Citigroup's loan modification for borrowers in default include reducing the monthly mortgage payment by either lowering the interest rate, extending the loan's term, or forgiving part of the debt or a combination of those terms. Home owners who are in foreclosure can call Citigroup at 866.915.9417. Home owners who not yet delinquent may qualify for the Citi Homeowner Assistance program by calling 800.667.8424.
Eligibility Requirements for Citigroup Loan Modifications
- Citigroup must hold the first mortgage. It cannot be a second mortgage.
- The home owner must occupy the property as a principal residence.
- The home owner must be working in "good faith" with Citigroup and be truthful.
- The loan must be current.
- The home owner must require help to remain current on the mortgage.
- The existing mortgage payment must exceed 38% of the home owner's gross monthly income.
Citigroup will require a hardship package from borrowers consisting in part:
- Hardship letter (explaining how you got into the situation, what you have done to rectify it and why you need help)
- Financial statement (assets and liabilities)
- Proof of income consisting of consecutive documents such as 2 pay stubs or 2 bank statements or 2 years of tax returns.
