First, we know that CitiMortgage wants you to keep your home, and usually last for several deals to help you avoid foreclosure. When a home is foreclosed, it is a long, costly and, in this market, in particular, may end up actually cost the bank money. Add to that all repairs and maintenance needs to be done at home, and profit margins are often slim to none in a foreclosure. Banks and lenders are much more flexible when you're in front of losing their homes, and often help you in many different ways.
Another thing you should do when dealing with CitiMortgage mitigation department of losses arises about your "viable solutions" program. One option that is usually given to owners is to spread payments lost in a few months, and add to the existing amount of payment. This will undoubtedly increase your monthly mortgage payments. This means that CitiMortgage pauses in their mortgage payments because of a period of time. This option allows owners to catch up on late payments and overwhelming debt. However, another option is a modification of the mortgage into a new loan with lower interest rates, or a greater length in time of repayment. Even if a home loan modification is less likely to receive, it is impossible to be approved for when dealing with the loss mitigation department and really deal with the loss of your home.
When you complete and return the package of viable solutions to CitiMortgage, they will appoint a representative mitigation of losses for you. When dealing with other people that your representative, you will often need or uncomfortable for immediate payments. If you are unable to get a response from them, and three weeks have passed, write a certified letter. In the letter stating their concerns and their desire to reach an agreement that works for both.
If your request is within reason, and you have provided evidence that you will be able to make payments in the future, you should be fine. If for any reason you are denied, and can not come up with the money owed, consider selling your home as soon as possible to avoid foreclosure and find some money. If you really want to keep your home, consider bankruptcy. Often, owners are reluctant or even afraid to get the help they need. Do not be, help is available for homeowners who want. There is no reason to be afraid, just be worried if you lose your home, that is when things are worse. Until then, help is available.
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