In an attempt to rescue its millions of home loan borrowers from loosing their home to foreclosure Citigroup has launched, Citi mortgage loan modification program for it’s borrowers. The program is called the Citi Homeowner Assistance program. Launched on November 11th,20008 the loan modification program not only seeks to help delinquent home loan borrowers who are behind in the scheduled payments, the program also attempt to proactively help the home loan borrowers who are anticipating a financial hardship that can effect their ability to pay the mortgage.
The Citi mortgage loan modification services lower the mortgage payment within an affordable reach of the borrower. The terms of modification can comprise either or all of following:
•Resetting the interest rate.
•Payment deferment for a particular period of time.
•Readjustment of the principle amount.
The eligibility criteria that borrowers must fulfill to enter the Citi mortgage modification program are:
•The loan for which modification is sought must be held and serviced by Citigroup.
•The property must be the primary residence of the borrower. The borrower will not be eligible for a Citi home mortgage modification if the property has been brought for investment purpose.
•The mortgage on which modification is sought should be the first mortgage only.
•The home owner must have a demonstrable income and evidence of financial hardship that he is facing. In other words, the home owner must be able to prove the need of modification to the lender.
•The debt to income ratio of the borrower must be more than 38% of the home owner’s gross monthly income.
•The prerequisite to succeed with the Citi mortgage modification program is that the borrower should work in good faith with the lender. Any inkling of dishonesty or con can blow up all your chances of getting a modification not just once but for years to come.
Once the borrower qualifies, the process of Citi mortgage modification is as follows:
•Prepare your income and expenses statements. The proof of income should consist of 2 consecutive pay stubs, bank statements or tax returns. For expense statement collect all the bills paid or unpaid, credit card statements, insurance payments, student loans, medical bills and your utilities bill and all other expenses that you are currently or likely to incur in a month.
•Fill up the paperwork required by the bank in all earnestness. The documents have to be accompanied with a well drafted financial hardship letter.
•After the submission, the follow-up with the Citi mortgage modification department periodically to check on the status of your application form.
The Citi Mortgage loan modification program is out to help you as a home loan borrower, do not shy away from your only chance to keep your dream home to yourself.
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