Citigroup`s Loan Modification Program

As reported by MarketWatch - "Citi unveils housing relief plan - Banking giant steps up efforts to avoid foreclosures":

Citigroup said that under the Citi Homeowner Assistance program, it would preemptively contact 500,000 mortgage holders -- involving $20 billion of mortgage balances -- to try to ensure that they can pay their loans. It said it is focusing on borrowers who live in areas that are likely to face "extreme economic distress." Read MarketWatch First Take commentary.

Citi also extended its moratorium on foreclosures, saying it won't begin or complete a foreclosure sale on a home on which it owns the mortgage if the borrower wants to stay in the home, which is his or her principal residence. Citi said it will also need to be sure the borrower is working in good faith with the bank and has enough income for affordable mortgage payments.

"Under our new program we will preemptively reach out to help homeowners before they become delinquent, which is critical to avoiding the loss of a home and protecting their credit score and future borrowing potential," said Sanjiv Das, chief executive officer of CitiMortgage.

The broken record continues to skip along. Same script, just another bank. We're beginning to sound like a broken record too ... until the next loan modification announcement!

Need an additional fix of loan modification news? Find our growing list of links below regarding, you guessed it, more loan modification posts:

1. Fannie Mae and Freddie Mac - New Loan Modification Program
2. Loan Modification Specialist - Don`t Miss Your Calling!
3. Loan Modification Programs - Officially in Vogue?
4. Loan Modification Programs - IndyMac and B of A Lead the Way
5. JPMorgan Chase Loan Modification - Mortgage Program Expanded
6. JPMorgan Chase Loan Modification - Moratorium on Foreclosures