Every homeowner applicant can request their consideration, even if they have already been turned down on a prior application.
Citimortgage and Citibank, as per their agreement with the government, must offer this plan to every homeowner who applies, under the new federal guidelines and subsidies.
So if you have been refused a mortgage modification before, now is the time to reapply.
A positive answer to any of these questions below means that you may qualify: 1.
Is the home with the mortgage your primary residence? 2.
Did you receive your home loan prior to January 1, 2009? 3.
Does your mortgage balance below $729,750? 4.
Is your current mortgage payment in excess of 31% of your gross monthly income? (including homeowners dues, insurance, and taxes) If you answered yes to any of these questions, then contact the lending bank to apply for the affordable home plan.
No, not every borrower is eligible.
However, if you can prove to the lender that you qualify under its guidelines, then your loan's interest rate could be reduced to as little as 2%, for as long as 40 years.
The purpose of the plan is to help homeowners attained an affordable, sustainable monthly mortgage payment equal to 31% of gross monthly income.
Since Citibank will be paid by the Treasury Department for each completed transaction, they are now highly motivated to help their borrowers.
Or qualified homeowners will receive up to $5,000 for staying current on the new modified loan over a five-year period.
Before contacting Citibank, or sending them your application, check to be certain that you have all the information that you need for a smooth and successful application process.
Spending an hour or so, to study the application process, is an excellent use of your time, as so much depends on your success.
Be sure that you have everything you need to work directly with the bank, before you begin with Citibank on the loan modification process.
Citimortgage and Citibank, as per their agreement with the government, must offer this plan to every homeowner who applies, under the new federal guidelines and subsidies.
So if you have been refused a mortgage modification before, now is the time to reapply.
A positive answer to any of these questions below means that you may qualify: 1.
Is the home with the mortgage your primary residence? 2.
Did you receive your home loan prior to January 1, 2009? 3.
Does your mortgage balance below $729,750? 4.
Is your current mortgage payment in excess of 31% of your gross monthly income? (including homeowners dues, insurance, and taxes) If you answered yes to any of these questions, then contact the lending bank to apply for the affordable home plan.
No, not every borrower is eligible.
However, if you can prove to the lender that you qualify under its guidelines, then your loan's interest rate could be reduced to as little as 2%, for as long as 40 years.
The purpose of the plan is to help homeowners attained an affordable, sustainable monthly mortgage payment equal to 31% of gross monthly income.
Since Citibank will be paid by the Treasury Department for each completed transaction, they are now highly motivated to help their borrowers.
Or qualified homeowners will receive up to $5,000 for staying current on the new modified loan over a five-year period.
Before contacting Citibank, or sending them your application, check to be certain that you have all the information that you need for a smooth and successful application process.
Spending an hour or so, to study the application process, is an excellent use of your time, as so much depends on your success.
Be sure that you have everything you need to work directly with the bank, before you begin with Citibank on the loan modification process.
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