Citibank Loan Modification - One of the Few Options Left

Like other banks, Citibank also has a clearly etched-out loan modification program. With the current problems that Citibank is facing, it is only understandable why the bank wants to fish out as much of its loaned amount as possible. That is the reason it is agreeing to settlements and loan modifications. However, applying for a Citibank loan modification program is still not easy. Or, at least, making the application is easy but getting approved isn't. Hence, it is quite necessary to understand how the Citibank loan modification program works.

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The first thing to understand is who can benefit from these loan modification programs because though these options are provided, they are not for everyone. There are certain qualifying points that must be known.

People who are living in areas where the expense has been continuously rising are candidates for a Citibank loan modification program. At the same time, people who live in areas where there has been a large amount of unemployment of late can also apply for such a facility from the bank. When unemployment increases, the real estate value of the place shows a negative effect, which is very easily understood why. Places where the property rates have plummeted can also be considered by Citibank for modification of loans.

On a personal level, Citibank allows people who have been demoted or fired from a job, shut down a business lately, lost equity on their home for some reason, lost an earning member of the family, had an accident or a sickness that prevents them from work to apply for their loan modification programs. However, Citibank is very strict about checking all proofs for whatever hardship the applicant is claiming. Hence, it becomes very important to substantiate claims about the hardship or the application won't even be considered.

At the same time, the person who applies for a Citibank loan modification will need to provide with their income statements and tax returns if applicable. They will need to show records of their expenses too in order to prove that their financial condition is definitely not conducive.

Generally, Citibank works in one specific way with a specific homeowner when it comes to mortgage modification []. In different cases, Citibank might consider:

• Reducing the rate of interest of fixing it at a low value if it is adjustable
• Making the loan payment less than 40% of the gross income of the homeowner
• Increasing the duration of the loan, which reduces the monthly payments
• Reducing some amount of principal that the borrower owes.

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