This entry was posted
on Tuesday, November 25th, 2008 at 4:54 am and is filed under search for foreclosure homes Foreclosures.
You can follow any responses to this entry through the RSS 2.0 feed.
Responses are currently closed, but you can trackback from your own site.
More Resources:
How to invest in Florence forclosures, how to find Peoria foreclosure list, how to get the most out of North little rock foreclosed homes, how to buy Littleton foreclosure properties, search for San diego bank foreclosures, how to find Danbury foreclosure listings, learn how to invest in Fort lauderdale foreclosures, all you need to know about Decatur foreclosure, find cheap Kokomo foreclosure list, search and buy from our Independence forclosures, how to make the best real estate deals with Slidell foreclosure, Search and find Montgomery village foreclosure listings, investing in cheap Pontiac foreclosure list, how to find bargains Saint peters foreclosure listings, great real estate bargains with Belen real estate foreclosures, buy cheap Springfield gardens forclosures, how to find thousands of Willingboro foreclosure listings, learn how to invest in Statesville bank foreclosures, become a real estate investor with Muskogee bank foreclosures, find thousands of Rock hill foreclosure list, search and invest in Chattanooga real estate foreclosures, make the most out of Lancaster forclosures, become a real estate investor with Ogden foreclosed homes, how to invest in Manassas bank foreclosures Bank Foreclosure Foreclosure Homes Foreclosure Listings foreclosures in California foreclosures in indiana foreclosures in Michigan foreclosures in Texas foreclosures in Missouri foreclosures in North Carolina foreclosures in New York
CitiMortgage, the fourth biggest mortgage lender in the United States, has launched a payment program aimed at helping homeowners who are having difficulty meeting their mortgage payments avoid the threat of foreclosure.
The homeowners assistance program targets about 500,000 customers of CitiMortgage who are still able to pay their monthly mortgage payments on time but who resides in areas where unemployment rates are increasing and prices of homes are rising.
CitiMortgage Chief Executive Officer Sanjiv Das assures borrowers that the lender will help modify their loans before they miss any payments that may lead to foreclosure of their properties.
The said plan is patterned after the modification program of the FDIC IndyMac. The FDIC program adjusts mortgages for homeowners who are delinquent so that their payments will not be over 38 percent of their total income.
CitiMortgage’s program calls for modification of mortgages that are at-risk to 40 percent. The lender will also adjust loans by cutting the principal owned by homeowners, extending the loan term or lowering the interest rate.
The lender can also modify the monthly payment of borrowers to make it affordable by extending the mortgage loan up to 40 years and then lowering the interest rate to at least 1 percent for two years. This option will allow borrowers to avoid foreclosure.
This program will not be offered to borrowers who are already behind their mortgage payments. It is only for those who are at risk of defaulting on their payments because of circumstances, particularly job loss.
Meanwhile, CitiMortgage has announced that its moratorium on mortgage foreclosures is extended. To be eligible for the extension, homeowners have to stay in their homes which are their principal residence, must be financially capable of paying affordable mortgage payment and must have a good business relationship with the lender.
The lender believes that extending the moratorium will help about 50,000 families avoid losing their homes to foreclosure.
HUD Fair Housing Equal Opportunity