In these tough times it is surely no secret that there are many homeowners who are desperate to get on a Citigroup loan modification to prevent losing their homes. However, there is a way to get a $500 reduction for a lower house payment that will take the pressure off the monthly payment and let you stay in your home. This is a real option provided by the lender to borrowers who qualify for the program.
The Homeowner Unemployment Assist Program is a Citigroup loan modification plan aimed at helping homeowners who need assistance in meeting mortgage payments. The approval qualifications are as follows:
o The home must be the primary residence and the applicant must reside there.
o Citigroup must own and administer the mortgage.
o The applicant has to have lost his or her job because of the present economy.
o The mortgage payments must be 60 days in arrears
The Citigroup loan modification program is a temporary measure that lowers the monthly payments of the mortgage for 3 months without adding more interest or penalty fees. If the homeowner finds employment by the time the 3 months is up then the status quo will resume and the homeowner will make the original payments. However, if he or she is still out of work then an application can be made for long-term mortgage relief and this will be based on additional criteria for meeting the program's guidelines.
There are various adaptations of the program that can be worked out. For example, Citigroup may expand the Citigroup loan modification for mortgages who have, up to this time, met their obligations but are approaching a time when they may not be able to make the payments. These homeowners will work with the Citibank's own relief system, called the Citi Homeowners Assistance program for a lower house payment. This is an in-house set of solutions that can help qualified homeowners stay in their homes on a long-term basis.
In order to get into the Citi Homeowners Assistance program homeowners who are looking for this type of relief should not hesitate to begin the process of a lower house payment. This begins with getting the loan modification forms and familiarizing themselves with the approval guidelines. The Citigroup loan modification program will only help borrowers who have the required qualifications so it is best to find out early if you meet the criteria.
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