Citigroup homeowners, like homeowners with other mortgage lenders, have been having trouble with unemployment as many people in the nation are finding it difficult to find a job or have seen a decrease in their wages as a result of the recession. As a result of this loss of income many people are looking for help in paying their mortgage.
The Obama administration has proposed a new plan to give homeowners who are unemployed a forbearance from their mortgage payment in the hopes that homeowners will either be able to find a job and resume making mortgage payments or they will at least have the opportunity to avoid the burden that comes with paying a mortgage for a few months while they prepare to lose their home.
Some lenders may not be willing to use this forbearance program, however there are lenders that are offering 3 to 9 months, in terms of mortgage forbearance, and are allowing homeowners the opportunity to look for a job without straining to make a mortgage payment.
While this may not be popular or used among all lenders, homeowners are still being advised to talk with their mortgage lender about options available for homeowners who are struggling with unemployment. Homeowners that are having trouble making their mortgage payment may find alternate plans available to them through their lender outside of an unemployment forbearance option.