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CitiMortgage Loan Modification
|CitiMortgage Loan Modification Program is aimed at helping homeowners stay current with their payments and continue living in the house they have bought with a Citibank mortgage. CitiMortgage, a division of Citicorp, is a party to the President's Barrack Obama's stimulus package and so you can find here a host of homeowners assistance programs aimed at troubled borrowers nationwide.
Citibank Loan Modification Program
Citibank offers several loan modification programs to help people with different mortgage obligations and at different stages of payments. The preemptive home loan program aims at helping borrowers who are likely to default on their payments due to higher risk loans like adjustable rate mortgages. On the other hand, a foreclosure moratorium program is dedicated to those customers who do not want to part with their home and are willing to find solutions to their mortgage problems. Those who are delinquent on their payments can explore possibility of modifying the terms or interest rates of their mortgages through a suitable loan modification package.
CitiMortgage Modification Package
A typical mortgage modification package may contain one or a combination of the following:
- Reduction in Interest Rate either permanently or temporarily
- Extension of the term of the mortgage, thus reducing the amount of monthly payments
- Reduction in the loan principal amount or complete forgiveness of the same
- Mortgage refinancing to help borrowers pay the balancing amount
Citibank Mortgage Modification 2010
The success stories of those who have got through the loan modification process comfortably in 2010 should not make us believe that the application to a program is simple and free from fraud, complaints, scam, denial and even class action lawsuit in certain cases.
Your application form may simply be denied if you fail to produce sufficient documents in support of your financial hardship. The bank may sometimes offer a trial period of a few months and ask you to wait till the successful completion of the same. Here are a few tips that will help you succeed in obtaining a mortgage modification solution from Citibank.
- Before contacting CitiMortgage loan modification department, make it sure that you have collected enough documents to prove your financial hardship.
- You would be required to write a hardship letter explaining why it is not possible for you to keep current with your mortgage payments.
- Fine tune your financial statement to eliminate any unnecessary expenses. Your application form may be denied even for a minor mistake you commit in this regard.
- Determine a target payment that you would be comfortable with and work towards modifying the loan program to achieve this goal.
CitiMortgage Loan Modification Department
The contact details of CitiMortgage Loan Modification Department are as follows:
Phone Number: 1-866-915-9417
To contact a HUD certified counseling agency regarding information on HAMP call 1-800-569-4287
Discuss your mortgage modification problems with a HUD representative at 1-888-995-HOPE.
Visit the CitiMortgage website to find information on loan modification address, qualifications and many other aspects. You will also find there how you can make complaints regarding your loan modification application and agreement.