Citimortgage Loan Modification – Avoid Foreclosure

Citimortgage Loan Modification Avoid Foreclosure

If you are one of the many people who are facing trouble in making their monthly payments on their CITI mortgage, then Citimortgage loan modification is the answer for you.

Today, banks try to avoid foreclosures as much as borrowers do. They are usually happy when borrowers are paying monthly installments on time. Due to this reason, many lenders have started offering loan modifications to borrowers who have trouble paying back loan money due to their current financial conditions. Citimortgage loan modification is one such plan.

Citimortgage loan modification may help borrowers by either forgiving some amount of the principal or by reducing the interest rate applicable on the loan for a predetermined period of time. This allows the lender to reduce monthly installments. At other times, the lender may also plan to extend the term of the loan which will eventually lower monthly installments but will increase the overall loan payment amount. Loan modification is generally done to ensure that the borrower will continue making monthly installments.

Eligibility criteria for Citimortgage loan modification is similar to other loan modification programs and requires evidence of financial trouble such as loss of job, divorce, disability to work or increased daily expenses. The application process for Citimortgage loan modification is usually very stressful and long and requires loads of paperwork.

Since, the approval of the application is mainly based on assessing the financial situation of the applicant; all the provided documents should be current and accurate. Also, the approval takes a very long time due to the number of applications and the assessment of the accuracy of documents. This sometimes confuses people and they lose hope.

As per federal guidelines, the mortgage installments must be more than 31% of the total monthly income. However, some lenders may have a higher percentage requirement. Before applying, it is necessary to know if you qualify based on this requirement or not. Also, because hundreds of people apply for loan modification, it is essential to ensure that the application is error free.

Many professional loan modification firms also provide assistance in the loan modification process. These companies may complete the documentation for you and may also make a hardship letter for the client. Sometimes, they also do the negotiation with the lender which greatly improves your chances of receiving the modification.

Loan modification is a very useful product; however, when applying for it, you may need to be extra careful so as to ensure that your application gets approved. It requires following the guidelines and keeping abreast with the application process.

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