Citigroup homeowners that are suffering from an underwater mortgage or from unemployment, and in some cases both, are asking for assistance in their mortgage troubles. Citigroup has stated that they are using principal reductions to help homeowners that are struggling to make a mortgage payment.
However, some homeowners just want to see their mortgage principal decrease and are not necessarily having trouble making ends meet. Mortgage’s, for many homeowners, cost more than the home they are attached to, which is troubling for many homeowners.
Principal reductions are being made though, as homeowners have walked away from their mortgage commitment in the past. Homeowners in a principal reduction plan are benefiting from a reduction by simply making steady payments on their mortgage for a set period of time, during which their principal will reduce.
Homeowners with Citigroup, or other lenders, are being advised to talk with their lender about options for principal reductions or assistance in making their home loan payment on a home with an underwater mortgage.