Times are tough for many homeowners trying to get a Citigroup loan modification so they can afford to stay in their homes. What if you could save $500 a month on your current mortgage payment? That's right-a reduction of $500 off your regular loan payment. The lender is offering this option to borrowers who meet certain qualifications. Find out how you can apply for this program to lower your monthly payment.
This Citigroup loan modification is called the Homeowner Unemployment Assist Program program and is available to homeowners who meet certain guidelines. Here is a list of some of the qualifications for approval:
Only on primary residences-you must live in the home Be 60 days or more delinquent on your mortgage payments Have a first mortgage that is owned and serviced by Citigroup Lost your job due to the economic crisis
The Citigroup loan modification program is being offered as a temporary solution, whereby the lower monthly payments can be made for 3 months, with a waiver of additional interest or penalties. At the end of 3 months, if the homeowner is employed, then the normal payments will be resumed, or they can apply for a long term modification. The homeowner will have to apply and meet certain criteria to be offered a final loan modification. If after the initial 3 months, the homeowner is still unemployed, the mortgage will be reviewed on a case by case basis to determine eligibility for a long term loan modification. Again, the homeowner must be able to meet certain approval guidelines.
This Citigroup loan modification program may be expanded to include borrowers who are not yet delinquent after an evaluation of the program is complete. Homeowners who are struggling to make their monthly mortgage payments can apply for a loan workout with the bank's existing Citi Homeowners Assistance program, which offers home retention solutions to qualified borrowers. Interested homeowners should begin now to obtain the loan modification forms and learn the lender's guidelines for approval so they can begin the process. Only borrowers who can prove to Citigroup that they are qualified will be offered the help to modify their home loan.
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