Citigroup will help the unemployed with mortgage payments.

is an American multinational investment bank and financial services corporation Citigroup Inc. is a financial institution that provides services including investment banking, credit cards, and loans. Some homeowners will have their mortgage payments lowered to $500 per month for up to three months through a new program. The program provides families with breathing room to find new employment without as much stress about making their mortgage payments. This new mortgage assistance is part of a program to help people who are unemployed.

Qualifications for Citi Mortgage Unemployment Program

Homeowners who are unemployed and who may qualify for mortgage assistance from Citigroup include those who are 60 days or more past due on their mortgages or those homeowners who are in foreclosure. These homeowners must have a first mortgage loan that is owned by CitiMortgage Inc. and serviced by them. The service can only help a limited number of people. Also, the loan cannot exceed a certain amount set by the government. The loan must be within the limits set by the government sponsored enterprises and cannot exceed a certain amount set by the government. The residence in question must also be the customer’s primary home.

Citigroup has predicted that a large number of homeowners would be eligible for the program over the next two years. Also, read how just staying in your home can help you avoid foreclosure.

Citigroup said that homeowners who enter the program and who are still without jobs after three months will have their mortgage handled on a case by case basis, in order to come up with the best payment option for both the homeowner and Citigroup. This means that the terms of the agreement can be changed.

Other homeowners that are able to find work within the three-month period can go back to paying their original mortgage amount, or they may receive a long-term loan modification. Once someone has a new job, they can decide if they want to stay at that job or look for a new one. Citibank may be willing to reduce their mortgage payments on a permanent basis.

The federal government has also created a program to help those who have lost their job. The Home Affordable Unemployment Program can give homeowners a few months of help, and effectively buy them time to get things back on track.

If you would like to learn more about the Citi Mortgage Unemployment Program, you can dial 1-800-283-7918. A customer service representative may also discuss other programs that are available.

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