People who are knowledgeable of the existence of the mortgage modification by Citibank from a few years ago are also aware of how obtaining the program used to be so difficult.
But nowadays, this loan modification program has been greatly simplified because they have seen the negative effect of the current financial downfall which has affected everyone in the United States.
The current government administration has instructed every bank and financial establishment to support homeowners who are trying to satisfy their home loan repayment.
The application process for Citibank's loan modification has been changed in order for the borrower to have a lowered interest rate which relatively, reduces their monthly installment.
Aside from this, borrowers have also been given an increase with their repayment tenure.
If the borrower's financial situation is much graver, both new modifications are entitled to him just so he can comfortably pay off his existing home loan.
In cases where the financial situation of the borrower is deemed extremely serious, the principal amount may also be considered and reduced.
This is only rarely done but nonetheless, it is still possible given such serious instances.
The loan modification program by the company has enabled the existing home mortgage of their borrowers to be restructured in a more affordable monthly installment manner.
This way, the borrower can repay his loan more easily and comfortably.
If you are interested in applying for the bank's modification program, you must ask the requirements for applying through their department for loss mitigation.
They will help you in determining if you are or are not qualified for any of the bank's modification programs.
In addition, the department will assist you in making a decision regarding which program suits you best, given your current situation as well as how well you will benefit from the program.
Once you have been notified, you can then decide on which program you want to choose and make the necessary application arrangements.
Your next step is to put together the necessary financial documents which are needed for submission along with the company's application form.
In order to get an approval on your application for mortgage modification by Citibank, it is important to write a well structured hardship letter which summarizes your current financial status along with the reasons this occurred.
In order to make this letter, you can use the help of a professional to ensure that it is done appropriately and accurately.
Lastly, you must provide information on your monthly income and expenses so that the bank has an idea that you are able to repay your home loan.