CitiMortgage announced the Citi Disabled Veterans Mortgage Relief Program, a new initiative that will allow veterans disabled in the line of duty to make reduced monthly payments on CitiMortgage-owned mortgages. The new program will offer an interest rate reduction of 2.5% percent on existing mortgages for a period of two years. Surviving spouses of military personnel who died while on active duty may also be eligible for the program.
The offer is part of the Citi Homeowner Assistance Program, which features a number of initiatives to help borrowers in hardship. Borrowers do not have to be delinquent or facing imminent default to participate in the program, and there are no fees to participate.
"At CitiMortgage, we are committed to helping serve the needs of current and former members of the armed forces," said Sanjiv Das, CEO of CitiMortgage. "We recognize that disabled veterans may be having financial difficulties in this challenging economic environment, and they warrant our heightened consideration. If they do not qualify for other assistance programs that are available, we are offering this program as another potential form of support."
About the Citi Disabled Veterans Mortgage Relief Program
Homeowners are first evaluated for eligibility for a permanent mortgage modification. Those ineligible for a permanent loan modification may then be considered for the Disabled Veterans Mortgage Relief Program. CitiMortgage will bring qualifying clients' loans current if they are delinquent by waiving outstanding late fees and forbearing all past due amounts and other uncollected fees. Program details:
o The program is being offered to veterans disabled in the line of duty.
o Surviving spouses of military personnel who died while on active duty may
also be eligible for the program, if they are co-borrowers on the loan.
o Applicants must provide their discharge documents and a letter from the
Department of Veterans Affairs confirming they have a service-connected
disability.
o The loan must be a first mortgage owned by CitiMortgage on the principal
residence.
o The program is open to both current and delinquent borrowers.
o There is no requirement to prove financial hardship.
o Applicants must also sign the program agreement and, if they are currently
delinquent, make one reduced payment before being enrolled. Federal Housing Administration (FHA), Veteran's Affairs (VA), Rural Development and loans currently under the Servicemembers Civil Relief Act (SCRA) protection are not eligible for the program.
CitiMortgage is including a notice about the program in its May 2011 mortgage statements. The company is also targeting an email campaign about the new program to its client base. Interested veterans should contact CitiMortgage directly for full details by calling (800) 283-7918.
Citi has a long-standing commitment to complying with the Servicemembers Civil Relief Act and the protections available to military personnel.
CitiMortgage Series of Initiatives to Help Homeowners
Below are some of the programs Citi has implemented since the economic crisis began in order to assist at-risk borrowers in finding loss mitigation solutions tailored to meet their needs. Since January 2007, Citi has helped more than 1.1 million homeowners in their efforts to avoid potential foreclosure on mortgages totaling more than $135 billion.
o Citi Unemployment Assist Program - Since March 2009, this program has served as a bridge to longer-term solutions for certain qualifying recently unemployed and delinquent borrowers with Citi-owned mortgages. The program lowers monthly mortgage payments to an average of $500 for three months for most eligible borrowers.
o Citi Homeowner Assistance Program (CHAP) - Launched in November 2008, CHAP includes a series of initiatives designed to proactively help potential at-risk borrowers remain current on their payments and ultimately remain in their homes.
o Office of Homeownership Preservation (OHP) - Established in 2007, OHP provides a range of support services that go beyond modification of a mortgage loan, including an extensive partnership network with non-profit organizations that offer legal assistance, counseling and translation services to borrowers.
To see the most recent comprehensive report about Citi's foreclosure prevention efforts, please go to: Citi U.S. Consumer Mortgage Lending Data and Servicing Foreclosure Prevention Efforts, Fourth Quarter 2010.
For further information please call 1-800-283-7918 or visit www.citimortgage.com.
Is this a real program or a scam? I submitted my materials in June and haven't heard back. I just talked to someone at the refinance status team (Mark #739693) who said Citi has never offered such a program and said that this website doesn't exist.What's going on?
Reply to this comment by Kenneth Arbogast on 11/08/2011
Hi Kenneth. I apologize for the confusion. The Citi Disabled Veterans Mortgage Relief Program is available for Citi-owned mortgages. I forwarded your email and comment to one of our managers. Someone will contact you directly.
Reply to this comment by CitiMortgage on 11/11/2011 in response to Kenneth Arbogast
Good morning from Afghanistan. Currently on deployment, but headed home soon. Back in 2008 in Cedar Rapids Iowa we were flooded out. My wife and I chose to rebuild but the house next to us they chose to walk away from the home and the loan. Currently the house sits with food still in the kitchen from 3 years ago. This house was originaly mortagaged by a company called ABN. When I contacted ABN I was told their mortgage side of their company was bought by CitiBank. This home needs to be tore down and I also know if Citi forcoses on it then the bank will be liable to do that. I am interested in purchasing it as is. I would like to tear it down and use the lot as a yard. Who can I write to or call to get things going? If the bank plans on writing it off I would be willing to offer some money for it. Since I am not the mortgage holder no one will talk to me. Can you please point me in the right direction. Thanks CW2 Kiene Shawn TF Red Bulls
Reply to this comment by shawn kiene on 06/27/2011
Hi Shawn. I forwarded your information to someone that can assist you. I understand they emailed you with some information on how to pursue purchasing the property. Best of luck!
Reply to this comment by CitiMortgage on 07/13/2011 in response to shawn kiene
This program is a joke! Why do you come up with a program and present it to the public as helping veterans, when you do not let anyone whose loan is guaranteed by the Veteran's Association qualify? That makes no sense because most veteran use their VA benefit. We still pay YOU each and every month faithfully, but since you only take the mortgage check, we don't qualify. How is that fair????
Reply to this comment by Tralyn on 05/26/2011
Hi Tralyn. I forwarded your information to one of our specialists that can assist you. Unfortunately, they've not been able to make contact with you using the email address you provided. Please let me know if you still need assistance.
Reply to this comment by CitiMortgage on 06/30/2011 in response to Tralyn
According to Tralyn Email, I am in the same boat with a VA Guaranteed loan, Why advertise this where you have such a high percentage of Vets, I'll waiting for someone to get back to me. PS: I called Va as well and spoke to a counslor and they are more than welcome to help the vet out.
Reply to this comment by Mike K on 01/31/2012 in response to carolyn marshall
Thank you for the post, Mike. I forwarded your email and comment to one of our managers. Someone will contact you directly to assist you. I apologize for the experience.
Reply to this comment by CitiMortgage on 03/02/2012 in response to Mike K