California Accosiation of Realtors Mortgage Update
MAKING SENSE OF THE STORY FOR CONSUMERS
· Citigroup is expanding its foreclosure prevention efforts by establishing a new program, Citi Homeowner Assistance Program, which only is available to homeowners who are current on their mortgage payments, but at risk of defaulting. Citi Homeownership Assistance Program will reduce monthly payments, including property taxes and insurance, to 40 percent or less of the borrower's income. The mortgage modification program will freeze or reduce interest rates, extend the terms of the loan, and possibly reduce the loan principal
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