Citimortgage and Citibank Loan Modifications

The new subsidiaries and guidelines established by the federal government mean that even homeowners who have had previous applications for similar modifications to their mortgages turned down must be offered the plan. If any of the following questions are answered positively, the homeowner may be qualified for a mortgage modification.

1. If the primary residence of the homeowner is the one mortgaged.

2. If the loan was received before Jan. 1, 2009.

3. If the balance of the mortgage is lower than $729,750.

4. If the monthly payment on the mortgage is greater than 31% of the homeowner’s gross monthly income.

If any of these guidelines apply to you, you can apply for a more affordable plan, although not every applicant will be eligible. However, if you do qualify, your interest could be reduced to as little as 2%, your plan could be extended up to 40 years, and your monthly payments will not exceed 31% of your gross monthly income. Since Citibank is now being paid by the Treasury Department for each successful transaction, you can be sure they are more eager than ever to offer every assistance available to their clients, and even the borrowers will receive cash bonuses of up to $5000 in five years for keeping up on the altered mortgage.

In order to ensure a easy and successful application, be sure you have all the necessary documentation, and have spent a fair amount of time looking over and learning the application process. It is your job to see that you have everything required before you contact your bank, to facilitate the application process.

For essential tips and facts about how to get approved for a Loan Modification, Visit our simple, no nonsense loan modification guide and resource: Mortgage Modification Loan.