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Citigroup Announces Program for Recently Unemployed Homeowners
Citigroup announced on Tuesday that the company has introduced the Citi Homeowner Unemployment Assist program. This is the latest program offered under Citi Homeowner Assistance, a multi-faceted program to help people avoid foreclosure and stay in their homes.
"Citi understands that unemployment is a major concern facing the American economy right now, and it especially worries mortgage holders," the company said in a statement. The program is designed to help recently unemployed homeowners who are currently delinquent on their mortgage by temporarily reducing the required monthly payment.
"Often when families lose their homes, they are forced to downsize to a one- to two-bedroom rental residence. Under the Homeowner Unemployment Assist program, Citi will lower required monthly mortgage payments for the majority of qualifying customers to an average of $500 for three months. $500 is below the cost of the nationwide average rent for a one-bedroom residence."
To qualify, homeowners must have a first mortgage owned and serviced by CitiMortgage, the homeowner must be 60 days delinquent on the mortgage payment, and the home must be the homeowner's primary residence.
Second mortgages and home-equity loans do not qualify for the program at this time. Also, only CitiMortgage loans are eligible. Other Citigroup businesses such as Citibank, CitiFinancial, and Primerica are not currently taking part in the program.
To participate, Citi requires that you:
If you have a monthly escrow payment of less than $500, your monthly payment will be $500. If your monthly escrow payment exceeds $500, you will be asked to pay enough to cover your monthly escrow payment.
If you do not have an escrow account with Citi and your pay your own property taxes and homeowners insurance out-of-pocket, your monthly payment will be $300. All payments will first be applied to escrow, taxes, and insurance. Any remainder of the payment will go towards principal with no interest accrued.
Borrowers who find a job during the payment relief period must resume making normal mortgage payments. Or, if eligible, borrowers may be able to receive a long-term loan modification under the company's streamlined program adopted from the FDIC.
Unfortunately, the job market is still pretty bad out there. If the borrower hasn't found a job by the end of the three month period, Citi will explore other alternatives with the homeowner on a case-by-case basis.
To see if you qualify for the program, CitiMortgage homeowners can speak to a Citi mortgage professional at 1-800-283-7918.
Source:
CitiGroup
"Citi understands that unemployment is a major concern facing the American economy right now, and it especially worries mortgage holders," the company said in a statement. The program is designed to help recently unemployed homeowners who are currently delinquent on their mortgage by temporarily reducing the required monthly payment.
"Often when families lose their homes, they are forced to downsize to a one- to two-bedroom rental residence. Under the Homeowner Unemployment Assist program, Citi will lower required monthly mortgage payments for the majority of qualifying customers to an average of $500 for three months. $500 is below the cost of the nationwide average rent for a one-bedroom residence."
To qualify, homeowners must have a first mortgage owned and serviced by CitiMortgage, the homeowner must be 60 days delinquent on the mortgage payment, and the home must be the homeowner's primary residence.
Second mortgages and home-equity loans do not qualify for the program at this time. Also, only CitiMortgage loans are eligible. Other Citigroup businesses such as Citibank, CitiFinancial, and Primerica are not currently taking part in the program.
To participate, Citi requires that you:
- Provide proof of unemployment
- Are actively seeking employment as verified through State Unemployment benefits receipt, letter, etc.
- Are involuntarily unemployed for less than six months
If you have a monthly escrow payment of less than $500, your monthly payment will be $500. If your monthly escrow payment exceeds $500, you will be asked to pay enough to cover your monthly escrow payment.
If you do not have an escrow account with Citi and your pay your own property taxes and homeowners insurance out-of-pocket, your monthly payment will be $300. All payments will first be applied to escrow, taxes, and insurance. Any remainder of the payment will go towards principal with no interest accrued.
Borrowers who find a job during the payment relief period must resume making normal mortgage payments. Or, if eligible, borrowers may be able to receive a long-term loan modification under the company's streamlined program adopted from the FDIC.
Unfortunately, the job market is still pretty bad out there. If the borrower hasn't found a job by the end of the three month period, Citi will explore other alternatives with the homeowner on a case-by-case basis.
To see if you qualify for the program, CitiMortgage homeowners can speak to a Citi mortgage professional at 1-800-283-7918.
Source:
CitiGroup
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