Federal Plan

Struggling homeowners trying to get a Citimortgage loan modification can now see a light at the end of the tunnel.  The bank has finalized their agreement with the Treasury Department and is authorized to accept application under Obama’s Home Affordable loan modification program and they have already modified thousands of loans under the HAMP plan.  Citimortgage has been approved by the Feds to receive incentive payments for each qualified modification they complete.  What does this mean to you and how can you benefit?

Homeowners who are stuck in unaffordable mortgages are encouraged to begin the loan modification application process right away.  Even if you have already applied or been turned down for a Citimortgage loan workout, you may re-apply for this federally subsidized program.  The lender must consider every applicant, and they are now more motivated to assist qualified borrowers.  Citimortgage will be paid an upfront payment for each completed file, and the Treasury Department will share in some of the lost revenue resulting from the new loan terms.

Qualified borrowers will also be paid to participate in this Citimortgage loan modification program. Homeowners who maintain the new modified payments with no delinquencies will be paid up to $5000 over 5 years.  This incentive to succeed will be credited directly towards the loans outstanding balance.  Do you qualify for the Citimortgage Home Affordable loan workout?  If you can answer yes to these questions, you are encouraged to begin the application process.

1. Do you live in the home as your primary residence?
2. Did you get your loan prior to January 1, 2009?
3. Is your loan balance less than $729,750?
4. Is your current mortgage payment greater than 31% of your gross monthly income? (including property taxes, homeowners insurance and homeowners association dues)

This Citimortgage loan modification program is only available for a limited time and has limited federal funding.  If you think you may be a good candidate for this plan, you should take this opportunity to learn how you can apply and qualify for a reduced interest rate as low as 2%, and longer loan term-up to 40 years-or receive principal forbearance.  This could be the second chance you need to stay in your home, so get started right away and make sure you do it right.