CitiMortgage is the fourth largest servicer in the country, and manages a servicing portfolio of 5.7 million loans.
CitiMortgage is a division of Citi, a global financial services company, with 200 million customer accounts and business operations in more than 100 countries. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management.
What’s Being Done:
Citi’s ex-CEO Vikram Pandit has stated that Citi extending assistance to borrowers who are struggling to meet their commitments. As of May 2009, Citi has helped approximately 520,000 homeowners remain in their homes since the start of the housing crisis in 2007.
CitiMortgage offers the following assistance to qualified borrowers:
- Deferments, which are agreements to make portions of your mortgage payments at a later time. The total amount paid will be the same or more.
- Deferments can offer homeowners experiencing a temporary hardship a way to buy themselves more time.
- Forbearance or Repayment Plans allow borrowers who have been delinquent on payments to make regularly scheduled payments on the loan, with an added portion to make up for past due payments.
- Modifications rework the mortgage agreement, usually altering the interest rate or terms. Modifications may help homeowners whose situations have changed since the original loan agreement was signed.
- Partial Claims are additional one-time loans that help homeowners repay missed or partial payments. The existing mortgage loan takes priority for payment going forward, and the partial claim loan is repaid after the original mortgage loan is paid.
- Short Sales or Short Refinances, which is when the lender accepts less than the full payoff of a loan when the property is being sold to another party or a new loan is tranacted.
- Deed-in-Lieu of Foreclosure, which allows for the transfer of legal title of the property to the lender in consideration for forgiveness of the debt.
If you are currently delinquent, or think you might fall behind on your payments on a loan that’s being serviced by CitiMortgage, CitiMortgage recommends taking the following actions:
- Contact your lender
- Write a hardship letter
- Complete the necessary homeowner assistance forms
- Work with your lender or servicer to determine an affordable workout option
- Stick to the budget and follow the plan steps outlined by your lender or servicer
- Keep copies of your communication and documents
- Stay focused and continue communicating with your lender, servicer and the counselor
Whether you decide to go with a modification, repayment plan or extension, you will need to supply the following documents to your lender or servicer:*
- Breakdown of expenses (a budget from a counselor or a completed CitiMortgage Hardship Assistance Package)
- Proof of income, regardless of employment status:
- 2 recent consecutive pay stubs or
- 2 consecutive months of bank statements or
- 2 consecutive tax returns
The Office of Homeownership Preservation
Hours: Mon–Thurs: 6am–6pm PST
Fri: 6am–3pm PST