Citi announces new program for jobless - but do you qualify?

Olivier Kozlowski

Attorney
(866) 735-1102 Ext 542

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Citi announced today a new program that temporarily reduces the monthly mortgage payments for borrowers who have recently lost their jobs. Borrowers who are at least 60 days behind would see their mortgage payments reduced to an average of $500 for a three-month period, with interest and penalties waived during that timeframe.

So do you qualify? Well, for starters, the program only applies to your primary residence and on non-jumbo (i.e., less than $417,500) first mortgages. More importantly, Citi must actually own your loan, and not simply be servicing it for another company. This can sometimes be difficult to determine. Just because your monthly statement says Citi on it and you make paymens to them; that doesn't necessarily mean they own the loan.

If you think you might qualify, you can check out their FAQ here. Meanwhile, if you have questions about your particular mortgage situation, our office has helped many people get a clearer understanding of their options. Feel free to call us at (781) 297-0005 or e-mail olivier@bierlaw.com.