What do you think of $500 off your current mortgage payment? If you think this is a big relief for your monthly payments, especially if you are currently unemployed, then you are reading the right article. This is all about the Citigroup loan modification, a program that can reduce your monthly payment slashing off $500 from your loan.
The program is called the Homeowner Unemployment Assist Program, available to those who meet the qualifications based on the following:
- House on mortgage is a primary and permanent residence
- Be 60 days or more delinquent on payments
- Having a first mortgage owned and serviced by Citigroup
- Job loss due brought about by the recession
The Citigroup loan alteration is a temporary solution to financial crisis affecting the payments of monthly mortgage. The lowered or modified payments are good for 3 months, and other fees and charges are waived. After 3 months, when the homeowner has a new job, then the regular payments will resume. Alternatively, the borrower can apply for a long-term loan modification. If however, after 3 months the homeowner is still unemployed, the mortgage plan will be reviewed to consider the eligibility of a long-term help. Of course, the homeowner must be able to meet Citigroup's criteria for its loan alteration program.
Citigroup also has a Homeowners Assistance Program that offers help to those who may not exactly be delinquent in their payments but are besieged with their financial obligations. This alternative Citigroup loan modification program offers home retention solutions to qualified borrowers.
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