Citi launches Homeowner Unemployment Assist Program
Great news!
Unemployed borrowers with first mortgage loans owned and serviced by CitiMortgage, who are late 2 payments, will be allowed to pay reduced mortgage payments for three months, with the average required payment for most qualifying customers pegged at $500 a month. If after these three months they are not employed, Citi execs state they are willing to continue workout solutions.
It’s a great start, and a great example for other lenders to follow.
