You can get a Citigroup loan modification; they have several guidelines in place that can help you achieve this, but you need to know that there are various qualifying points here. Some of the points that you will need to have in order to qualify for a Citigroup loan modification include:
o The home on which you are trying the loan modification must be your primary home and you should continue to live in it after the modification is done.
o You have to have some kind of genuine hardship which shows why you are not able to make the payment on your current loan.
o You have to give them all the assurance you can to indicate that you will make the loan payment when the terms have been revised.
o You have to give them proof of your current sources of income and also show them records of your expenses, which can help them gauge the amount of your condition.
When you are planning to go ahead with the loan modification from Citigroup, you have to first make sure that you have read through their requirement clearly. Citigroup has a well-defined loan modification application form that is different from that of other lenders. If you do not understand how to go about filling this form, make sure that you ask a representative at the bank who can guide you with it. In any case, many homeowners are going through do it yourself loan modification with Citigroup, but if that's not your cup of tea, do not hesitate to ask for help – that is better than getting forwarded anyway.
So, what does Citigroup do if it finds someone's application for loan modification to be genuine and up to their eligibility requirements? It may do one of the following things: –
o The loan payment may be modified so that is not more than 40% of the gross income of the household. For this, all proof of imports and outgoings need to be submitted and verified by Citigroup.
o The interest rates of the loan may be reduced so that they fit in with the 'not over 40% of gross income' dictum.
o The principle of the loan may be reduced, and some of the fees and charges because of late payment, bounced checks and the like may be waived off.
o The tenure of the loan may be extended so that the person gets a better chance to pay back the loan, with smaller monthly installments.
Citigroup is really taking due measures so that its clients are able to make the loan payments diligently. It has zeroed in upon half a million of its clients who are finding paying back their loans difficult and is already promoting their mortgage modification program to them.