A Citimortgage loan modification program has certain terms and requirements that all homeowners need to understand.  This is important if you hope to get the very best loan workout and get the lowest loan terms so that you can afford your mortgage payment now and in the future.  There are some standard terms and approval requirements you can learn that will help you when you deal with the bank.

The Citimortgage loan modification program terms can vary depending on the actual loan workout program you apply for.  If you ask to be considered for the government program, called Home Affordable Modification or HAMP, then you need to learn the basic 4 step approval formula that will be used to determine if you qualify.  This is critical because if you do not prepare your financial statement using this formula you are taking a big risk of not fitting into the approval requirements.

The Citimortgage loan modification approval requirements under HAMP are determined by your debt ratio, new target payment, asset ratio and other calculations.  If you are confused about how to compute your own figures, then use a software program designed just for homeowners that does all these important calculations automatically for you.  All you have to do is put in your own monthly income and expenses and you get all the figures done for you.  The other benefit of using the software is that you will see ahead of time if you need to make any adjustments to your financial statement to fit into the approval guidelines.

The Citimortgage loan modification approval requirements are standard for everyone.  Learn these and

Federal Plan

you will be on your way to preparing a accurate and acceptable application for the bank.  The government has set up standard approval criteria and a standard method of modifying loans under HAMP.  You can use this information to make certain that you fit into those approval guidelines.

1. Do you live in the home as your primary residence?
2. Is your current loan amount less than $729,750?
3. Was your loan taken out before 1/1/09?
4. Is your current mortgage payment more than 31% of your gross monthly income?
5. Are you facing a financial hardship and your payment is unaffordable?

If you can say yes to those questions, then you have met the basic Citimortgage loan modification approval requirements.  But, now there is a second set of guidelines that determine if you get the 2% interest rate, a 40 year term or some principal reduction.  This is where your debt ratio, target payment and other figures must be checked to be sure you meet the approval formula.

If you are confused about how to complete your financial statement correctly, or need help with your debt ratio, new target payment or asset calculation, you can take advantage of a software program designed just for homeowners trying to get a loan modification.  All you have to do is input your own monthly income, monthly debts and some other basic information and all the calculations are done immediately for you.  It’s simple and accurate-you can save hours and avoid mistakes that could cost you.

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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.