For several families who are looking for ways to get assistance on their home mortgage loans, the answer may be with the Citibank First Mortgage Loan Modification program. This is one way Citibank is giving out help for the many homes that have undergone foreclosure ever since this current economic turmoil began. Aside from this financial institution, there are others that have accessible programs for loan modification so that foreclosure can be avoided. Because to be frank, there is no one who benefits from getting a foreclosure.
If you foresee that application for such program is very complicated, then you have thought wrong. The hard part is on getting your application approved by the lender. This is because your application is vying for the program among other applicants who are applying every week. In order to get an approval, the bank must be convinced that you are one candidate who is truly reliable to receive their approval for the program. Because of this, it is important for you to comprehend how this loan modification plan operates before even thinking of applying or even submitting your application.
The very first aspect which you must know about the loan modification scheme offered by Citibank is that it is not directed towards everyone’s benefit, no matter how wonderfully effective it is. There is an eligibility criteria which you must initially and most importantly prove that you are truly experiencing a financial hardship. Such examples of this hardship can be supported by a recent loss of business or job or even a sudden increase in expenses which may have been caused by unexpected medical bills.
The bank is strict with their process for verification. This means that there are no white lies, no matter how little they are. You must be thoroughly honest, completely transparent and even a hundred percent accurate in whatever you state in your application. Along with this application form, you will be required to submit some income statements, bank statements, some tax returns, and even some other financial documents which will verify the claim which you are presenting.
To add, you must be capable of demonstrating that once your mortgage terms are modified, it will result to a lesser monthly charge for you and this will result to improving your financial condition. Also, it will let you avoid falling into experiencing some arrears on the current loan.
The Citibank First Mortgage Loan will only be given to you once the lender has been indisputably convinced that granting you the loan will be advantageous to them as compared to foreclosure. It is then your responsibility to encourage the lender of how reliable you are when it comes to finances and that you are thoroughly capable of repaying once the monthly charge is more affordable and easier on you.