Citigroup will help the unemployed with mortgage payments.

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. This new mortgage assistance is part of a new program to help the unemployed.

Qualifications for Citi Mortgage Unemployment Program

Homeowners that are unemployed 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. and the outstanding loan must conforms to government sponsored enterprise limits. The residence in question needs to also be the customer’s primary residence.

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. 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 that could 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.