Citigroup CitiMortgage homeowners may be able to obtain more assistance as the Obama Administration has set forth new initiatives to help underwater homeowners and unemployed homeowners that may be under pressure in their mortgage. These new, expanded programs are hoped to get more lenders on board to not only help struggling homeowners, but also aid the housing market in recovery.
Homeowners that are experiencing an underwater mortgage may be provided principal reductions under the new home loan modification assistance guidelines. Part of this principal reduction program is hoped to provide homeowners with severely underwater mortgages a forgiveness of the remaining balance on their mortgage after a specific period of payments.
Also, unemployed homeowners are given the opportunity to obtain forbearance from their mortgage payments for a set number of months, or have their mortgage payment lowered to a small percentage of their income, similar to the current home loan modification process.
Citigroup CitigMortgage homeowners may want to look into their options with these newly expanded forms of assistance through the home loan modification program. While they are new, these latest types of aid for unemployment and underwater mortgages could be of great help to anyone struggling in their mortgage.