Citibank has taken a step forward with some initiatives to help its existing customers avoid foreclosure and continue with the home ownership. This modification program is specially meant for borrowers with delinquent loan history. Home owners who were unable to repay their existing loan from Citibank would be greatly benefited with this program.
Main features of loan modification program are:
o Increased loan terms
o Reduction in interest rates
o Waived principal amount and late fees
o Increasing the loan amount depending upon the eligibility etc.
But not everybody would qualify for Citibank loan modification. You need to first check whether you are actually suitable for this amazing program offered by Citibank.
Here are some tips to approach and successfully modify your Citibank home loan.
1) Contact Citibank customer care department over the phone and tell them about your interest in getting your loan modified. Do now waste time in speaking to any other agency for the same.
2) Write a convincing letter stating the reasons for your financial hardship. This letter should also include the measures to have taken to fight back the problems and your commitment to continue with the home ownership.
3) Prepare a financial statement for Citibank. The statement should include all your income and expense details. This would show a complete picture of your financial position to the lender. Always prepare one current and one proposed statement to make Citibank believe that you will be able to repay the loan.
4) Process your file with complete documents. Tax returns, bank statements, card statements, home utility bills etc should be gathered before sending your file. If any of the document is missing your file will be stuck in between till the time you do not provide the required info.
5) All the information provided by your side is verified by Citibank twice before proceeding further with the modification process. So do not give any false information and manipulated documents. If you are found guilty, your file will get rejected as well as you will also have to pay penalty.
6) Attend each and every call by Citibank's official and also keep yourself updated on the status of your file.
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