Loan Modification Help
Loan Modification Help
Those who are aware of the Citibank loan modification program that was in function few years back, must be able to recall how difficult it was to obtain that. But today loan modification program of Citibank and others has been extremely simplified seeing the negative impact of the financial depression that has hit every individual of America. There have been instructions to all banks and financial institutions that form the present government to support the homeowners who are struggling to meet the repayment of their loans.
Citibank and other financial institutions have made some changes in the application process of loan modification so that the borrower gets reduced rate of interest that further reduces the monthly installment. Not only this, the borrower is also provided with the increase in the repayment tenure and if the situation of the borrower is more critical, both the things are applied for him so that he is comfortably able to pay off his home mortgage loan. If the financial condition of the borrower is extremely crucial, then principal amount is also considered and reduced. However this is rarely done but is possible under special circumstances.
A loan modification program restructures the current home loan of the borrower in affordable monthly installments and in this way the debtor is enabled to repay the loan easier and more effectively. If you want to apply for the loan modification program you will have to find out its requirements from the loss mitigation department. This will help you know whether or not you are eligible for any of the loan modification programs. They will also assist you to decide which program best suits your situation and benefits you the most. After this you can decide upon the program and make arrangements for the application.
Once you know about the prerequisites, you can now gather the important documents that are required to be submitted along with the application form. Arrange the documents in proper manner so that the officers get impressed by it and write an impressive hardship letter that briefs your financial condition with reasons in such a way that your application is approved instantly. For this you can take some professional help so that your work is done accurately and in appropriate manner. You should also give the data of your monthly income and expenditures to the bank so that it gets an idea that you will be able to repay the loan.