Financially strapped Citimortgage borrowers may be able to get loan modification help under President Obama’s Home Affordable Plan.  Depending on your circumstances, you could be eligible for one of the three options offered and funded by the Treasury Department.  $75 billion dollars has been allocated to help stop the foreclosure crisis, and you may qualify for help under this program.  Learn the options and find out which one could benefit you.

Citimortgage loan modification option#1:  Home Affordable plan is a refinance plan that gives borrowers the opportunity to take advantage of the current low interest rates by refinancing their current loan.  In order to qualify for this plan, you cannot be late on your mortgage payments and you cannot owe more than 125% of the homes current market value.  This part of the program only applies to your first trust deed, and if you have a second loan that lender must agree to the transaction.  This plan is called

Federal Plan

HARP for Home Affordable Refinance Plan.

Citimortgage loan modification option # 2:  HAMP is a loan modification program that will offer qualified homeowners interest rate reductions down to 2%, loan terms extended to 40 years and finally some principal deferral on their first trust deeds.  The goal is to reach a target payment that equals just 31% of your gross monthly income.  If you have a second loan on your home, the plan now mandates a modification to that loan as well with interest rates down to 1% or 2%, and in some cases the debt may be retired entirely.   This plan is called HAMP for Home Affordable Modification Plan.

The Treasury Department is paying the lender for each successful modification, and borrowers who are able to maintain the new modified payments will also be paid up to $5000 over the next 5 years.  If you do not qualify for the refinance plan because you are delinquent or you owe too much on your home, the Home Affordable Modification may be a good option for you.  Make sure you understand the approval criteria and prepare your application before calling your lender to apply.  This is a one-time chance and you want to make sure you know how to qualify so you don’t make a mistake.

Citimortgage Home Affordable option #3 is a short sale or deed in lieu of foreclosure.  The federal government will now pay lenders $1000 for allowing a sale where the proceeds are less than the amount owed on the property.  The government will also share the cost of eliminating second liens on the property.  If the short sale does not work, the the homeowner can turn over the keys and transfer the home without a foreclosure process.  The borrower could then be eligible for  $1500 in relocation expenses.  This program is called HAFA for Home Affordable Foreclosure Alternative.

All of these options have monetary incentives that encourage lenders to work with borrowers and find a solution quickly.  Even so, not all borrowers will qualify for these options.  If you are facing financial difficulty, find out more about the programs and how you could qualify for help.  You must invest some of your time and effort to learn and prepare before contacting Citimortgage if you hope to be successful.  There is a four step formula that all banks use to determine if a homeowners qualifies for a federal loan modification.  You can use this very same formula to prepare your financial statement so that you know you fit into the approval guidelines.

If you are confused about how to calculate your debt ratio, new target payment or exactly how to complete your financial statement correctly for your bank, then be sure that you take the time to learn the formula or use a software program that will do the necessary calculations for you automatically.  Now is not the time to take chances-prepare your application correctly and you will have a good chance of success.

The government is encouraging homeowners to work directly with their lenders and discouraging loan modification companies who charge large fees to assist borrowers.  You can get help-if you know how to get it.  Start now to learn and prepare so you can get back on track.  It’s not hard with the help of good resource material and a couple of hours of your time-it will be worth it!

Download immediately!

Get the help you need to prepare your own accurate and acceptable 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.