People who find themselves unemployed and behind on the mortgage, may find help coming from an unusual source, their mortgage company. Even though CitiMortgage is facing tough times as its stock plunges to almost $1 a share, they have not forgotten they are the not the only ones facing hard economic times. The company has announced recently it has plans to help homeowners who are behind on their mortgage.
CitiMortgage announced on March 3rd, that they will be reducing the payments of homeowners who have lost their jobs and are behind on their payments. Borrowers who find themselves 60 days or more behind on their payments, or those who are in foreclosure may be able to reduce their mortgage payment to $500 per month for three months. You cannot participate if you are eligible for a long-term loan-modification using criteria developed by the FDIC and adopted by Citi. The new Homeowner Unemployment Assist initiative is available only for first mortgage loans on a principal residence. Your mortgage must have conformed to Fannie Mae and Freddie Mac's limits at the time of origination.
This is good news for many homeowners. Thousands of homeowners may be eligible for this relief initiative. If they are still unemployed after the three months, CitiMortgage has stated they will continue to work with homeowners on an individual basis. It is really wonderful to see a mortgage company step up in the midst of its own financial hardship and help the American Homeowner. This is especially good news for homeowners who may have feared foreclosure as the moratorium that was in place with CitiMortgage will lift on March 12.
Once again this shows that in the long run, purchasing a home is a good investment that will not be lost in times of trouble. Sandy's Team can help you buy an affordable home in Baton Rouge or anywhere in Ascension Parish, Livingston Parish, and East Baton Rouge Parish.
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