This is what we need. I don't think loan modifications are going to help people as much as this. A $100 or $200 here and there may help a little, but it's not enough. But a good $1,000 or more a month will help a lot.
CNN Money reported that unemployed homeowners whose houses are financed by CitiMortgage may be eligible to have their mortgages temporarily reduced to $500 a month, the company announced Tuesday.
"We're planning to help recently unemployed homeowners by giving them the ability to pay as little as $500 a month on their mortgage, which is effectively less than the price of an average one-bedroom rental nationally," Sanjiv Das, CitiMortgage's president and CEO, told CNN Radio.
Borrowers are covered by the program for 90 days when they submit documents proving they are recent recipients of state unemployment benefits, Das said. Some homeowners may be able to get extensions after the 90 days expire, depending on their situation.
"This is intended to keep the neediest borrowers in their homes," Das said.
Kudo's to CitiMortage. Let's see more banks do this.
2 comments:
What a deception..
i called Citimortgage to ask about bringing me down from13% interest rate. I was told to bug off. When I requested the contact info for DAS I was told NO WAY.
This company has the robber baron mentality and are ripping of US.
Sorry to hear Citimortgage was no help to you. This program discusses a temporary payment reduction for unemployed homeowners. Are unemployed? Also, How come you have a 13% interest rate?
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