Home Loan Modification – CitiMortgage Helping Home Owners Modify Today
Posted on | December 3, 2009 | 2 Comments
Getting a home loan modification is something that many homeowners are planning to do in 2010. One of the companies that has done a good job getting many people getting into trial modifications is CitiMortgage. Over 40% of the qualifying loans that CitiMortgage has on their books have been put into the trial period of the home loan modification program.
Please understand that the home loan modification process is not extremely easy. You’re going to have to give up a lot of documentation and a lot of time and effort to get your home loan modified. It is well worth it in the long run because it will help you save money which can go towards paying other bills.
Most modifications are not getting out of the trial period because homeowners have not submitted the proper documentation to make the modification permanent. It is very important that you understand the process when you go to the home loan modification system. If you do not entirely understand the process you are going to find that you will not get out of the trial period.
There are many mortgage lenders out there who have struggled to help homeowners get a home loan modification. One of those lenders is Bank of America. Only 14% of qualifying loans have gone into the trial period for modifications. This is very bad news for many Bank of America homeowners but this does not mean that you cannot get a home loan modification without hard work.
Before making any major financial decision in your life it is very important to sit down with your family and decide what is right for you. If a home loan modification is the right step to save you money and help you pay bills than it is well worth it to go through the time and effort to submit the documentation. Please make sure to understand that you are going to have to continue to submit documentation even after you get into the modification.
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2 Responses to “Home Loan Modification – CitiMortgage Helping Home Owners Modify Today”
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December 8th, 2009 @ 8:31 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!
December 9th, 2009 @ 9:16 am
It will be interesting when numbers of executed modifications that come to light. I have seen several cases where the homeowner got no relief or an increased payment was proposed but the deliquency just brought forward. If they are even getting done at all.