CitiMortgage Loan Modification

The stimulus package which has been signed by US President Barrack Obama has led several banks to participate in the program. One of these approved participants is the Citimortgage loan modification program. This is among the highly trusted companies which you should deal with if you are applying for the loan modification. The reason behind this advice is due to the fact that this company is a division of Citigroup. This sector focuses mainly on mortgage loans and because of that, they have been able to help thousands of families alter their loans. If you are interested in getting a loan modification from the company, here are some things which you must know.

Citi, also known as Citibank or Citigroup, has a loan modification program for home owners who have a mortgage with Citi. The Citibank loan modification program is part of a group of homeowner assistance programs that Citi has initiated to help delinquent and potentially delinquent homeowners retain ownership of their homes. Also, homeowners who have a Citi Mortgage Adjustable Rate Mortgages (ARM’s) are also great candidates for a loan modification. Option Arm mortgage holders are also in a good position to get a loan mod.

Citimortgage has agreed to abide by the loan modification terms set forth by the Treasury Department, and in return the lender will be paid for each loan workout that meets the federal guidelines.  The approval process basically involves 3 steps for homeowners-if you know how to navigate your way through and can prove you meet the guidelines, then you will be on your way to a low mortgage payment.

The good news for Citimortgage borrowers is that the Home Affordable Plan has standardguidelines for approval.  So if you take the time to learn about what the bank is looking to see from you, and then prepare your forms correctly, you have a very good chance of getting a loan workout.  No more guessing about how to apply and who qualifies-it is all standard for everyone.

Relatively, it is important to have a hardship letter which can melt the toughest hearts. This is because this letter is a crucial part in determining the approval or decline of your application. As such, this is usually the very first document which the Loss Mitigator of Citimortgage will see upon reviewing your file. So that your application will be approved, you must have a moving and compelling story. When writing the letter, you have to put yourself in the readers’ shoes so that you will know how they will react upon reading the letter. Make sure that your letter stands out from the rest.

Final Tip: By researching and comparing the best loan modification companies in the market, you will be able to determine the one that meets your specific financial situation, plus the cheaper and quicker options available. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned loan mods advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.