The homeowner unemployment assist programme is a new component of Citi Homeowner Assistance, the company’s multi-faceted programme to help people avoid foreclosure and stay in their homes. Borrowers with first mortgages whose loans are owned and serviced by CitiMortgage, and who meet certain other criteria, are eligible to participate in the new programme.
Under the homeowner unemployment assist programme, Citi will lower required monthly mortgage payments for the majority of qualifying customers to an average of $500 for three months.
If the customer is not employed within three months, Citi will work with customers on a case-by-case basis to explore the best solutions for the customer. Those borrowers who do find employment during that period can resume their original monthly payments, or if eligible, receive a long-term loan modification under Citi’s streamlined programme adopted from the Federal Deposit Insurance Corporation.
Sanjiv Das, CEO of CitiMortgage, said: Our homeowner unemployment assist programme is intended to serve as a bridge toward a longer-term solution, helping homeowners stay in their homes and in their communities while they get their feet back on the ground.
