Citi is a company that has been highly active in looking for ways to make life easier on consumers over the last couple of years.
This has been especially true over the last few months, as they have rolled out new loan modification plans for home owners who need some change. Citi got hit hard when the economy was hurting, as many of their loan holders had trouble with their repayment plan. For this reason, they have been allowing many folks into a loan modification program that will give them the ability to actually pay off the loan over time. So what is this plan all about?
Hector Milla Editor of the “Stop Foreclosure Loans” website — https://www.StopForeclosureLoans.org — pointed out;
“…Those who apply now are seeing that they can get back on a home plan that makes sense. If you are one of those folks who has a home payment each month that does not mesh with your current financial ability, then you can take advantage of modification by putting in an application. The application process is relatively simple and straight forward, as it allows people to show that they are under a lot of financial pressure. You have to write a letter explaining all of this, and then it is reviewed by the company’s loan officers…”
So who can apply for this type of program? Anyone can apply, but only certain people will be given a new loan plan. If you are under big time financial stress as a result of some difficult situation, then you are a perfect example of someone who needs loan modification. This might mean you have lost your job unexpectedly. Maybe it means your debt to income ratio has reached levels where you’re really struggling. People can even qualify if they get into a situation where their home value is less than what they owe on that home. If any of these things happen, you could qualify for a better home repayment plan.
“…When you quality, Citi will work with you to come up with a solution. Their big goal is to get you back on track so that you can make payments each month and become a responsible home owner once again. This usually means lowering your interest rates to make your payment lower or maybe extending out your loan term to take some of the pressure off right now. In some cases, the principal will be knocked down or you can get a slight deferment. It all depends upon your situation and how Citi sees fit…” added H. Milla.
Further information about how to get professional assistance with a mortgage loan modification by https://www.StopForeclosureLoans.org