits against Citibank (CIT) have been a staple of American litigation history. When banks make bad mortgages and pass them on to their customers, these customers have the right to go after the bank for negligence. If a judge rules against a customer in this case, the plaintiff gets his or her share of the settlement.
CIT has a large share of business in the mortgage industry. During the housing bubble of the mid-2000s, it was one of the most common culprits when it came to mortgage defaults. In the worst cases, a CIT loan may be responsible for a percentage of a home’s value. As a result of the glut of defaults during this time, there is likely to be many lawsuits involving CIT that have yet to surface.
As the bank’s name suggests, Citibank is based in New York City and has branches across the United States. The company’s home loans originate from different lenders in many different locations, with branches located in the largest cities in the United States: Atlanta, Baltimore, Chicago, Denver, Los Angeles, Miami, Phoenix, San Diego, and San Francisco.
This type of lawsuit against Citibank (or any mortgage lender) hinges on the mortgage lender’s business model. The company believes that it does not make any financial loss as a result of its loans, but rather collects fees for the loan that is used to make its profit.
Because of this, the company is allowed to make these loans even if it knows that the borrower has defaulted on a loan. This can lead to the company not only collecting the fees it charges on the original loan, but also going after the homeowner’s share of the house in the process.
There are many lawsuits regarding CIT loans against homeowners, but these tend to be small claims against Citibank alone. Most are resolved out of court, and the lender rarely faces a public trial.
Foreclosure is another option for plaintiffs to sue the bank. In this case, the homeowner must take possession of the property he or she owns and either sell it or hold on until the bank can foreclose on it.
As described above, there are several options for filing lawsuits against Citibank. regarding its loans. Before taking any legal action, it is important to check with a qualified attorney to see whether the bank has a policy to help with these kinds of disputes.
If you do end up suing, it is important to hire an experienced attorney who has a proven track record of successfully handling class action lawsuits against Citibank. It would also be a good idea to get an attorney to handle your case if you are unable to resolve your situation by yourself.
If you can’t afford to hire an attorney, it may be a good idea to look into getting a personal injury lawyer to handle the case. There are lawyers who focus exclusively on such cases, although some will work on a contingency basis.
When deciding upon a lawyer, look into his or her experience and track record. If the case goes to court, the attorney should be able to present your best case. to the judge and jury.
If you are not satisfied with the outcome of your case, ask to have it dismissed. Although the court may let the case go to court, it is often possible to save money if you can settle it out of court. There are often payment arrangements which the defendant and plaintiff agree to.
For example, a settlement may require that the bank takes back part of the money you have lost through defaulting, allowing you to pay more money towards your debt. It may also require that you pay a lower interest rate and other costs related to the settlement.