A Citigroup loan modification program is offered to qualified borrowers to help them acheive an affordable loan payment. Mortgage customers who are current on their payments, or in default, will be considered for a mortgage loan modification to lower their monthly payments to avert foreclosure and stay in their home. In addition, the lender has offered help to homeowners who have lost their jobs and are 60 days behind on their mortgage payments. These homeowners will see a savings of an average of $500 off their regular payment. This program will be grant a 3 month relief from unaffordable loans, and interest and penalties will be waived during this time.
The Citigroup loan modification program will at first focus on areas that have a high unemployment rate and where property values have fallen significantly. Some of the areas to be targeted first are: California, Arizona, Florida, Michigan, Indiana and Ohio. Also, borrowers whose credit scores have slipped or show other signs of financial distress may be contacted for loan modification help. At this time, the effort will focus only on loans owned by Citigroup as talks are ongoing to include investor owned loans as well.
The Citigroup loan modification will target payment solutions that equal no more than 40% debt ratio of the borrowers gross income. This means that by adding up all housing expenses, including principal and interest, property taxes, insurance and HOA if applicable, then dividing that total by the gross monthly income, the result does not exceed 40%. The target payment will be arrived by a combination of:
- Interest rate reduction
- longer loan term
- Reducing principal balance
Interested homeowners will need to complete the Citigroup loan modification application paperwork properly to increase the chance of approval. Knowing how to complete the financial statements to meet debt ratio guidelines can make the difference between approval or denial. It is very important to have a good understanding of the loan modification process before contacting Citigroup about a loan modification. Even the most deserving homeowners needs to present the loan modification application properly to get the help they need.
You can get the help you need to understand the Citigroup loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook 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. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.
For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com