The Home Affordable Modification Program, also known as HAMP, is a federal program that allows borrowers who are in default, at risk of imminent default, or in foreclosure to modify their existing mortgage payment to 31% of their monthly gross (pre-tax) income. It also usually involves a decrease in the current interest rate on the mortgage. The intent of the program is to keep borrowers who are experiencing financial hardship in their homes and avoid foreclosure.
You may be eligible for HAMP, if your:
· home is owner-occupied
· first mortgage principle balance is no more than $729,750 (single unit property)
· loan originated on or before January 1, 2009
Note: Borrowers must be able to fully document income, including signed IRS 4506-T, proof of income (i.e. paystubs or tax returns), and sign an affidavit of financial hardship.
If you are experiencing a financial hardship and meet these minimum requirements, please contact Citi at 1-877-363-2065 or visit CitiMortgage.com/Homeowner Assistance to further discuss eligibility and qualification criteria.