
Citimortgage Loan Modifications.
Citimortgage is a subsidiary of Citi Bank, one of the largest banks in the US. Because of their size, they have been overwhelmed by requests for loan modifications and refinancing due to the current foreclosure crisis. Researching the ability to successfully achieve a Citimortgage loan modification has returned varying results. Many homeowners in distress have complained that Citi will accept them for a trial period then deny them a permanent loan modification even if they were perfect during the trial. It’s bad enough that they are denied a permanent modification but there’s more. Homeowners are complaining that they are in worse shape after they finish the trial period. It seems that Citibank assesses fees and charges that accrue during this period and are added on to the late payments which they demand you bring current after denying you help. It has gotten so bad that a class action law suit has been filed against them. More information on this case can be read here.
Requirements for a Citimortgage Loan Modification
Not much information was given on Citimortgage’s website about their loan modification procedure. They do allow HAMP modifications, but refer you to other websites for more information. What they do ask for is as followed:
- Pay stubs dated within the last 30 days, covering at least a 60-day (2-month) period.
- W2/tax return or year-end business statement (if applicable) for the prior year.
- Personal bank statements from the last 6 months.
The one thing picked up from their website is they have a section specifically targeting underwater homeowners. They offer the ability to refinance to a lower interest rate through the Homeowner Affordability and Stability Plan. If you want more information on loan modifications through Citimortgage, you must log into your account with them and submit the aforementioned information. There was no indication that Citimortgage is reducing the principle of the mortgage.
If you are unable to qualify for a Citimortgage Loan Modification, or you have no interest in staying in your home, make sure you have the option of attempting a short sale. Make sure that you choose a company with a successful track record and who knows what they are doing in oder to avoid a 1099 or a deficiency judgment. . For more information about the process contact us today. We assist homeowners in Broward and Miami-Dade Counties, especially in Hollywood, Miramar, Plantation, Pembroke Pines, Cooper City, Hallandale and Hialeah who need foreclosure help or a short sale realtor.

