Citigroup to provide mortgage help and assistance for up to 500,000 homeowners in order to reduce foreclosures.
Citigroup has several resources that they provide their borrowers. They can provide various forms of mortgage help, ranging from loan modifications to counseling and even direct financial aid. More information on these options are below.
The company has lunched the Citi Homeowner Assistance program. This program will provide help to a select group of 500,000 homeowners whose mortgages Citi owns or manages. Even if the original loan was not taken over by the bank, they may administer it now. So borrowers always need to check their paperwork.
While these homeowners are not currently behind on their mortgage payments, some of these individuals may require assistance to remain current on their monthly mortgage bills and payments. Citigroup is focusing particularly on those borrowers who are in areas of the country that are likely to face extreme economic distress.
Through various foreclosure counseling programs Citi has helped over 700,000 borrowers to date. The support has been ongoing as well. Just during the last 3 months they have assisted over 130,000 homeowners, so the pace of the various programs is accelerating. Call 1-800-283-7918, or learn more.
The lender has also extended their foreclosure moratorium practice. Citigroup will also systematically implement its practice of not starting the foreclosure process or completing a foreclosure sale on any eligible borrower where Citi owns the mortgage. Other conditions include the borrower is trying to stay in the home which is their principal residence, if the client is working in good faith with Citi, and if the homeowner has sufficient income to make affordable mortgage payments.
Citgroup will also provide mortgage relief to the unemployed. It can help them with their payments while they seek another job. More.
The Citigroup Homeowner Assistance program builds on the Citibank legacy of creating and implementing new and innovative best business practices and success
Since early 2007, Citigroup has helped about 400,000 families avoid foreclosure on their primary homes. This represented over $35 billion in total underlying value in debt and loans. Efforts taken include the following:
- Office of Homeownership Preservation (OHP) - Since 2007, Citi’s OHP has worked with both mortgage counselors and borrowers to aid them in finding alternatives to foreclosure whenever possible. Through the OHP program, Citi has offered delinquent borrowers free services such as round-the-clock access to qualified mortgage counselors and an informational website: www.mortgagehelp.citi.com. OHP also offers all customers and borrowers a robust suite of pre-and post-purchase financial education services that can help them with paying bills and improving their overall financial situation.
- Modifying mortgages to reduce payments and adjust principal.
- Counseling Workshops in 25 Cities - In the last year, Citi sponsored events in almost 30 U.S. cities for delinquent borrowers with a local community-based counseling organization.
- Financial Education - In partnership with the Office of Financial Education, Citigroup and OHP have developed two curricula. They are a consumer and also a counselor curriculum that helps provide training and other information on financial strategies to assist homeowners with paying off debts and bills.
Citi Home Affordable Modification Program
Citi has continued to show that it is determined to help keep families in their homes. They are working with people to modify mortgages, offering assistance programs, and doing what they can to prevent foreclosures. They also also participating in the federal government solutions.
One resources is the Citi Home Affordable Modification Program. The lender is working with homeowners to assist in implementing the federal government’s vision of saving homes and ending the housing crisis.
Deed in Lieu from Citi
This is when the homeowner is allowed to remain in the home for a short period of time after an agreement is made with the lender. The extra time will often allow the family to find a new home or apartment to live in. Citibank is now offering a Deed in Lieu program on a trial basis for homeowners in several hard hit states. The program provides other benefits as well.
Click here to read more on how this option from Citi may help you deal with your housing situation.
Alternative Citigroup loan modifications
Citi has continued to expand upon the number and types of mortgage loan modification programs offered. Some of the options include a deferral that could lower a homeowners monthly payments for 90 or 120 days. Another will be adding any missed payments to the end of the loan, or extending the length of the mortgage. But there are others.
Most of what is provided will be customized to meet the financial condition of the borrower. Learn more on various Citigroup modification programs.