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Citi announced a new mortgage payment reduction program called Homeowner Unemployment Assist today to help unemployed borrowers avoid foreclosure. The program temporarily drops mortgage payments to $500 per month for a three month period. Borrowers who have a first mortgage on their primary residence owned by Citi and are either 60-days late or in foreclosure and can make the lower payment are eligible.
Citi is making the Homeowner Unemployment Assist program available for the next two years. The program may be extended to borrowers 30-days late or current who have recently lost their jobs, but that is not part of the first iteration of the plan.
Homeowner Unemployment Assist Qualification Criteria
Qualifying customers are CitiMortgage customers who have temporarily and involuntarily lost their jobs and who also meet the following criteria:
- Have a first mortgage loan that is: Owned and serviced by CitiMortgage, Inc.;
- Conforming to government sponsored enterprise (GSE) limits at the time of origination;
- For the principal residence of the customer;
- Are 60 days or more delinquent on their mortgage or in foreclosure;
- Have sufficient funds to make the reduced payment;
- Meet all insurer or guaranty requirements; and
- Are not eligible to participate in the FDIC’s long-term modification program, which has been adopted by Citi.
If you believe you are a candidate for this program please contact Citi at 1-800-283-7918 or visit www.mortgagehelp.citi.com.
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