2012

If you owe more than your home is worth, you may be eligible for a Citimortgage loan modification with a principal reduction.  There are new expanded guidelines that are effective in 2012 and these provide program options to help underwater borrowers regain some of their lost equity.  PRA-Principal Reduction Alternative is part of the governments program to help struggling homeowners, and some recent enhancements make the easier to qualify for.

Trillions of dollars of equity has been lost due to the mortgage meltdown, but Citimortgage has offered much to borrowers in the way of principal reduction-it is hoped that the new government incentives will really make a difference in the number of loan modifications that feature a balance reduction.

PRINCIPAL REDUCTIONS:

1. Previously the Treasury Department reimbursed 22 cents for every dollar forgiven or deferred
2. New program allows for 64 cents for every dollar-a HUGE incentive
3. The new incentive will allow more homeowners to pass the NPV test and provide many more balance reduction loan modifications

Citimortgage loan modifications have been in place for over three years now under the government program, however the new, higher incentives will give

Income Requirements Displayed

homeowners what they really want and need-a lower mortgage balance.  Many underwater homeowners simply can no longer afford to make high mortgage payments on a home that will never regain the lost equity.  However, a loan mod with a low affordable monthly payment and a balance that matches the property’s current market value is a good, long term solution that will keep borrowers in their home.

Do you know how to apply and qualify for a Citimortgage loan modification with principal reduction?  You can get real help to prepare your application-use the #1 selling resource for homeowners-The Complete Loan Modification Guide kit and Loan Mod Calculator.  This system is designed specifically to show homeowners how to prepare their monthly budget correctly-the Calculator computes and displays your own

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specific income, expense and asset requirements and shows the new modified terms, including principal reduction!  You will know exactly what to ask for.  Visit MyLoanModificationCenter.com

Stuck?

Stuck with a bad mortgage and wondering if you qualify for a Citimortgage loan modification?  This can be very confusing and frustrating, and trying to figure it out by yourself is almost impossible.  Remember, that the bank uses standard underwriting guidelines to determine who will qualify for help, and your financial information is used in this process.  This means that how you complete the financial worksheet is critical-you must report the acceptable amount of income, expenses and assets in order to pass the guidelines.

A Citimortgage loan modification will only be offered to those borrowers who can prove in black and white that they meet the criteria-your financial worksheet will be carefully reviewed for:

1. Gross Monthly income:  The amount your report will be used to determine your current debt ratio, and also to arrive at your new modified target payment.  If you list too much or too little income, you will be denied.  How can you find out just what is required?  Verify your income with the Loan Mod Calculator, a program designed specifically for this purpose.
2. Monthly Household Expenses:  Citimortgage wants to see how your money is spent each month and verify your current cash flow to determine a financial hardship.  You must itemize your bills, things like utilities, groceries, insurance, car payments, etc.  Is your current cash flow acceptable or do you need to adjust your expenses?  Double check with the Loan Mod Calculator, before you submit your application.
3. Assets:  You will also need to list your assets, things like checking and savings account.  Many borrowers think that the more money in the bank they can show,
   

   Budget Requirements Displayed

   the better their chances.  Watch out-you are only allowed to have a certain amount in liquid assets.  Verify yours will pass with the Loan Mod Calculator so you know for sure.

If you complete the Citimortgage financial worksheet correctly, you will be able to prove to the bank that you are a perfect loan modification candidate.  Keep in mind that the entire process is about fitting into the strict guidelines, and no matter how deserving you are, if your financial worksheet is prepared wrong, you simply won’t qualify for the help you need.

You can get the REAL answers you need now-use the #1 selling resource designed specifically to help homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your very own specific budget requirements-including your income, expenses, cash flow, assets and debt ratio.  This is critical information and will help you make any needed adjustments to your budget ahead of time, and increase your chances of success.  Visit MyLoanModificationCenter.com today to get the

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help you need.

Pass Guidelines

Before you submit your application paperwork for a Citimortgage loan modification, be sure that you understand the programs and guidelines.  If you don’t understand how to apply you may not qualify for the help you need and deserve.  The lender has more than one program available for struggling borrowers, and each plan has certain criteria that must be met in order to get approved.Unfortunately, Citimortgage will not give you the details of exactly what you need to show them, so it makes sense to find out as much as you can before you apply.

One of the Citimortgage loan modification programs is the government assistance plan called HAMP.  The federal Treasury Department has strict guidelines that homeowners must pass in order to be offered a lower mortgage payment.  The bank actually uses a standard formula on every applicant to determine if they meet the criteria. 

This formula includes:

1. Debt to Income Ratio:  Your current mortgage expenses must be greater than 31% of your gross household monthly income.  If you total up your mortgage payment, property taxes, insurance and any HOA dues and then divide that total by your gross monthly income, you will arrive at your own debt ratio.  If yours is lower than 31% then you will not qualify for help.
2. Asset Ratio:  You are only allowed to have 3 times your monthly housing expense in liquid accounts.  If you have more than this amount in the bank, then you will not pass.
3. Loan to Value:  How much you owe on your first mortgage as opposed to what your home is currently worth will determine if you pass this approval guideline.  Citimortgage uses this calculation to help them determine if a loan mod or foreclosure would be less expensive for them.
4. Waterfall Method of Modification:   Can you current mortgage be modified to achieve an affordable payment, using the standard methods of lowering the interest rate, extending the term or reducing the loan balance.  If your monthly gross income is too low, then you will not pass the important approval guideline.
5. Cash Flow:  Citimortgage will review your reported expenses to determine if your current cash flow demonstrates a hardship, but they will also review your Post
   

   Budget Requirements Displayed

   Mod cash flow to determine if a loan workout is a viable solution for you.  If you can show them that you are barely making it now, but after the loan modification you will have some disposable income left over after paying your bills each month, you are a good candidate.

There are also in house Citimortgage loan modification plans, and these can help borrowers who cannot meet the HAMP requirements.  The bank can offer many different terms, including interest only payments, lower interest rates, and repayment plans.  These proprietary loan mod plans also have similar income, expenses and asset requirements as above, but the difference is that they have more options available for the new loan terms.  In most cases, the HAMP plan will offer more beneficial terms for borrowers and should be requested as the first choice.

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How do you know if you qualify for a Citimortgage loan modification?  Find out with the #1 best selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This system was designed specifically to help homeowners complete their application, and provides specific budget information including monthly income, expenses and assets needed to pass the guidelines.  Visit MyLoanModificationCenter.com for more information today.

Before you apply for a Citimortgage loan modification, make sure you understand exactly what the bank needs to see from you.  If your application is not submitted correctly, and proves to them that you are the perfect candidate, chances are good you will be turned down.  In fact, the #1 reason for denial is because the homeowner did not prepare their application correctly and did not pass the approval guidelines.

Guidelines

Here are the 7 Most Important Guidelines for a Citimortgage Loan Modification

1. Debt Ratio-Your current mortgage expenses (house payment, property taxes, insurance and any HOA dues) must in total be greater than 31% of your gross household monthly income.  If that figure is lower, then you will be denied immediately.
2. Loan to Value-how much do you owe on your mortgage as opposed to the current market value?  If you have a lot of equity, then it will probably be cheaper for Citimortgage to foreclose than to modify.  This is one case where the lower the value, the better your chances are.
3. Asset Ratio-what are your current liquid assets?  Do you pass this guideline and demonstrate a real financial hardship?
4. Current Cash flow-after you pay all of your current bills, do you have money left over each month or are you barely making it; maybe even going negative each month? The bank looks at this to see if you pass the imminent risk of default category
5. Waterfall Method-can you mortgage be modified using this method to achieve a new target payment that equals 31% of your reported gross income?  This is where you need to know just how much income to report-too low and you will not pass this important guideline
6. Principal Reduction Alternative-does your loan qualify? If the bank has to defer or forgive too much of your loan to pass the Waterfall, then you will fail the NPV test.  Again you need to know how much monthly income will be required to pass this mitigation test
7. Post loan mod cash flow-is a loan mod really a solution for you?  If your cash flow shows that after your loan is modified that you still can’t make ends meet, you
   

   Budget Requirements Displayed

   will be denied because you will be a risk for re-default.

The Citimortgage loan modification guidelines may be confusing, but this is all part of the underwriting and loss mitigation that each borrower must go through.  Unless you can pass all the criteria, the application will be turned down.  This can be tricky to figure out on your own, and unfortunately the bank will not tell you specific information on your own budget requirements.  You need to know this information ahead of time so that your application can be prepared and submitted perfectly.

Get the real answers you need-avoid mistakes and frustration.  Use the #1 resource designed specifically for homeowners-The Complete Loan Modification Guide kit and Loan Mod Calculator.  This proven system will instantly compute and display your own specific budget requirements-showing monthly income, expense and assets needed to pass the Waterfall Method.  You can use this important tool to help

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you formulate the perfect budget figures when you submit your own application.  Visit MyLoanModificationCenter.com today.

Apply Correctly

Homeowners who apply for a Citimortgage loan modification will be carefully reviewed to determine if their specific financial situation fits into the program guidelines.  One the requirements is called the Waterfall Method-this is how the bank will modify the terms of the current mortgage to reach the new lower target payment.  You must provide Citimortgage with just the right amount of monthly income, monthly expenses and assets on your financial worksheet in order to pass this guideline.

CITIMORTGAGE LOAN MODIFICATION-WATERFALL GUIDELINES

1. The current mortgage balance and current mortgage payment are key parts of the calculation used by the bank.  The current loan balance must include all missed payments, any costs paid for you-such as property taxes or insurance.  Late fees, penalties and other miscellaneous charges are not allowed to be added into the balance per federal guidelines.
2. The gross monthly household income that you indicate on your RMA financial worksheet will also be used in the Waterfall Calculation.  You must not have too much or too little income in order to pass the criteria.  Verify your required income by running your figures through the Loan Modification Calculator -this program will automatically compute and display how much income you need to pass the Waterfall.
3. The new target payment must be achieved through the standard Waterfall method of modification-lower the interest rate down to 2%, extend the term to 40 years or forgive or forbear some principal balance.  Make sure that you have the right amount of monthly gross income to pass this test-double check this ahead of time with the loan mod calculator results.
4. How low will your new target modified payment be?  You should know ahead of time if a Citimortgage modification will be a solution for you-will the new payment be affordable?  What is the lowest payment you can qualify for?  This is important to know so that you don’t settle for less than what you qualify for.  The loan
   

   Exact Requirements

   modification calculator will display what your new target payment could be, and just how low your new payment could possible be.

Most homeowners simply do not understand the formula that Citimortgage uses to determine who qualifies for a loan modification.  It really has very little to do with how deserving you are, and is more about your monthly budget figures.  This is the most confusing part for borrowers, and the most common reason for denial.  It’s really pretty simple-pass the Waterfall Method of you have a good chance of loan mod approval.

Find out how much income, expenses and assets you need to show in order to pass the Citimortgage Waterfall test.  Get the real answers you need with the #1 selling system for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  Designed specifically

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to assist borrowers prepare their application, this resource will instantly and automatically calculate and display your specific budget requirements for you.  Visit MyLoanModificationCenter.com today for more information.

A Citimortgage loan modification requires that a homeowner qualify based on their monthly income-too much or too little will not pass the requirements to qualify.  This is the are that confuses most borrowers and the number one reason for loan mod denial.  It is critical to know ahead of time just how much income you need to show on your application so that you will have the best chance of approval the first time!

Keep in mind that Citimortgage uses a standard approval formula for every homeowner who applies-this is all about the math and no matter how deserving you are you will not qualify if your monthly income does not pass the underwriting guidelines.  Here are some tips to help you figure out this very important part of the application process.

CITIMORTGAGE LOAN MODIFICATION-INCOME REQUIREMENTS

1. Each homeowner will be required to submit an application called the RMA form-page two of this application is a financial worksheet.  This is where you need to itemize your household monthly income, monthly expenses and assets.  This is the information that will be used to determine if you qualify, so be very careful how you complete this.

2. In order to know ahead of time just how much income will be required

   

   Exact Requirements

   to qualify for a loan mod, you must understand how the approval formula works.  This can be tricky to figure out on your own-you can use a loan modification calculator that has been specifically designed to help homeowners complete their application correctly.

3. Work on your RMA form and list all of your monthly income, expenses and assets on page two of this official application form.  Now input those numbers into the loan mod calculator, and you will see PASS or FAIL for the approval triggers.  Now you can adjust your numbers as needed until you see PASS on all of the guidelines.
4. Make sure that you fine tune your monthly income figures before you submit to Citimortgage for final review.  Once you know what exact income is required, you will be able to make the necessary adjustments-maybe you need to get a room mate or perhaps a second job to qualify.  It is better to know this ahead of time instead of being denied.

Apply Correctly

Citimortgage uses your financial information to qualify you-so make sure that you should the exact monthly income required to get approved.  Too much or too little will get you turned down-and this is the one area that causes borrowers the most trouble.  Take the time to verify that the information you provide will be acceptable so you have the best shot at approval.

Get the real answers you need-use the best selling system designed just for homeowner use!  The Complete Loan Modification Guide kit and loan mod

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calculator give you the exact income requirements, and automatically calculates and displays your specific budget figures for you to follow.  Visit MyLoanModificationCenter.com today.

Debt Ratio Calculation

Citimortgage has specific requirements for your monthly income and debt ratio that you must pass if you hope to get approved for a loan modification.  These are part of a mathematical formula used in the underwriting on every loan mod application-and only those homeowners who can pass these requirements will be offered help.  Here is some information on how this formula works so that you can have a better shot at approval.

CITIMORTGAGE LOAN MODIFICATION-DEBT RATIO AND INCOME REQUIREMENTS

Debt Ratio: This calculation represents the percentage of your GROSS monthly household income spent on your total housing costs-mortgage payment, property taxes, insurance and any HOA dues.  In order to prove you are in a financial hardship, your current mortgage must exceed 31% debt ratio, meaning you spend more than that each month just on your housing.  There is no maximum ratio, however your monthly income must be sufficient to pass the Waterfall Method of Modification to achieve the new target modified payment.

Monthly Gross Income Requirement: Each homeowner must present a detailed, broken down accounting of their household monthly income, expenses and assets so the Citimortgage can review it.  This is trickier than it sounds, because if you show too much or too little income or expenses you

Specific Income Displayed

could fail the approval formula.  To be sure that your own budget will pass, run your figures through the loan modification calculator.  This helpful tool will automatically calculator and display your own specific income, expense and assets required to qualify.

The specific income and debt ratio requirements for a Citimortgage loan modification vary for each homeowner-however since the bank uses the same formula on everyone, you can use the loan mod calculator to show you the specific figures required for your situation.  When you know ahead of time just where to fine tune your budget, you will be able to submit your application correctly and avoid costly mistakes.

Get your own specific income, asset and expense requirements-use the #1

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selling system-The Complete Loan Modification Guide kit.  This proven resource includes the powerful loan modification calculator that automatically computes and displays your own budget figures-the bank won’t tell you this information, and why guess when you can know ahead of time just what the bank needs to see in order to have the best shot at approval?  Visit MyLoanModificationCenter.com to get started today.

Loan Mod Forms

Homeowners who apply for a Citimortgage loan modification will need to complete the 3 required loan mod forms – but be careful because the information provided on these forms will be used by the bank to determine if you qualify or not.  In order to have the best chance of success and avoid the common pitfalls that cause denial, learn what these loan mod forms are and how you should prepare them.

Citimortgage Loan Modification Forms:

1. 4506T – This form must be signed by all borrowers and is used by the bank to get a copy of your federal tax return.
2. RMA – The official application form is the Request for Modification and Affidavit.  This 3 page form includes your employment and residence information, the nature of your financial hardship, and most important a detailed accounting of your monthly income, expenses and bank
   

   Sample Monthly Budget-Follow It

   balances.  Your income cannot be too high or too low or you will not fit into the loan mod guidelines for approval.  To make certain that your information is passing the guidelines, run your budget through the Quick App Loan Modification software Calculator to see where you may need to make adjustments prior to submitting it for review.

3. Dodd Frank Certification:  Signed under penalty of perjury you are stating that you have not been convicted of a felony involving mortgage related fraud in the last 10 years.

Remember, Citimortgage will carefully review your loan modification forms and use the information you provide to determine if you pass the approval

Guidelines Met!

guidelines.  The most common reason for loan mod denial is because homeowners did not know exactly how much monthly income they should show, or their monthly expenses were not acceptable.  You can save time and avoid mistakes by using the Quick App Loan Mod Calculator to double check you figures and make certain that you have the best chance of approval.

Get help to complete the Citimortgage loan modification forms.  Use the #1 kit that has helped thousands of homeowners, The Complete Loan

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Modification Guide kit and Loan Mod Quick APP loan modification software calculator.   You get step by step directions, all the required forms, and a sample monthly budget is automatically generated for you to follow.  Visit MyLoanModificationCenter.com for more information today.

2011 Updates

Citimortgage loan modification for 2011 features some updates and guidelines that homeowners need to understand if they hope to qualify for a lower mortgage payment.  The lender has been offering the federal loan mod plan for over 3 years, but revisions to the guidelines as implemented by the government have made the loan mod process a bit less difficult.  The hope is that more borrowers will be able to take advantage of the federal stimulus plan and avoid foreclosure.

Citimortgage Loan Modification 2011 Updates-Guidelines:

1. Borrowers will need to complete the official application form, the 3 page RMA
2. Provide a signed 4506t form ( no tax returns required with this form)
3. 30 days worth of paycheck stubs, award letters
4. 2 months bank statements
5. Self employed borrowers 4 months bank statements and P & L
6. 30 day review period after submission of complete loan mod application package
7. 3 month trial modification to approved borrowers, after 3 rd payment modification made Permanent Automatically
8. Denied homeowners will be offered HAFA short sale within 30 days

Monthly Budget Tips

Even those homeowners who have been turned down before may reapply for a Citimortgage loan modification – however there must be some change to the circumstances in order to merit a review of the application.  If the income has changed by 25% or more then the loan modification can be reconsidered with the new documented income.  Homeowners can verify if their income will pass the approval guidelines by using the loan modification software calculator that automatically calculates the approval requirements and displays the results immediately.

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The Citimortgage loan modification 2011 updates have made it easier for homeowners to apply and qualify-however the standard guidelines for income, expenses and bank balances must be met.  Borrowers who need help completing their application correctly can use the #1 resource for

Sample Budget-Automatically!

homeowners, The Complete Loan Modification Guide kit and loan modification software calculator.  The kit provides detailed step by step directions, required forms and the software calculator generates a personalized sample monthly budget you can follow.  Visit MyLoanModificationCenter.com for more information.

HELP!

Homeowners usually get stumped when it comes to completing the Citimortgage loan modification forms – especially the financial statement on page two.  This is a detailed accounting of the income, expenses and assets for the borrower, and is actually the most important part of the entire application.  The number one reason borrowers are denied a loan workout is because they did not know how to prepare this form correctly.  However, following a sample monthly budget can help avoid mistakes and increase the chances of approval.

What do you need to show on the Citimortgage loan modification financial statement?  First item of importance is the gross monthly income – this is the figure that is used in the federal program to determine if the borrower is actually eligible for a HAMP loan workout, and this figure also determines what the new target payment would be if modified.  So, it is critical to know just what amount of income is needed in order to fit into the formula.  The other important part of the homeowner’s budget is their bank balances.  The feds have a standard amount of liquid reserves that are allowed, so if there is too much money in the bank it could be a cause for denial.

Apply Correctly

A Citimortgage sample monthly budget can help the borrower figure out exactly how much monthly income, monthly expenses and bank balances they need to prove in order to qualify.  Instead of just guessing at what will work, the information on the sample budget can be used to fine tune the figures and then use that as the final figures on the loan modification application.  Sometimes it only takes a minor adjustment to the budget in order to fit right in, but if you don’t know this ahead of time then how can you make the needed adjustments?

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How can you get a Citimortgage sample monthly budget to help you with your application?  The #1 resource for homeowners includes a software program that automatically calculates everything for you – The Complete

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Loan Modification Guide kit and Loan Modification Software program has helped thousands of homeowners.  You receive step by step directions, forms and your monthly sample budget will be automatically calculated for you.  Visit MyLoanModificationCenter.com for more information and get started today!