OUT OF WORK? If You Have a Home Loan with Citigroup, Mortgage Relief May Be Available!
FOR SELECTED BORROWERS NOW UNEMPLOYED, CITIGROUP MAY REDUCE MONTHLY PAYMENTS TO $500 FOR A THREE-MONTH PERIOD!
In a novel move, major U.S. Lender Citigroup will reduce the monthly mortgage payments for many of its home borrowers who have lost their jobs. Some might find their payments temporarily fall to $500 for a three-month period after they are accepted for the forbearance.
Citigroup is not the largest retail banking player in the Chicago Market, but does service thousands of loans here originated by the now-defunct LaSalle Bank, acquired by Bank of America in 2008.
As summarized by Michelle Chapman, AP Business Writer, as reported in Tuesday's edition of the Chicago Tribune, under the lenders Homeowner Unemployment Assistance Program, borrowers who have lost their jobs, are at least 60 days past due on their mortgages or in foreclosure, and who can afford the reduced amount would qualify. Only those with a first mortgage through Citi would qualify. The house must be a primary residence.
Program participants still unemployed after three months will have their mortgages reviewed individually to adjust payment options Borrowers who find work within 90 days may receive a long-term loan modification.
Citigroup is one of the lenders hardest hit by the current crisis in the credit markets. It's share price has nearly touched $1 in recent days. The lender has aggressively cut costs, reduced its workforce, and streamlined operations in recent weeks in an attempt to become more profitable.
Within the past week, the U.S. Treasury Department has attempted to shore up Citigroup with a $25 Billion infusion of Emergency Bailout Funds. In return, the government has received a 36% equity in the company. This is the third attempt to rescue the ailing financial services firm within the last five months.
DEAN MOSS & DEAN'S TEAM CHICAGO
