Homeowners trying to apply and qualify for a Citimortgage loan modification should learn the basic terms that could be offered so that the most beneficial loan workout will be given.  It just makes sense to know a bit about the possible options before you decide on what to accept from the bank.  Some homeowners receive very aggressive loan reductions while others don’t get much help at all-find out how to optimize your loan mod.

The Citimortgage loan modification terms being offered can vary quite a bit depending on which program you are put into.  There are a many options available, but the main difference is between the federal plan called HAMP and the bank’s own proprietary or in-house programs.  The HAMP guidelines and terms are standard and actually regulated by the Treasury Department, while the in-house programs can vary greatly because the lender custom tailors the program options depending on each situation.

If you apply for a Citimortgage loan modification and are offered the HAMP terms, you can be sure that you have gotten one of the most aggressive loan workouts available.  This program offers a low 2% interest rate, 40 year terms and often some type of principal deferment or even reduction in your loan balance.  The bank gets paid by the Treasury Department to offer this plan, so you must prove that you meet the strict eligibility guidelines.

If you do not meet the HAMP approval criteria, you may still be offered some type of Citimortgage loan modification with an in-house plan.  Again, these terms can vary a great deal and may benefit you or may not be much help.  You may be offered an interest only option, or a lower payment for only a short term.  It is important to know ahead of time what your goal is and be working towards a long term solution-a fixed payment that you know you can afford now and in the future.

Either way, you will be asked to prepare and submit a financial statement that details your monthly income and monthly expenses.  This information will be used to determine what if any loan modification program you qualify for.  A calculation will be done that includes your debt ratio, so it is important to know that your figures are accurate and acceptable before the bank reviews the financial statement.  If you are not sure how to do this calculation, then use a software program designed just for homeowners that does all of the figuring for you automatically.  It easy-simply input your own monthly income and monthly expenses and your debt ratio, new target payment and all the other approval triggers are shown immediately!  Avoid mistakes and save time-and get it right the first time.

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