2011 Updates

Get up to speed on the latest 2011 HAMP approval requirements before you submit your Citibank loan modification application.  Most borrowers do not understand just how the process works or even what the bank is looking for on their application form.  Getting approved for a loan mod requires that you pass the underwriting guidelines-and this means that your financial situation must prove that you are the perfect candidate.

The 2011 HAMP loan modification guidelines have been updated and Citibank has streamlined the process for homeowners.  While this can mean a faster response, it can also mean a faster denial unless you submit your paperwork correctly.  Here are some tips to know:

CITIBANK LOAN MODIFICATION 2011 HAMP TIPS

1. Shorter Response Times:  the bank now has 10 business to acknowledge receipt of the initial package from a homeowner.  They must notify you of any missing documents within 30 business days.  Upon receipt of a complete initial package, they have 30 business days to advise you that either you are being offered a Trial Payment Plan or that you do NOT qualify for a loan mod.

TIP:  Make sure you submit a complete initial package that includes all the required paperwork, and that your financial worksheet shows the right

Specific Income Displayed

amount of monthly income, expenses and assets to pass the underwriting.  Use the loan modification calculator to automatically compute your own specific budget requirements, so that you know just what to show the bank.

1. Less Paperwork:  Now you only need to send in the RMA, Dodd Frank Certification, 4506t, and 30 days worth of paycheck stubs.  Self employed borrowers need to provide bank statements and a P & L.

1. Single Point of Contact:  A underwriter specialist will be assigned to your application and this is the person you will deal with consistently.  This will eliminate a lot of confusion, miscommunication and lost paperwork.

Income Required

These 2011 HAMP updates will help homeowner move through the Citibank loan modification process much faster, but it is still up to the borrower to do their best to complete the application correctly and to prove that their financial situation meets the underwriting guidelines for approval.  Otherwise, a loan workout will not be offered-and there goes the help you need and deserve.

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calculator that automatically computes and displays your very own specific income, expense and asset requirements.  This is the information you need to know to complete your application-don’t guess, get it right the first time.  Visit MyLoanModificationCenter.com today to get started.

Citibank Loan Mod

Get informed before you apply for a Citibank loan modification-there are standard approval guidelines that you need to understand if you hope to have a good shot at getting that lower mortgage payment you need.  Here are some questions and answers that will help you get started:

CITIBANK LOAN MODIFICATION FAQ’S:

1. How do I know if I qualify for a loan workout?  Generally speaking, if you are facing a financial hardship situation, you live in the home as your primary residence and you can prove to the bank that you have enough income to pay and maintain the new modified payment, you should apply.
2. What type of loan mod programs does Citibank offer homeowners?  There are a couple of plans, one is the government loan workout called HAMP-this is a very good program that features lower interest rates and affordable payments.  The bank also offers it’s own in-house plans, and these can vary greatly in the terms that may be offered.
3. Do I have to be delinquent on my mortgage to qualify for a Citibank loan modification?  Technically, the HAMP program only requires that you be at Imminent Risk of Default-this means that your financial situation proves to the bank that if you are not given relief, you will soon become delinquent.  This is a mathematical formula that uses your net income, expenses and bank balances as you disclose them to the bank on your application.
4. What is the application process?  You need to contact the bank, tell them you are facing difficulties and that you wish to be considered for HAMP.  They will ask you to complete the official application form called the RMA.  This is a 3 page document that includes a breakdown of your household monthly income, expenses and bank balances.  This is the information the lender will use to determine if you are a good
   

   Perfect Financial Worksheet!

   candidate.  If you show too much or too little income, you will be turned down immediately.  It is a good idea to run your own budget through the loan modification calculator to verify if you are passing, or if you need to fine tune your figures to increase your chances.

5. I am self employed, what will I need to show Citibank?  You will most likely have to provide 3-6 months of business bank statements, and a P & L.  Your bank deposits will be used as proof of your gross income, then after expenses the net income is used as your personal income.
6. How long does this loan mod process take?  Once you send in the RMA and all of the required income documentation, the review process should take about 30 days.  Be sure to carefully complete and sign all the required forms, and provide everything they ask for the first time, or you will have delays in getting a response.
7. What if I have already applied and been turned down?  Can I re-apply?  Yes, you can but you must be able to provide new and updated financial information.  The #1 reason for denial is due to the financial worksheet-either too much or too little income was reported.  You can fine tune your budget to increase your chances of success by using the loan modification calculator-this helpful tool will automatically show you the income, expense, asset requirements and then you can re-submit your application correctly.

The Citibank loan modification process takes preparation and determination-but you can successfully modify your loan once you have the basics down.  Make sure you take the time to learn and prepare before you submit your application and you will have a good chance at getting the loan mod you need and deserve.

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Loan Modification Guide kit and Loan Mod Quick APP calculator.  This kit has helped thousands of homeowners with step by step directions, forms, and the loan mod calculator automatically generates a sample budget showing the income, expense and asset requirements-taking the guess work out of what is required to qualify.  Visit MyLoanModificationCenter.com today for more information.

Citibank Loan Mod

Here are the Top 5 Questions and Answers to help get you started:

1. What programs are available to me if I am struggling to make my mortgage payments?  Citibank has several options for you-one is the government program called HAMP that features some very low payments and actually pays the bank to modify your loan.  The bank also has in house programs in case you don’t qualify for HAMP-the terms on these loan workout plans can vary a great deal-some more beneficial than others.
2. Do I have to be late on my payments to qualify for a Citibank loan modification?  The HAMP guidelines state that you must be delinquent or at Imminent Risk of Default-so although you do not have to be late to apply, your financial situation must show that if you do
   

   Easy to Use Calculator

   not receive help you will soon become delinquent.   You can verify that you are passing this guideline by running your own monthly budget through the loan modification calculator.

3. How much will my new mortgage payment be?  Citibank uses a method called Waterfall Modification-this uses an interest rate reduction, extending the loan term out to 40 years and finally reducing the principal balance to reach your new target payment.  This new payment is designed to equal 31% of your household gross monthly income and should be affordable and sustainable.
4. How do I know if my monthly income, expenses and assets will be acceptable to Citibank?  This is the trickiest part of the entire loan mod process-if your monthly budget information does not pass the mathematical approval formula that the bank uses you will be turned down.  If your income is too high or too low, then no help for you!  Make sure that fine tune your own budget ahead of time in order to have the best chance of approval-verify own budget by running it through the loan modification calculator to see if you are passing or failing-and where to make adjustments.
5. 

   Perfect RMA!

   IF I have already been turned down for a Citibank loan modification can I reapply?  Yes, you can but you must submit new and updated information in order for the bank to review your information again.  Remember the goal is to pass all the guidelines and prove on your application that you are the perfect candidate-this is done by fine tuning your monthly budget information.

Get help with your Citibank loan modification application-use the #1 resource for homeowners-The Complete Loan Modification Guide kit and

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Loan Mod Quick APP calculator.  Detailed step by step directions, required forms and the helpful loan modification calculator have helped thousands of borrowers prepare their monthly budget worksheet correctly and avoid costly mistakes.  Visit MyLoanModificationCenter.com for more information today.

Know the Approval Formula

Know the Citibank loan modification program guidelines and you can really increase your chances of approval greatly!  Simply guessing at how to qualify for such an important program is not the best way to do it-you need to know the actual approval formula that the bank uses, and then use that formula yourself when you complete your application.

The reason most borrowers have such a hard time with the whole Citibank loan modification process is because they don’t really know what the bank needs to see, and so they end up preparing their forms incorrectly.  Once you understand the entire approval formula is actually just a mathematical calculation, then it becomes much clearer and much easier to know exactly what you need to do.

3 Steps to Qualify for a Citibank Loan Modification

1. Never disclose your financial information to the bank until you have had the chance to work on your monthly budget ahead of time.  How do you know if your income, expenses and assets will pass the program guidelines?  Remember, this is a mathematical formula and so you must be able to prove in black and white that you meet the guidelines.  You can run your own figures through the Loan Mod Quick APP
   

   Fine Tune your Figures to Pass

   calculator first to be certain-and then make the necessary adjustments ahead of time.

2. Once you have your perfectly prepared Citibank loan modification application package ready, make a copy package for yourself, then  submit it to the bank, wait a week and then call them to verify that all your information has been received and most importantly, that it has been input into their system correctly.  Often times, the income or expenses will mistakenly be input with the wrong information, and this alone can cause a denial!  You have to double check everything with them, and make them read back to you what they show for all of your income, expenses, bank balances, etc.
3. If you are told that you do not meet the Citibank loan modification program guidelines, ask them to tell you specifically where you are failing.  If it is income or expenses, again make sure they have the correct information in their system.  If it is due to NPV, this can be often caused by an incorrect current market value of your home.  You can protest this by providing proof the actual lower value of your home.

Most of all, never give up!  Many many Citibank borrowers were turned down multiple times until they were finally approved.  The secret is knowing what the bank needs to see to qualify you, and knowing what to ask when you talk to them.  It’s not rocket science, but it is a new process for most people-that is why learning and preparing ahead of time can make all the difference in the outcome.

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Complete Loan Modification Guide kit and Loan Mod Quick APP calculator gives you the program guidelines, forms, directions and the calculator automatically generates a sample monthly budget showing your income, expense and bank balance requirements.  Visit MyLoanModificationCenter.com today for more information.

How much Income?

How can you increase your chances for a Citibank loan modification?  Simple, be sure you complete your monthly budget worksheet correctly!  Most borrowers do no understand that the information provided on this loan mod form is the most critical part of the entire approval process.  In fact, unless you complete your monthly budget correctly and prove that your monthly income, expenses and bank balances all fit right into the approval criteria, you will not be approved.

Simple Directions to Complete Citibank Loan Modification Monthly Budget Worksheet:

1. Don’t submit your financial information until you have had the chance to work on your figures ahead of time.  You get one shot to get it right-so it makes sense to confirm that you have it right.
2. The Citibank loan modification approval formula uses your gross monthly income, monthly expenses, bank balances and current mortgage information to determine if the loan can be modified using the standard Waterfall Method-too much income or too little income
   

   Fine Tune your Figures to Pass

   will not work, if your monthly expenses are too high then you will not pass.  IMPORTANT:  verify your figures are acceptable by running them through the Loan Mod Quick APP calculator first-then make the necessary adjustments prior to submitting!

3. Include all household gross monthly income-even non-borrowers who live in the home can be included-but be prepared to provide evidence of their contribution.  You will be asked to provide current pay checks, bank statements or some other form of verification.
4. The goal is to show Citibank that you cannot make ends meet with the current mortgage payment and have a negative cash flow each month or you are barely breaking even.  But, after the loan is modified you will have a small positive cash flow and will not be a risk for re-default.  Check your cash flow with the Loan Mod Quick APP calculator to be sure that your budget meets this requirement.

Guidelines Met!

The Citibank loan modification application must be prepared correctly-this means that you prove in black and white that you fit right into the approval guidelines. This is a mathematical equation so your budget will prove to the bank that you are a good candidate if done correctly.

Get help to prepare your Citibank loan modification application correctly-make sure your monthly budget worksheet meets the approval

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guidelines.  The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator give you the information you need-verify your monthly income, expenses and bank balances will meet the approval guidelines.  Visit MyLoanModificationCenter.com for more information today.

Hardship Affidavit

The Citibank loan modification process includes completing the 3 page official application form called the RMA.  The Request for Modification and Affidavit is the standard form required under the federal loan mod plan and all borrowers must complete and sign this form under penalty of perjury.  One of the approval triggers is that the homeowner be facing some type of financial hardship situation making the current mortgage payment unaffordable.

The Citibank loan modification hardship affidavit is on page one of the RMA form, and must be completed correctly by the borrowers.

HARDSHIP AFFIDAVIT DIRECTIONS:

Know the Qualifications

1. Read the 4 acceptable reasons for requesting a Citibank loan modification
2. Check the boxes that apply to your particular situation, it can be one or more
3. If none of the boxes apply to you, then there is a OTHER area that you can write your own explanation.  Since there are only a couple of lines available, you can use a separate sheet of paper to write a brief description of what has happened to make your mortgage unaffordable.
4. Be sure to include your loan number, property address and sign the bottom of the form and if you use a separate sheet of paper, do the same on it.

HELP!

The reason for the Citibank Hardship Affidavit is to ensure that only homeowners who have a legitimate financial hardship will be given a loan modification.  Some homeowners can still afford their payment, but they want a lower interest rate or even have their principal balance reduced due to lower home values.   You will also be required to provide proof of your income with paycheck stubs, bank statements, award letters, etc and these must substantiate what you are telling the bank.

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Get help to prepare your Citibank Loan Modification with the #1 best selling resource for homeowners – The Complete Loan Modification Guide kit and

loan modification software program provides you with everything you need – step by step directions, required forms and the software calculator automatically generates your own sample monthly budget to show you how much income, expenses and bank balances you need to qualify.  Visit MyLoanModificationCenter.com for more information.

Pass the Approval Formula

Not sure how to apply for a Citibank loan modification and confused about how much income is required to qualify?  This is one of the trickiest parts of the entire loan mod process, and where most borrowers stumble.  If you show too much or too little monthly income then your application will be turned down.  That is why it is so important to know ahead of time just how much income you need to show on your application.

The Citibank loan modification income guidelines require that a homeowner be facing a financial hardship, and unable to afford their current mortgage payment.  But, the monthly income must also be sufficient to pass the waterfall method of modification and prove that the new modified target payment will be affordable and sustainable.  So how do you know if your income fits into this tiny box of acceptability?

The loan modification software calculator is designed to mimic the standard Citibank approval guidelines, and instantly computes the income needed to pass the criteria.  Simply put in your own specific financial information – monthly income, monthly expenses, bank balances and current mortgage

Sample Budget-Automatically!

information and the results are displayed immediately.  You can then use this information to fine tune your own budget so that you are confident that your income is sufficient and that your expenses fit right into the loan mod program.

Getting approved for a Citibank loan modification is not a matter of luck, it is simple math.  But if you don’t know the approval formula the bank uses then it can be just a shot in the dark – and if you want to have the best chance of getting approved then you need to use the loan modifications software calculator to help you fine tune your figures before you submit your application for review.

Get your own loan modification software calculator when you use The Complete Loan Modification Guide kit-included are the required forms,

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detailed directions and the calculator.  Follow the sample monthly budget generated by the calculator to make sure your monthly income passes the Citibank loan mod approval guidelines.  Visit MyLoanModificationCenter.com for more information and get started today.

Apply Correctly!

The Citibank loan modification application includes a detailed accounting of the homeowner’s monthly income, monthly expenses and bank balances.   This is the most critical part of the entire loan modification process because this is the information that the lender uses to determine if a homeowner qualifies for a loan workout.  Most borrowers just guess at how to complete this form, but that is not the best way to make sure you qualify.

The Citibank loan modification requirements for approval include the homeowners current financial hardship situation, and whether their current loan can be modified using the standard formula, called the Waterfall Method of Modification.  This involves changing the terms of the loan in order to hit a new monthly payment that will equal 31% of the borrower’s gross monthly income.  The only way to qualify for a loan workout is to make certain that your financial information fits right into this formula.

Software Uses the Formula

The most confusing part of the Citibank loan modification requirements is just how much monthly income, monthly expenses and bank balances are needed from the homeowner in order to qualify.  Since there is a standard formula that is used, homeowners can take this very same formula and use it to prepare their financial statement and be confident that the information they are submitting will be acceptable.  There is actually a loan mod software program designed specifically for homeowners that mimics this formula, and will do all the calculations automatically.  Just input your own financial information and you will see the results displayed immediately, showing you exactly where you may need to adjust your figures.

Applying for a Citibank loan modification and successfully qualifying for a loan payment means that your income and expenses fit right into the approval formula.  If you just guess at how to prepare your financial statement you are taking a big chance.  It makes more sense to use the standard formula and double check your figures before you send in your application for review.   The sad fact is that most borrowers are turned down simply because they did not know how to correctly prepare their forms, and even deserving homeowners will not be approved unless they can prove that they fit into the standard requirements with the right amount of income and expenses.

If you would like help to to apply for a Citibank loan modification, you

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can use the #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Modification Software program.  The best selling kit will provide you with step-by-step directions, forms and the easy to use but powerful loan mod software.  You can save time and avoid mistakes when preparing your application and have confidence that your application has a good chance of approval.

Automatic Calculations

Visit MyLoanModificationCenter.com for more information.

Loan modification help under HAMP will now be determined within 30 days of Citimortgage receiving a homeowners complete application. Here is the basic timeline that the Fed announced needs to be implemented immediately:

• Written confirmation of receipt of loan modification request within 10 days
• Approval or denial for loan modification within 30 days of receipt of homeowners complete application
• 3 month Trial Modification given to qualified borrowers and at the end of the trial the modification will become permanent automatically.
• If denied a loan workout, homeowners will be offered another option such as short sale, deed in lieu or other exit strategy.

This is good news for thousands of homeowners who have been getting the run around from Citimortgage-sending and resending the same information over and over again, or being told they are approved one day and then the next week being told they do not qualify. This also means that homeowners will only have one chance to apply-so it is very important to prepare and accurate and acceptable loan modification application the first time.

Federal Plan

This also means that it is critical to make certain your Citimortgage loan modification application is prepared correctly the first time.  Remember, there are standard approval guidelines that must be met and your application will be reviewed carefully to determine if you qualify.  If you send in the wrong information or do make necessary adjustments to your monthly budget before Citimortgage reviews it, you could risk denial.  Thankfully, there is a formula that you can use to fine tune your budget and make certain that you fit into the approval guidelines.

If you are confused about how to figure your debt ratio, target payment, disposable income or the other qualifying triggers, take advantage of a great tool designed to help homeowners with their loan modification application.  The Loan Mod Quick App software mimics the approval guidelines and is so easy to use that all the calculations will be done for you automatically.  Simply input your own monthly income and monthly expenses and you will see immediately if you need to make any adjustments to your budget in order to qualify.  You can avoid mistakes and save hours of frustration.

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Get the help you need to prepare your own accurate and acceptable Citimortgage loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Those homeowners who are having trouble making their mortgage payment or you are at risk of losing their homes may be eligible for a Citimortgage loan modification and qualify for the streamlined approval process.  The bank is now approved to offer the federal loan workout program that is funded by $75 billion dollars of stimulus money.  Learn how you may be eligible for relief using the very aggressive program initiated by President Obama to help borrowers keep their homes.

Citimortgage has agreed to abide by the loan modification terms set forth by the Treasury Department, and in return the lender will be paid for each loan workout that meets the federal guidelines.  The approval process basically involves 3 steps for homeowners-if you know how to navigate your way through and can prove you meet the guidelines, then you will be on your way to a low mortgage payment.

1. Step one is to make sure you can pass the basic eligiblity questionnaire.  If you can meet these guidelines, then you can go on to the second step.  Do you live in the home as your principal residence?  Was your loan taken out before January 2009 and is the balance less tan $729,750?  Is your current payment more than 31% of your gross income?  Are you facing a financial hardship situation?
2. If you passed those questions, then step 2 is to actually complete the loan modification forms and provide proof of your income and assets.  Be careful!  Remember, the information you provide will determine if you get approved or not-this is not the time to slap something together!  Take the time to learn about the approval guidelines, and know how to make adjustments to your budget so that you will qualify.  You can get help to complete your own loan modification forms and learn the insider tips to success in Chapter 2 of the best selling resource guide for homeowners, The Complete Loan Modification Guide.
3. You will be given a short telephone interview and you will be asked a few questions to verify the information you provided.  Make sure you have copies of all of the forms you submitted as will as all the other documents in front of you so you don’t stumble or say the wrong thing.  Learn what to say and what NOT to say in Chapter 3 of The Complete Loan Modification Guide.

Once you are approved for a Citimortgage loan modification you will be on a 3 month trial-make sure you make all of the payments on time.  Then the workout will be finalized and you can begin getting your finances back on track.  Learn the secrets to fixing your credit score in the bonus Chapter 9 of The Complete Loan Modification Guide.  These are hard times for millions of homeowners-but only those who take the time and make the effort to learn, prepare and then get going will be successful.

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender.

Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide, your loan mod in a box. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com