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Citibank Mortgage Modification

Citibank Mortgage Modification is a mortgage assistance program offered by the bank to eligible homeowners who are most likely to lose their homes on foreclosures due to inability on their part on making their mortgage payments. The bank has introduced a number of mortgage help to assist potential homeowners to keep their homes by making timely repayments. Mortgage modification programs and various other mortgage payoff programs are made available by the bank to those borrowers who are in serious financial troubles. Loan modification allows the borrowers to get a more affordable repayment term that will help them to avoid late payments and defaults.

Citibank launches it Homeowner Assistance program which will be reached out to a selected group of about 500,000 homeowners whose mortgages are hold by the bank. All these homeowners are not behind on their payments however, some of them may require a little help to remain current with their mortgages. This new effort from Citibank is expected to reach about $20 billion in workouts of underlying mortgage balances. The bank focuses to those borrowers who are likely to come under extreme economic distress.

On the other hand, Citibank extends its foreclosure moratorium practice for those borrowers who are on the verge of losing their home on foreclosures. The bank will implement the practice of not starting a foreclosure or completing the foreclosure sale for any potential borrower whose mortgage is own by Citi. The bank is also working with a number of investors to expand the program for mortgages serviced but not owned by the Citibank. Moreover, the bank has recently streamlined all the loan modification programs to rework delinquent loans. A loan modification program will simply bring an affordable monthly repayment through interest rate reduction, forgiveness of principal or extension of loan term.

Since early 2007, Citibank has assisted about 370,000 families to prevent foreclosure of their homes. This was possible only through mortgage modifications and loss mitigation actions undertaken by the bank. The efforts made by the bank include:

Office of Homeownership Preservation (OHP): Citibank's OHP has joined hands with a number of counselors and mortgage borrowers to find out alternatives to home foreclosure.

Counseling Workshops in 25 Cities: In 2008, the bank co-hosted events and workshops in 25 cities of the U.S for delinquent borrowers together with local community-based housing counseling organization.

Financial Education: Citibank's Office of Homeownership Preservation has developed two curriculums in collaboration with the Office of Financial Education to provide training program and information on financial strategies for the homeowners.

Planning Grants: Citibank and Citi Foundation offers funding options of up to $100,000 for planning grants and providing technical assistance to 14 communities which were seriously affected by residential housing foreclosures.



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