If you have gotten behind on your Citibank Mortgage payments, a Citibank Loan Modification could help you avoid foreclosure and save your home. Citibank is an approved lender on the list participating in the federal home stimulus plan; they receive a $1000.00 reward every time they complete a loan modification. So, they have extra motivation.
Citibank does not really want to do a foreclosure on your home, anyway. A foreclosure is an expensive and time-consuming thing for a lender, and in these kind of economic times, houses may sit for months or even years vacant, bringing in no money at all. So, if you qualify, Citibank would like to work with you to help you save your home.
The modified mortgages use several methods to lower your monthly mortgage payment to an affordable level, less than 31% of your gross monthly income. Hopefully, this would help you and give you a second chance at home ownership. Citibank will be looking for commitment on your part to being current and dependable with your new modified loan. Additionally, with this federal program, you will receive the extra motivation of $1000.00 per year up to five years for doing so!
This program is for primary homes financed originally on or before January 1, 2009, and backed by Freddie Mac or Fannie Mae. The loan amount can’t be more than $729,750. The application deadline is December 31, 2012.
Borrowers must prove to Citibank that they have been the victim of financial hardship. Events beyond your control have lowered your income or raised your expenses so that your house payment, which must be over 31% of your gross monthly income, is impossible to pay any longer. You must document this and also present documentation you will be able to successfully pay the modified mortgage.