Citigroup Inc. has started a new program in which they will lower mortgage payments for some homeowners to an average of $500 per month for up to three months. It can offer families time to find another job, and during that search they will not have to worry quite as much about making their home loan payment. This new mortgage assistance is part of a program to help the unemployed.
Homeowners that are unemployed and who may qualify for mortgage assistance from Citigroup include those who are 60 days or more past due on their mortgages or those homeowners who are in foreclosure. In addition, these homeowners must have a first mortgage loan that is owned and serviced by CitiMortgage Inc. So the service is strictly limited in who it can assist. Also, the outstanding loan must conform to government sponsored enterprise limits. The residence in question needs to also be the customer’s primary home.
Citigroup has predicted that many thousands of homeowners would be eligible for the program over the next two years. Also, read how just staying in your home can delay the foreclosure process.
Homeowners who enter the program and if they are still without jobs after three months will have their mortgage handled on a case by case to come up with the best payment option for both the homeowner and Citigroup, Citigroup said. So the terms will be flexible.
In addition, others that do find work within the three-month period can go back to paying their original mortgage amount or those homeowners may receive a long-term loan modification. Once someone has a new job, they can explore their options at that point in time. Citibank may be willing to permanently reduce their mortgage payments.
In addition to this Citibank program, the federal government has also created a program that offers people who have lost their job with help. The Home Affordable Unemployment Program can provide homeowners with several months worth of relief, and in effect buy them time to get back on track.
To learn more on the Citi Mortgage Unemployment Program dial 1-800-283-7918. A customer service representative may also discuss other programs as well.
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