We want to share some information with you (that you may have heard about elsewhere) regarding the outcome the National Mortgage Settlement agreement reached by major mortgage loan servicers including CitiMortgage, Inc., Bank of America, JP Morgan/Chase, Wells Fargo, and Ally Financial.
CitiMortgage has agreed in principle to provide assistance to eligible homeowners. Through this agreement, assistance will be provided to homeowners in several ways to make loans more affordable and help keep people in their homes. The assistance will also be used to help homeowners who may choose to sell their properties. CitiMortgage will begin making assistance available in the coming weeks.
Please note: the consumer benefits will be available only from CitiMortgage if your mortgage is owned and serviced by us. If your mortgage is only serviced by CitiMortgage but is owned by another financial institution, unfortunately, you are ineligible for the consumer benefits available under this settlement agreement. Whether or not you are eligible for consumer benefits under the settlement, please contact us if you are suffering any hardship in paying your mortgage. We have many programs that may be able to help you. If you are serviced by CitiMortgage, please call 1-866-751-6911†.
I'm sure you are wondering who might be eligible for this financial assistance. There are many specific eligibility guidelines. This is not a complete list, but in general, the settlement allows mortgage loan modifications or refinancing for homeowners who:
- Have either a 1st or 2nd mortgage on a property that is occupied
- Are "underwater", meaning they owe more than the current market value of the property
- Have a mortgage owned and serviced by a participating servicer (e.g., CitiMortgage)
In March, CitiMortgage will be prepared to evaluate our customers for eligibility under the settlement programs. If you need more immediate assistance, we may be able to help you now. Please call 1-866-751-6911 or send an email to firstname.lastname@example.org.
We will also be adding a new forum category in the Homeowner Support Forums where you can go to start new discussions, ask questions, and connect with other homeowners who will be discussing these new programs.
Mike Cardace, Citi
† Calls are randomly monitored and recorded to ensure quality service.