Citigroup homeowners may be able to take advantage of underwater mortgage and unemployment assistance options now that the home loan modification program is looking to extend these forms of aid to homeowners that are having trouble in their mortgage.
Unemployment has been causing numerous problems for homeowners that are looking for a job in a very tough job market. Homeowners that are unemployed or underemployed have little or no income with which to pay their mortgage, so it is hoped that unemployment forbearance programs will provide assistance to homeowners in need, in this area.
Underwater homeowners have the problem of owing more on a home than the home is worth. While many of these homeowners may not have trouble making their mortgage payment, although some do, commonly it is the fact that homeowners who wish to profit from the sale of their home in the future are asking for principal reductions.
Not every lender is on board with these programs by advisors are telling homeowners to check with their lender for options available to them. Unemployed homeowners may benefit from a few months without a mortgage payment in order to get back on their feet financially or find a buyer for their home and underwater homeowners that feel they were sold a home with an inflated price will obviously be happier with a smaller principal amount.