Loan Modification Programs Are Offered by Citibank
loanmodify | 04 February, 2010 23:25
Loan modification programs for home owners who have a mortgage with Citi. The loan modification programs are part of a group of homeowner assistance programs that Citi has initiated to help delinquent and potentially delinquent homeowners. Also, homeowners who have a Citi Mortgage Adjustable Rate Mortgages (ARM's) and Option Arm holders are great candidates for a loan modification.
Before you call Citi Mortgage about a loan modification plan, you will want to know all that you can so you can get the payment you want and can afford.Get ready for a loan modification.
Reasons to Call Citi about a Mortgage Loan Modification Help
If you are a Citi mortgage ARM customer or struggling to make your mortgage payment then you may qualify for one of Citi’s many loan modification programs. Citi does not want to foreclose on your home if you are able to show them some sort of financial hardship. Be prepared to write a letter explaining your financial hardship and reasons for why you should get loan modification help.
Citibank Loan Modification ProgramsThree major homeowner loan modification programs put into place by Citi include a preemptive home loan modification that helps Citi mortgage holders still current but have higher risk loans like adjustable rate mortgages. This loan modification help is for homeowners who are in good standing but need to get their payments lowered.
The second loan modification program that helps homeowners is a foreclosure moratorium. These loan modification programs are dedicated to Citi mortgage customers who are interested in keeping their home and willing to work with Citi to find a workable solution.
Citibank Mortgage Loan Modification ProgramsHomeowners delinquent on their Citi mortgage can reach out to initiate getting loan modification assistance. The program looks at a homeowner’s income to determine a mortgage payment that is affordable. 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 Hardship
It is best to take action with your mortgage company if you are facing difficulty and need a mortgage loan modification. This is especially true if you are suffering from financial hardship of which the following are the most common reasons:
- 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 home 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.