CitiMortgage Loan Modification, Citibank Mortgage Modification

Citibank offers several loan modification programs to help people with different mortgage obligations and at different stages of payments. The preemptive home loan program aims at helping borrowers who are likely to default on their payments due to higher risk loans like adjustable rate mortgages. On the other хэнд, a foreclosure moratorium program is dedicated to those customers who do not want to part with their home and are willing to find solutions to their mortgage problems. Those who are delinquent on their payments can explore possibility of modifying the terms or interest rates of their mortgages through a suitable loan modification package.

CitiMortgage Modification Package

A typical mortgage modification package may contain one or a combination of the following:

• Reduction in Interest Rate either permanently or temporarily
  
• Extension of the term of the mortgage, thus reducing the amount of monthly payments
  
• Reduction in the loan principal amount or complete forgiveness of the same
  
• Mortgage refinancing to help borrowers pay the balancing amount
  

Citibank Mortgage Modification 2010

The success stories of those who have got through the loan modification process comfortably in 2010 should not make us believe that the application to a program is simple and free from fraud, complaints, scam, denial and even class action lawsuit in certain cases.