Dealing with the CitiMortgage loss mitigation department may seem intimidating, but it is not. CitiMortgage, like many lenders, in actually interested in working with you to help save your home. While this requires a little work on your part, it is not hard to do. Here is some information when dealing with the CitiMortgage loss mitigation department.

First of all, know that CitiMortgage wants you to keep your home, and most of the time will go extend numerous offers to you to help avoid a foreclosure. When a home is foreclosed on, it is an expensive long process, and in this market especially, may end up actually costing the bank money. These days a foreclosed home is not uncommon, and getting a good price for one is hard, or impossible to do. Add to that any repairs or maintenance that needs to be done on the home, and the profit margins often are slim to none on a foreclosure. The banks and lenders are much more flexible when you are truly facing losing your home, and will often help you in many different ways.

Another thing you should do when dealing with the CitiMortgage loss mitigation department is to ask about their “Workable Solutions” program. This should have been sent to you automatically if you have fallen more than 60 days behind in payments. This package will ask how you plan to repay the missed payments, and why you are not able to make them to begin with. An option that is typically given to homeowners is to spread out the missed payments over the course of a few months, and add it to the existing payment amount. This will without a doubt increase your monthly mortgage payments. Another options that may be available to you is a forbearance. This means that CitiMortgage will pause payments due on your mortgage for a set amount of time. This option lets homeowners catch up on late payments and overwhelming debts. Yet another choice is a mortgage modification into a new loan with lower interest rates, or a longer length in repayment time. While a home loan modification is less likely to get, it is not impossible to be approved for one when dealing with the loss mitigation department and truly facing losing your home.

When you fill out and return the workable solutions package to CitiMortgage, they will assign a loss mitigation representative to you. It is crucial that you always remain in contact with this person, and avoid calling the other related departments. When you deal with people other than your representative, you will often be demanded or hassled for immediate payments. Always try to contact your representative at least 1 time per business week, no more or less. If you are not able to get a response from them and three weeks have passed, write a certified letter. In the letter state your concerns and your desire to work out an arrangement that will work for both of you.

If your request is within reason, and you have provided proof that you will be able to make the payments in the future, you should be approved. If for whatever reason you are denied, and can not come up with the money that is owed, consider selling your home as soon as possible to avoid foreclosure and recover a little money. If you really wish to keep your home, consider a bankruptcy. A chapter 13 will stop any foreclosure process that has taken place and will let you pay the money owed over a three year period.

These tips will help you when dealing with the CitiMortgage loss mitigation department. Many times homeowners are hesitant, or even scared to get the help they need. Do not be, the help is available for homeowners who want it. There is no reason to be scared, only be worried if you lose your home, that is when things are worst. Until then, help is available.

-M Petrone

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