For those of you who own a house with a Citi mortgage, you might be interested in this announcement made by Citi Group to help homeowners avoid foreclosure.
Citi Group will reach out to a group of 500,000 homeowners to help them stay current on their mortgages, and it could result in a $20 billion dollar workout on existing mortgage balances. They will also extend their foreclosure moratorium to those homeowners with sufficient income to pay a restructured payment plan and work in good faith with Citi to stay in their home.
Citi is one of the last large mortgage lenders to roll out a homeowner assistance program, but it comes at a huge time of need. If you are behind on your payments or you think that you might get behind on your payments within the next two months, follow these three steps to help save your home.
Step 1: Immediately contact your lender and explain your situation. Prove to them with financial records that you cannot afford the current mortgage payment, but you want to save your home. Letting them know that you are interested in staying in the home is huge and being cooperative with your lender is the first step to saving your home.
Step 2: Start brainstorming ways to increase your monthly income. Can you take a certification course that will give you a raise at work? Can you take a second job? Can the stay-at-home mom take a part-time job? Do you have a ton of stuff that you can sell? Start brainstorming with your spouse or significant other to increase your income by about $500 to $1,000 a month.
Step 3: Create a support team. Let the people closest to you know that you are struggling to keep your home. You will be surprised at how they can help you, their ideas, connections, and the power of loved ones to support you.
Don’t give up on your home unless you have exhausted all possible options. It’s in your best interest to keep your home. No one wants to go through with foreclosure, including the bank. That’s why they roll out these assistance programs. Follow those three steps, and you will be on your way to keeping your house.