We understand that many homeowners across the country are having trouble making their mortgage payments. We also understand that your situation is personal. That is why CitiMortgage is here to help you find a solution that works for you.
We offer a variety of options to allow you to stay in your home.
Repayment Plan. Through this type of plan, you enter into a written agreement with CitiMortgage to allow you to suspend your payments for a period of time. This agreement is typically used if you have had a short-term reduction of income that severely impacts your ability to pay. At the end of the period in the agreement, you pay back the accumulated amount you owe in a lump sum. Or you might be able to set up a plan under which you pay your regular monthly mortgage payment and an additional amount each month to catch up on the delinquent payments over time. The repayment plan brings your account current over time as the payment obligations are met.
Deferment. In this situation, you agree to make portions of your mortgage payments at a later time. While the total amount paid will be the same or more, a deferment can be a way for you to buy more time and remain in your home if you are experiencing a temporary hardship.
Modification. Sometimes, if your income or financial circumstances change long-term, you may be unable to pay your existing monthly mortgage payments on an on-going basis. While you may not be able to refinance your mortgage, you may qualify for a mortgage modification. An example of a modification program is the recently introduced government program - the Home Affordable Modification Program, or HAMP. In addition to this program, there are similar lender-specific programs which CitiMortgage may be able to offer you if you do not qualify for HAMP.
If I find myself in a situation of foreclosure, what are my options?
We also have options if you are unable to remain in your home.
Short Sale. A short sale is when you sell your house for less than the principal balance of the existing mortgage. Typically in a short sale, the homeowner is experiencing a financial hardship, and the property may be listed for sale at less than what is owed on the existing mortgage. The lender may agree to accept less than the full amount owed in order to consider the mortgage obligation complete.
Deed-In-Lieu. A deed is a legal document that provides a record of ownership for a particular property. By signing over the deed, you are transferring ownership to the lender. Once the Deed-In-Lieu is completed, you are released from your mortgage obligation to the lender.
In both short sale and deed-in-lieu situations, you must be willing to leave your home and must work with your lender to ensure the process is fully documented.
We know it can be difficult to understand all of these options and figure out the best solution. However, the more you know, the better informed you will be when making a decision regarding your home.
How can I reach out for help?
The most important thing you can do is to contact us so we can help you find the solution that is most appropriate for your situation. We have a dedicated team waiting to help you. Contact us at (866) 272-4749†.
We are here for you.
What's the process that you follow?
The specific processes that we follow can sometimes seem complex and even confusing when you are a homeowner facing financial challenges. We understand that homeowners want to remain informed about the status of their loans. In many cases, our specific process reflects procedures necessary to meet federal and state requirements. For example, there are specific requirements necessary for a borrower to qualify for government programs such as HAMP. We care for our customers, and we recognize that these are difficult times for many. Our customer service teams look forward to working with you to help resolve your questions. If you need assistance with the process, we encourage you to contact us at (866) 272-4749†.
I've read a lot about inappropriate actions by banks. Is there a problem? Do I need to worry about it?
As the global economy suffered and many homeowners struggled, financial services companies faced new demands on back-office processes. Those back-office processes are now coming under review by customers, regulators and government authorities.
At the same time, everyday economic concerns exist for many homeowners - people who work hard and want to stay in their homes. We want to make sure our process is clear and our communications are open. We want to answer questions or concerns you may have about your mortgage.
Specifically, here's how you can reach us with questions:
Contact us regarding your specific financial situation by calling (866) 272-4749†.
There has been a lot of negative press regarding banks. Why should I trust you?
We understand you have questions about how banks have operated.
We're in business for our customers. We're proud of the efforts we take to make sure questions are answered and concerns are addressed.
That's why we want to make sure our process is clear and our communications are open. We want to answer any questions or concerns you have about your mortgage, your home or our business practices. Call (866) 272-4749†.
Office of Homeownership Preservation
† Calls are randomly monitored and recorded to ensure quality service.
I am two months behind on my mortgage. My home is NOT underwater. It is worth more than what I owe. I received a letter from Citi giving me options if I did not want to keep my property. Those options were, DIL, short sale, and Temporary Suspension of Payments to allow the sale of a home. This option only applies if the full amount of the loan can be recouped by the sale of the home, which I qualify for. When I called Citi to ask to exercise this option I was told it does not exist. How is this possible? I have the letter offering this option right in front of me! What gives here? Is this something fraudulent on the part of Citi Mortgage??? I am being steered toward a short sale when my property is worth much more than what I owe!
Reply to this comment by Tracy on 12/22/2011
Tracy, I appreciate your frustration and apologize for the confusion. I've forwarded your email and comment to one of our mangers. Someone will be reaching out to you very soon, if they haven't already.
Reply to this comment by CitiMortgage on 01/11/2012 in response to Tracy
I need help with transferring my mortgage to my Sister. I think this is called Assumable Mortgage. We have filed for bankruptcy and don't want to lose our secondary home. My sister is living at the home and wants to take over the mortgage. I have been laid off from my job and can not afford two mortgages. I have missed several payments and received notice of foreclosure recently. Please help we do not want to lose our home. Thanks.
Reply to this comment by Wanda on 05/04/2011
Wanda, I forwarded your information to someone that can help. You should have already been contacted, but if not please let me know.
Reply to this comment by CitiMortgage on 05/20/2011 in response to Wanda
Please email me a hardship form to fill out and fax in. I have look all over this website for citimortgage and can not find it. Thank you.
Reply to this comment by Hugh Carithers on 02/03/2011
Your information has been forwarded to someone that can help. The Homeowner Assistance Form - Online Application as well as other helpful documents can be found on the CitiMortgage.com web site. To locate these items, select the “Homeowner Assistance” link from the top of the home page. Once at the Homeowner’s Assistance page, select Forms and Downloads from the menu located near the top of the page. You will find the link to the online application at the top of the page.
Reply to this comment by CitiMortgage on 03/30/2011 in response to Hugh Carithers
I am a CitiMortgage customer who is experiencing financial hardship. I have faxed and mailed the Homeowner's Assistance Program documents and called on numerous occasions, and have not received a response. Maybe you can help me, I've tried everything. What do I do next? I don't want to lose my home! HELP!! Thank You.
Reply to this comment by Manuel on 01/10/2011
Your information has been forwarded to someone that can help. You should hear from us soon.
We apologize for the experience you've had. We continually work to improve our processes to avoid these kinds of issues. We greatly appreciate your taking the time to let us know about your experience.
Reply to this comment by CitiMortgage on 01/21/2011 in response to Manuel
Good Afternoon, I am interested in purchasing a home that is currently owed by CitiMortgage and not sure how I would go about purchasing. Can you please help? Thank you. The home is not posted on your REO page.
Reply to this comment by Barb on 11/23/2010
Thank you for your inquiry about CitiMortgage-owned properties. For a listing of available properties, please go to www.citimortgage.com and select the link for “Properties Available for Sale” to do a search by city, county, etc. to find available properties (Direct link: https://www.citimortgage.com/Mortgage/Oreo/SearchListing.do). The link can be found in the lower portion of the page. However, If Citi Mortgage did not own the loan, and was only servicing it for an investor it is likely that we no longer have control of the property. Accordingly, we may not be the party that lists it for sale.
Reply to this comment by CitiMortgage on 12/17/2010 in response to Barb