A loan modification is a safe option to proceed. Since lenders receive incentives, because the 2009 stimulus plan, they are eager to help as many people as possible. CitiMortgage opinions and comments borrowers posted on the effectiveness of the loan modification.
Loan Modification: CitiMortgage
This program was set up due to the high number of people at risk of losing their home. The lucky few who Citibanks ARM has a good chance to change the mortgage, the program will help reduce your monthly mortgage payment. This program can provide temporary reduce your interest rate or even permanently. This home loan refinancing and modification program can also help extend the loan or with the same principle. To modify a home loan, you should first contact the loss mitigation in the bank.
Ways to apply: Loan Modification
If for any reason you default on the loan for 60 days, the Ministry mitigation bank sends you a way to solve the problem. You have to create a hardship letter to present to the lender. Other documents required for the application are detailed monthly expenses, your credit history, etc., these documents and the application will determine whether you are approved or denied modification or refinance. Once you have completed the appropriate documents, the loss mitigation department of banks will send their representatives. Act fast the will think you are dead serious about approval of the loan modification program.