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How To Apply For Mortgage Relief: I Only Have A Mortgage – Do I Qualify For Debt Relief?

| Business, Mortgage | July 21, 2011

Citi is a company that has been highly active in looking for ways to make life easier on consumers over the last couple of years. This has been especially true over the last few months, as they have rolled out new loan modification plans for home owners who need some change. Citi got hit hard when the economy was hurting, as many of their loan holders had trouble with their repayment plan.

For this reason, they have been allowing many folks into a loan modification program that will give them the ability to actually pay off the loan over time. So what is this plan all about? Those who apply now are seeing that they can get back on a home plan that makes sense. If you are one of those folks who has a home payment each month that does not mesh with your current financial ability, then you can take advantage of modification by putting in an application.

(For example, if your home is worth $100,000 you have to owe at least $90,000). Homeowner must occupy the home. Homeowner must not have filed bankruptcy. Homeowners who qualify will receive all or some of the following . An interest rate drop, allowing the homeowner to pay no more than 38% of their income toward housing cost. Receive a loan extension from the traditional 30-year term to 40 years. To defer or delay the principal, interest free. This government program represents the biggest step yet in helping cash strapped homeowners avoid foreclosure. Most of these troubled loans, packaged into a mix of investments, has proved difficult to sort through. It’s has taken the government longer to work out a plan to satisfy both borrower, lender and investor – all at the same time.

This might mean you have lost your job unexpectedly. Maybe it means your debt to income ratio has reached levels where you’re really struggling. People can even qualify if they get into a situation where their home value is less than what they owe on that home. If any of these things happen, you could qualify for a better home repayment plan. When you quality, Citi will work with you to come up with a solution.

For any further questions related to ‘Do I qualify for debt relief,’ you should contact a reliable debt counselor who will be able to advise you on the procedure and also help you work out a debt management plan that suits your financial situation.

Learn more about Obama Mortgage Relief Plan Qualifications.

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