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Home Loan Modification – Can Citi Help You Lower Your Mortgage Payment?

Posted on | December 6, 2009 | 4 Comments

Home loan modification is a process that can help you save your home and avoid foreclosure. One of the companies it has greatly helped people getting into the trial period of home loan modification is Citi. If you currently have a Citi mortgage and you hope to modify it there are options available for you. The first thing you need to do is contact your lender and find out what needs to be done to get a modified mortgage.


Pres. Obama realize that many people were going into foreclosure and not making their mortgage payments. Unfortunately these borrowers were bad credit borrowers and they cannot refinance to a lower interest rate to lower their mortgage payments. The only option they have is to modify their monthly mortgage payment to a lower amount.

This is exactly what the making home affordable plan is designed to do. Lenders are encouraged to help borrowers modify their mortgage to lower monthly mortgage payments approximately 31% of their monthly income. This design is to allow borrowers to spend more money paying other bills rather than making everything go straight towards their mortgage payment.

Unfortunately, the making home affordable plan got off to a very slow start. At the present time modifications are being made to the program to help more borrowers to get a lower monthly mortgage payment. One of the companies it has done a good job of getting borrowers into a trial period is Citi.  Over 40% of the qualifying mortgages have gotten into a trial period with Citi.

No matter who your lender is you should still have the opportunity to modify your current home loan if you are in a bad situation. The best thing you can do is research your options. One of the best places to do this is to access the making home affordable website. Another option is to collect HUD representative as they can give you information for free.

If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail.  The blog is an account of the journey to find peace of mind and happiness in today’s society.

Author: Mike Garner

Category: Home Loan Modification

Comments

4 Responses to “Home Loan Modification – Can Citi Help You Lower Your Mortgage Payment?”

  1. Serna
    December 8th, 2009 @ 11:04 am

    Citimortgage hasn’t helped at all. I have been waiting for a call back for 3 weeks for some numbers on a forbearance, since, they say I don’t qualify for modification due to income, I think its because to much equity we have been here for 22 years. while have been waiting these last 3 weeks,I have left messages, I have had it, now looks like I will have to file a chapter 13. Citimortgage customer service is a joke, I have been hung up on passed around, given fax numbers that seam to change daily without anyone ever getting what I send. Thats it I’m DONE! and will be filing complaints not that it will matter they our such a big company,wonder where they would be if the US government wouldn’t bailed them out.

  2. Michelle
    December 8th, 2009 @ 2:31 pm

    Serna, I’m sorry for what you are going through with Citimortgage. I wish I could tell you it will get easier, it doesn’t. We have been following up and receving the run around you speak of for 2-1/2 years since my husband lost his job), we have provided every piece of requested documentation and even paid (8) “trial payments”, yet still we do not have our loan motification. I truly hope you receive results much faster then we have.

  3. Mark
    December 8th, 2009 @ 4:10 pm

    I would like to know how many trial period loans so far Completed Permanent Mod by CtitBnak and other banks??

    I think Citibank performance is worst among all other bank offering loan modification

    I submitted all my paper work to Citibank 7 months ago, from last 5 months I am still on trail period and Citi bank don’t want to finalize my loan modification.

    The banks have devalued our community by selling foreclosured homes at less than half of original purchase price.

  4. Dan Scott
    December 8th, 2009 @ 8:32 pm

    Wells Fargo, Citimortgage, Bank Of America, get your act together, and get your customer’s out of their longer than planned trial periods and complete their mortgage modifications! Guess what, the Treasury Dept is going to start publishing stats on “completed” modifications. You are all going to embarrass yourselves when they compare how many you have bragged about on the trial period the last few months to how many you have actually completed!

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