Loan Modification Program CitiMortgage
Let us discuss today something about the citimortgage loan modification program. Citibank commonly known as Citigroup is USA’s third largest bank according to the asset size.
Citi, also known as Citibank or Citigroup, has a loan modification program for home owners who have a mortgage with Citi. The Citibank loan modification program is part of a group of homeowner assistance programs that Citi has initiated to help delinquent and potentially delinquent homeowners retain ownership of their homes. Also, homeowners who have a Citi Mortgage Adjustable Rate Mortgages (ARM's) are also great candidates for a loan modification. Option Arm mortgage holders are also in a good position to get a loan mod.
Before you call Citi Mortgage about a loan modification, you will want to know all that you can so you can get the payment you want and can afford.
Homeowners who are delinquent on their Citi mortgage can reach out to Citibank to initiate the possibility of getting their mortgage terms modified. The program looks at a homeowner’s income to determine a mortgage payment that is affordable for the homeowner. Citi loan modification specialists then reduce the payment using one or a combination of the following methods: a temporary or permanent interest rate reduction, an extension of the term of the mortgage, or a forgiveness of mortgage principal.
Typical Causes of Financial HardshipIt is best to take positive action with your mortgage company if you are facing difficulty in making your mortgage payments. This is especially true if you are suffering from financial hardship. The following are the most common reasons for financial hardship:
- Involuntary Job Loss
- Unexpected Short or Long Term Disability
- In some circumstances – divorce
- Death of a spouse or other household wage earner
You may also qualify for a loan modification if you suffer from any of the following conditions:
- You credit is over extended
- Your home value has decreased to where it is less than your mortgage balance
- You were not aware of the type of mortgage that you have like an ARM, Balloon, or a Hybrid.
Well, This much Information is not enough for you to get approved for the loan modification. You require a step by step process of this. I recommend you to download 60-Minute Loan Modification workbook by Mike Rockwood to get started for your loan modification process.
This is the amazing workbook. It has all the details about how to get surely approved for the loan modification process with citigroup as well as many other banks in the United States. I am sure that this workbook will help you a lot to modify your mortgage loan terms with your lender.