Three Different Home Loan Modification Programs to Help Homeowner
Three Different Home Loan Modification Programs to Help Homeowner
If you have had a change in your income and think that you may have trouble keeping up with your payments, contact the company that carries your mortgage. Many mortgage companies are now offering loan modifications to the people who meet the qualifications.
It is not to the mortgage companies' benefit to repossess your home. They would much rather that you were able to keep making your payments then have take possession of you home. Keep this in mind when you approach them with the idea to keep your home mortgage restructured.
Citi now has started an Unemployment Assist Program. They realize that the present difficulties facing most homeowners today are not of their own making. This program helps by reducing mortgage payments for a few months. This home loan modification is only a temporary measure, though. If you are looking for a longer term change to your mortgage payments, you should be certain that the representative knows that.
Getting in touch with your mortgage carrier can help prevent you from losing your home. They realize that having to uproot your family to move to smaller place can create further strain on your family. Many times such moves require new schools and the loss of friends for your family.
To qualify for this program, you may be required to write a letter stating your difficulties and why you think you should be consider for loan modification. You will also be expected to show proof that you will be able to meet the new payments.
Citi has three different programs to help the homeowner stay in their homes. The first one is for people who have adjustable rate mortgages. There is another program that is a moratorium on foreclosures. The third is the home owner assist program that helps home owners get a home loan modification.
The key to getting this help is to contact the representative before you get so far behind you will never be able to get caught up. Then make sure that you can show proof that you will be able and willing to meet the new payments.