Home Loan Modification – What Can CitiMortgage Do For You?
Posted on | November 26, 2009 | 1 Comment
Getting a home loan modification is something many homeowners are seeking to do.C one company that has worked hard to help borrowers is CitMortgage. CitiMortgage has approximately 40% of the qualifying home loans in the trial period for loan modification. If you currently have a home loan through CitiMortgage and you are struggling to make payments that might be a good idea to contact your lender.
Going through the home loan modification process can often be difficult but it is something that is well worth the time and effort as you could end up saving your home in avoiding foreclosure. Many homeowners realize that foreclosure is not too far in the distant future and they need to do whatever it takes to avoid this financial process.
Each week we learned that more and more homes are underwater and that families are finding it very difficult to make mortgage payments. If you are one of these borrowers who is finding it very difficult to make a mortgage payment there are options out there for you. If you want to do research make sure to check out the making home affordable website.
Another way to do research as to contact a HUD representative. These representatives will be willing to help you for no cost. Please understand that they are very busy and it may take several days for you to get a return phone call from one of these individuals. The time spent waiting is well worth it though.
To avoid foreclosure and stay in your home getting a home loan modification is a very good option. Make sure to do a sufficient amount of research where you can find out what options are available to you. There are many options when it comes to loan modification but you need to understand what is the best chance you have of lowering your monthly mortgage payment to a reasonable level.
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: Alan Lake
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One Response to “Home Loan Modification – What Can CitiMortgage Do For You?”
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November 28th, 2009 @ 10:32 am
With all due respect Mr Lake, I am not so sure that CitiMortgage is working so hard to help borrowers. We asked them to help us 2 years ago when my husband lost his job, before we were late, or had skipped, on payments. While we are currently in a modification trial period(it took a year and a half to get here), we are quickly entering the eigth month of a 90 day trial period. None of the modification terms have been fully disclosed by Citimortgage and our calls to follow up on the final modification are often met with some CitiMortgage employee telling us we do not even have a file open.
As for the HUD approved counseling agency. They were no help either. In a twenty minute meeting, she told me our options were to walk away or try for a modification (which we were already doing). She further stated that she would send the paperwork to the lender, but I would have to do all the follow up with the bank. As we were getting nowhere with our lender, this was exaclty the reason we made the appointment with the HUD agency. Go figure.