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Citimortgage Offers Mortgage Relief to Homeowners
Citimortgage, a division of Citibank, is reaching out to homeowners who are having trouble making mortgage payments. Some homeowners have fallen behind, others cannot continue to make payments and some are facing foreclosure and the loss of their homes. Citibank has multiple programs to suit any mortgage relief need.
For those whose homes are in the foreclosure process, Citibank offers Deed in Lieu as well as short sale programs.
1. Deed in Lieu: With a Citimortgage Deed in Lieu, ownership of the property is given to Citibank and the balance of the loan is forgiven. While this option still results in the loss of the home, the financial devastation of a foreclosure is avoided.
2. Short Sale: If the property is worth less than the amount owed on a mortgage, a short sale may be an option for relief. With a short sale, Citimortgage might agree to settle the entire principal for less than is actually owed.
3. Citimortgage Foreclosure Alternative Program: A sort of modified Deed in Lieu, this option will allow a homeowner to keep the home for a term of six months, after which the deed is turned over to Citimortgage. After the term of six months is over, Citimortgage will give the homeowner $1000 to spend towards the costs incurred in relocating such as moving fees, down payments and rental fees.
4. Forbearance: With this option, Citimortgage will make an agreement to lower monthly payments for a short time, allowing homeowners to get turned around on their mortgage payments. The monies can be repaid through monthly installments, or in one lump sum. This is a short term option only.
5. Repayment plans: Repayment plans allow the homeowner to pay back missed mortgage payments over installments in terms of less than one year.
6. Extensions: Citimortgage may offer to reschedule missed payments and add them to the end of the loan. This is a useful option if the reason for the hardship is over and the homeowner can resume regular mortgage payments.
In order to better serve its customers, Citimortgage recommends writing a letter of hardship. The letter should include:
- Loan number, property address and borrower’s name
- Stating if the desire is to keep the home or relinquish it
- Explaining the reasons for the hardships incurred, such as short term expenses or job loss, and if resuming mortgage payments is a foreseeable option
- Leaving a phone number to be reached, and a good time for doing so.
- The hardship letter should be clear, yet short.
- A hardship letter to Citimortgage brings the homeowner’s circumstances to the forefront and encourages the lender to look into better options for the owner.
- In addition to the above, Citimortgage offers professional counselors to talk to the homeowner and help find solutions to keep the house and stop the foreclosure process.
For Citimortgage relief programs, visit https://www.homeownersupport.com/ . The site also offers advice on avoiding mortgage relief scams and a forum to read other stories of homeowners and how the programs helped them.
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