Homeowners having trouble paying their Citigroup home mortgage loan may want to look at their options in terms of getting unemployment forbearance on their payments. Forbearance programs are now part of the expanded home loan modification program and homeowners that qualify may benefit from a drastically reduced or total suspension of payments for a set period.
Some reports state that this forbearance program from the home loan modification program are set to last from three months to six, meaning a homeowner may be able alleviate their mortgage payment burden in order to save money, look for a job without the stress of a mortgage payment, or discuss selling their home with their lender.
The housing market has suffered as a result of homeowners losing their jobs and as a result of many homeowners unable to pay their mortgage and in need of a home loan modification, but there may be new hope for struggling homeowners.
However, homeowners that are out of work or have seen a drastic cut in their income may want to check with their lender about options for mortgage forbearance. While the options and plans available will vary from person to person, there are expanded programs like the unemployment and underemployment forbearance option that are available to assist homeowners in their need.