| Features of Citibank Mortgage Modifications |
Citibank mortgage modification was nearly impossible to receive up until a couple of months ago. Homeowners with their mortgage under Citibank were left with little to no choice and their only option was foreclosure. But now thanks to the new incentives given to the lenders who cooperate with mortgage modifications by the government, they have finally opened its doors to their borrowers who need help staying in their homes.
Citibank's new loan modification criteria are trying to reach out to approximately 500,000 homeowners. Unlike most bank's criteria, they are reaching out to not only borrowers who are close to foreclosure, but also those who have either experienced a drastic drop in their credit score or those who are visibly going through times of financial hardship.
Besides the more broad spectrum of homeowners they are looking to assist, there are also hot lines and ways to get in contact with the Citibank mortgage modification department directly to make the process more simple. So no being bounced around the phone lines like with a large percentage of lenders who are unwilling to work with the homeowners.
A Citibank mortgage modification entails reduced interest rates, longer mortgage terms (up to 30 years), and a deference of the principal. The modification almost guarantees a deference of the principal, which is great for those homeowners who have experienced a drop in the value of their property.
Like with any lender, a homeowner should research exactly what Citibank's requirements for loan modification are. While they are becoming one of the more lenient lenders with mortgage modification, they still have strict guidelines to follow. A simple phone call to their loan modification department or even searching online should yield results.
Citibank is going to look at credit, bankruptcy, property value, debt to income ratio, and late mortgage payments to determine whether a borrower qualifies or not. However, they are lenient on late mortgage payments. Homeowners do not need to make late payments in order to qualify, though in some cases it does help. They also do not need perfect credit, as Citibank is targeting homeowners who have a plummeting credit score as well.
Any homeowner applying for mortgage modification under Citibank needs to fill out the application and write a hardship letter attesting to their reasons for needing a loan modification. Both of those aspects of the loan modification process go hand in hand and they are both vital parts of the application process. Citibank loan modification requirements may be less strict than some other lenders, but any homeowner still needs to go through the normal rounds to be approved.
For more essential tips and facts about Citibank's Mortgage Modification Program - visit my simple, no nonsense loan modification guide and resource: http://Home-Loan-Modifications.info
Article Source: UnArchived Articles
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