subject: Citigroup Loan Modification - Help For Returning Military Personnel [print this page] If you are just returning from active duty in the military to find your Citigroup home mortgage is in default, you may be able to get assistance through a Citigroup Loan Modification. Your service to your country should not cause you to lose your home. Your family has sacrificed enough.
Many times when Reservists and National Guardsmen are called up to active duty in the military, they are leaving behind good salaries to receive active duty pay while they are there. Their family is accustomed to a much larger monthly income, and they may even fall behind in mortgage payments and other bills. This scenario is a classic example of financial hardship.
President Obama has championed the passing of the 2009 Stimulus Package which included funding to help homeowners avoid foreclosure, the Making Home Affordable Plan. This program provides $1000 incentives to participating lenders to do loan modifications to lower monthly mortgage payments. This program also requires the lender to forgive late fees and penalties, which can get monumental in a very short period of time.
It is your good fortune that Citigroup is a participating and approved lender in this program. If you meet the other qualifications, you could get your loan reworked, obtaining a lower monthly payment. Besides proving financial hardship, you will need to be able to present your ability to pay the new, modified monthly payment in the future.
Your military service also provides you the protection of the law regarding other financial problems you may encounter with other obligations while you are deployed. The Servicemember's Civil Relief Act (SCRA) provides protection until 90 days after the end of your deployment from many different actions regarding debt that you acquired before you were deployed.
Our returning military should not lose their homes because of their service to our country. A Citibank Loan Modification could help you restore order to your financial situation when you return home.
