Many homeowners are having trouble getting a mortgage modification or refinancing approval from the CitiMortgage Loss Mitigation Deptarment. However, getting them to approve your refinancing is not as hard as it may seem. Here is some helpful information for homeowners who are dealing with the CitiMortgage loss mitigation department.

The loss mitigation department is a specialized group of people who deal with homeowners seeking a refinancing or modification. They especially come into play with homeowners who have a bad credit rating, problems repaying their mortgage, and people who are underwater in their current home loans. They need to verify and approve homeowners prior to them getting a CitiMortgage refinancing deal. That is all they do, protect their investments and ensure homeowners are able to pay off the new home loan.

What they will be doing is thoroughly reviewing and checking into your financial documents, and other related information. They are interested in your financial problems, and how they got to that point. They also need to be able to check and verify all financial information. If they are unable to properly verify sources of income or assets, you may get denied. They will also need to review things such as tax returns, pay check stubs, bank assets, recent home appraisals, and anything similar. This is all in an effort to verify you can afford a home loan, and be able pay them back.

The CitiMortgage loss mitigation department is just a second, more through review of your finances. Very important to them though is the ability to repay the new home loan. This means that homeowners should have enough income to support the new monthly mortgage payment after they get refinancing or home loan modification. This is crucial in getting approval for mortgage modification or refinancing and is maybe the most important factor.

Dealing with the CitiMortgage loss mitigation people is not that complicated. They may request a few things from you but as long as you told the truth, and can verify it, you should be ok. They are more interested in protecting CitiMortgages investments and if they detect that you lied, you will not be able to get help. All you have to do is be honest, have the proper documents organized and ready, and everything else will be handled but the loss mitigation specialist. Odds are though that if you made if far enough along in the process to get to this stage, you will get approved if you did not lie.

-M Petrone

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