Getting a loan modification from Citi Bank can be a time consuming effort, however we’re going to simplify the process through a step by step breakdown of exactly what you need to do.

First, however, a little background on Citi Mortgage and loan modification programs.  A loan modification is an agreement between borrower and lender (Citi Bank) to reduce the monthly payments of the borrower to an affordable amount, allowing the borrower to keep their home, and the lender to avoid the high cost of foreclosure.

Citi is quite motivated to modify your mortgage for two reasons, first and foremost, through modification they can avoid losing significant money on selling your home as a foreclosure.  Second, a good deal of pressure has been placed on Citi Mortgage recently by the Treasury Department, Congress, and the Obama Administration to help more homeowners under the Making Home Affordable Program.

Citi Bank does participate in the Making Home Affordable program, a program designed to help homeowners reduce their monthly payments to 31% of their gross income; in depth program guidelines and help on qualification for the Treasury Loan Modification Program can be found here.

Citi has a separate department, the Office of Homeownership Preservation, dedicated to helping homeowners modify their mortgages.  Citi’s stance on outside help is that homeowners do not need professional or Attorney guidance in getting their mortgages modified.  We beg to differ.

As of November, 2009, Citi had 100,126 homeowners in Trial Loan Modifications, however, had only granted 271 permanent loan modifications.  This is a less than 1% Permanent Modification Success rate, and absolutely horrible.

Compare this with the majority of Attorney Groups, most all of which lay claim to a 90% + success rate on loan modifications for their clients.

Taking the First Steps

Regardless of whether or not you need professional help, the first step in getting a loan modification from Citi Mortgage is to write a hardship letter.

Your hardship letter is your opportunity to tell Citi exactly what the financial hardship is that you are experiencing, as well as express your desire to find a plausible solution that is both in your and Citi’s best interest.

Your hardship letter should include your name, address and contact information, and loan number, as well as your purpose in contacting Citi’s Loss Mitigation Department; would you like to save your home through a loan modification, or would you rather sell it is a short-sale?  In your hardship letter you should state clearly the reason for your financial difficulty, and state whether this is a permanent or short term hardship.  Your hardship letter should be about one page typed, clear, concise, and to the point.

When you have completed your hardship letter, begin gathering the required documentation for a Citi Bank loan modification, which consists of W-2s, Paystubs, Tax Returns, and 2 months of bank statements.  If your taxes and insurance are not escrowed into your monthly mortgage payments, you will need to document those figures, and if you are self-employed you will need to prepare a 3 month Profit and Loss statement as well.

Contacting Citi Bank Loss Mitigation

Citi’s Office of Homeownership Preservation can be reached via phone at (866) 915-8417 Monday – Thurdsay, 6am-6pm PST and on Fridays 6am-3pm PST, however we urge you  to speak to an unbiased Attorney to advise you of your legal rights prior to contacting Citi to ensure they offer you the help you are entitled to and qualify for.  Additionally, it’s important and helpful to speak with a HUD Counselor regarding your mortgage; HUD can be reached at (800) 569-4287.  You will need to fill out the following form to submit to Citi’s Office of Homeownership Preservation: http://www.citigroup.com/citi/citizen/community/homeownershippreservation/hardshp_pckg.pdf.

Citi Mortgage has been hit relatively hard by the financial crisis, and has shown considerable commitment to helping homeowners keep their homes through loan modification. There are many options that Citi offers as far as loan modification programs, and Modification Zoom is well experienced in working with Citi.

Citi Mortgage has made a noticeable effort to reach out to homeowners and help them achieve loan modifications, however, if you are having trouble getting a loan modification from Citi after utilizing the information below, please contact us via the form to the right and we will help you immediately.

Citi Contact Information

Email address: homeownerhelp@citi.com
Phone number: 1-866-255-3901
Please note the contact information above works for both Citi Mortgage and Citi Financial

Citi Loan Modification Programs

Citi Mortgage participates in Making Home Affordable – Click on the link here to find out in depth how to qualify.

Basic Making Home Affordable Requirements:

• Your home is your primary and only residence
• The amount that you owe on your first mortgage is equal to or less than $729,750
• You are having trouble making your monthly mortgage payments
• You got your current mortgage before January 1, 2009
• Your payment on your first mortgage (including principal, interest, taxes, insurance, HOA fees if applicable) is greater than 31% of your current gross income

Required Documentation:

• Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
• Your most recent income tax return.
• Information about your savings and other assets
• Information about your first mortgage, such as your monthly mortgage statement.
• Information about any second mortgage or home equity line of credit on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student loans and car loans.
• A completed Hardship Affidavit pdf icon describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.

Are you concerned about your ability to pay your bills?

Changing or losing a job, serious illness or a divorce can have a serious impact on your finances.

Many homeowners are having trouble with their mortgage payments and you may have the option to modify or change certain parts of your mortgage loan agreement. Sometimes altering the interest rate, the term of the mortgage or even the mortgage product may be able to help you manage your monthly payments. After careful consideration and review of all available options, some homeowners may decide not to stay in their home. There are options and solutions for these situations as well.

Modification Zoom can help you lower your interest rate and payments through an aggressive Citi Mortgage Loan Modification. Apply for help using the form on the right!

On a side note, Citi Mortgage has shown considerable progress in helping homeowners get loan modifications, and Modification Zoom has extensive experience in helping homeowners just like you get great results. If you are having trouble with getting a loan modification from Citi, do not despair; we are here to help you. For more information regarding Modification Zoom, loan modifications, the Making Home Affordable program, or any other topics of interest please take a look around our website.

We want your feedback! Let us know how your Citi Mortgage Loan Modification is going by submitting a comment below and sharing your story, or if you have a question regarding Citi Mortgage or Citi Financial. We are here to help!