Citibank Loan Modification Help - Tips to Apply

Desperate borrowers needing Citibank loan modification help may be finally getting access to a more streamlined program. The New York based bank has opened a Hot Line and a direct email address to give borrowers a dedicated department to handle their requests. Citibank is trying to reach out to nearly 500,000 of their borrowers who are at risk for default due to adjustable rate mortgages. This approach is unique as most banks require borrowers to be delinquent before they are given assistance.

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Citibank loan modification help may be offered to borrowers who live in high unemployment areas and where home values have dropped significantly. Homeowners whose credit ratings have dropped or who show signs of financial problems may also be contacted. Unfortunately, not all borrowers will qualify for this streamlined program. Borrowers will have to provide the bank with proof of their income and financial statements that demonstrate the ability to pay the new lower loan payment.

The streamlined Citibank loan modification program will feature:

modified loan payment equal to more than 40% of the borrowers gross income interest rate reductions longer loan terms principal forbearance

Homeowners interested in applying for Citibank loan modification help should first take the time research and learn as much as possible about the lenders requirements for acceptance. Once a borrower understands the guidelines and what the bank needs to see in the loan modification application to qualify, they will have a better chance of success. The first step is to call the bank and ask them for the general guidelines. If they have an application package, ask that one be sent out. Then it can be reviewed and worked on until it will be acceptable to the bank. Taking time to research, learn and prepare is the best course of action to insure a better chance at success.

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