Citigroup Mortgage Loan Modification Help - Tips to Qualify

Homeowners may get relief from unaffordable home loan payments with a Citigroup loan modification program over the next 6 months. 500,000 high risk Citigroup borrowers who are current on their payments but are at risk for default could be contacted to discuss a loan workout program to provide a more affordable home loan payment. The goal is to provide a new modified loan payment that equals 40% of the borrowers gross income.

Borrowers who are interested in a Citigroup loan modification will have to provide documentation detailing their income and expenses to meet the 40% debt ratio requirement. Debt ratio is a percentage figure that represents the portion of gross monthly income that is spent on housing. When you add up principal and interest payments, property taxes, insurance and homeowners dues (if applicable) then divide that total by the gross monthly income, you will obtain the debt ratio. Citigroup will arrive at the new modified payment by:

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First reducing interest rates Extending loan terms Finally, reducing the loan balance

The homeowners located in high unemployment areas and where home values have declined sharply will be first to be offered a Citigroup loan modification. Some of these areas are California, Arizona, Florida, Michigan, Indiana and Ohio. Borrowers whose credit scores have dropped or have other signs of financial difficulty may also be contacted. These borrowers will be asked to complete a loan modification application and provide proof of their income and expenses. Depending on the information received from the homeowner, a loan workout solution may be offered.

Borrowers need to learn how to complete the Citigroup loan modification paperwork properly to increase their chance of approval. Knowing how to fill out the financial statements, complete a family budget and calculate the debt ratio will be able to present an acceptable loan modification application. It is extremely important to have a general understanding of the process before contacting the lender. Even the most deserving homeowner may be denied if the paperwork is not completed properly.

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