Citimortgage Mortgage Loan Modification – Tips To Get Approved
Citimortgage Mortgage loan Modification
Citibank or Citigroup has a Citimortgage Mortgage loan Modification program for those homeowners who have a mortgage with Citi. If you’re residing in the United States and you’re 1 of those worried homeowners, whose home is at the stake of foreclosure, you need to apply for Citimortgage mortgage loan modification, prior to it is too late. After the collapse of the global economy, many individuals around the world are facing financial setback. As a result of this, 1 main problem that has come to surface is that of homeowners being unable to pay off their monthly mortgage payments. This has further resulted in numerous instances of foreclosures. Mortgage loan modification programs offer a great alternative to foreclosure and refinancing.
Involved in President Barrack Obama’s stimulus package, Citibank has helped the homeowners around the nation to prevent foreclosure and to save their homes.
What Does The Citimortgage Mortgage loan Modification Program Do?
The Citimortgage Mortgage loan Modification Program helps the homeowners to save their house by preventing the foreclosure. This occurs when the homeowners apply for the mortgage loan modification. Mortgage loan Modification means that the loan terms are modified to be suitable and inexpensive for the homeowners. According to this program, the income of the homeowner is taken into consideration to determine a monthly mortgage payment that might be inexpensive for them.
Citi Loan Modification specialists then perform 1 or more than one of the following tasks to make the modified terms workable:
They reduce the interest rates; permanently or temporarily.
They extend the terms of the mortgage
They might even forgive mortgage principal
Who Qualifies for Citimortgage Loan Modification
Following are some of the eligibility guidelines that you have to fulfill, in the event you wish to qualify for the mortgage modification:
The house that you’re applying mortgage loan modification for ought to be your primary residence.
Your outstanding home mortgage ought to reach up to $729, 750
Your present monthly mortgage payments ought to be much more than 31% of your monthly gross income.
You should meet certain requirements and be able to demonstrate your hardship status.
To see in the event you qualify for a Citbank or Citimortgage loan modification, just go to the links below and see if you qualify online.