CitiMortgage: National Mortgage Settlement Frequently Asked Questions Overview

Transcription

CitiMortgage: National Mortgage Settlement Frequently Asked Questions Overview
CitiMortgage: National Mortgage Settlement
Frequently Asked Questions
Get answers to frequently asked questions about the National Mortgage Settlement.
Overview
What is the National Mortgage Settlement and what does it mean for homeowners?
CitiMortgage and other loan servicers have agreed to certain loan servicing standards and to provide assistance to eligible
borrowers. Relief will be provided to eligible borrowers through several ways in order to help keep borrowers in their homes.
Relief will also be provided to borrowers who may choose to sell their properties. In addition to the settlement, CitiMortgage
will continue to provide other solutions for borrowers that are in need of assistance. If you are having difficulties paying your
mortgage, please call us at 1-866-272-4749†.
What servicers are participating in the settlement?
CitiMortgage, Bank of America, JPMorgan/Chase, Wells Fargo, and Ally Financial are participating in the settlement.
I already lost my home to foreclosure. Am I eligible for the settlement?
If you had a foreclosure between 2008 and 2011, you can determine if you are eligible for a cash payment by contacting your
State Attorneys General office online. If eligible, you will be notified by mail within six to nine months. The State Attorneys
General will receive and distribute funds to homeowners who qualify. CitiMortgage does not make these payments directly to
eligible borrowers. State Attorneys General contact numbers can be found at http://nationalmortgagesettlement.com/states .
Does the settlement apply to loans serviced but not owned by CitiMortgage?
One of the components of the National Mortgage Settlement is to set new servicing standards that apply to all loans serviced
by CitiMortgage. In addition, CitiMortgage will offer new Borrower Assistance programs related to the settlement that are
only available to eligible loans owned and serviced by CitiMortgage. We will continue to provide solutions for borrowers that
are in need of assistance outside of the specific programs under the National Mortgage Settlement. In all cases, if you are
having difficulties paying your mortgage, please call us at 1-866-272-4749†.
How do I apply for the Borrower Assistance Programs? What do I need to do?
You may call 1-866-272-4749† for assistance. We will collect information and explain your options. If you qualify for assistance,
we will collect documents needed, if any, and provide assistance if you are eligible.
Military Assistance
Are there programs available for members of the military?
CitiMortgage has programs available for members of the military. Please contact our dedicated military support team
at 1-800-525-8246† for assistance. You may also visit www.citisalutes.com for more information about Citi’s support of
military members and their families.
† Calls are randomly monitored and recorded to ensure quality service. TTY Services available: Dial 711 from the United States; Dial 1-866-280-2050 from Puerto Rico.
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Citi: National Mortgage Settlement - FAQs
Interest Rate Reduction Program
I want to refinance my mortgage but cannot because I am underwater. Are refinance programs available through
the settlement?
CitiMortgage is offering programs through the settlement that are similar to a refinance. These Interest Rate Relief
programs will help eligible customers receive a lower interest rate. These programs are for mortgages owned and serviced
by CitiMortgage, Inc. and will be offered to customers that are current on their mortgage and do not qualify for a refinance
or principal reduction. We will continue to provide other solutions for borrowers that are in need of assistance. Please call
1-866-272-4749† for assistance.
Which Customers are eligible for this program?
There are several specific eligibility guidelines. In general, the settlement allows for Interest Rate Relief for customers who:
• Have a 1st lien mortgage on an occupied property that is not past due;
• Have a loan that closed before January 1, 2009;
• Are “underwater”, meaning more is owed on the home than the home is worth;
• Have a mortgage owned and serviced by the participating servicer (CitiMortgage)
How do I apply for the Interest Rate Reduction Program? What do I need to do?
We recently began sending letters to clients eligible for the rate reduction program under the National Mortgage Settlement
who are current on payments but underwater. While your loan may fit this scenario, please understand that there are
other eligibility criteria aside from being current on payments but underwater. If you are eligible you will receive a package
in the mail by the end of 2012.
I am underwater, but current on my payments. Why are banks helping delinquent borrowers but not customers who have
remained committed to paying?
CitiMortgage has programs available to assist borrowers in a variety of situations. If you are underwater but current on your
payment(s), you may be eligible for a rate reduction under this settlement. Please call 1-866-272-4749† for assistance. We will
evaluate your loan for eligibility under the settlement programs. In addition to the settlement, CitiMortgage will continue to
provide solutions for borrowers that are in need of assistance. If you need more immediate assistance, we may be able to help
you lower your payment now.
Will the Interest Rate Reduction program affect my credit score?
We will continue to report a full-file status report to the major credit bureaus with no changes as a result of this program.
Principal Reduction Program
Will CitiMortgage reduce the amount of principal owed on my mortgage, and by how much?
1st and 2nd lien borrowers with loans owned and serviced by CitiMortgage, Inc. may be eligible for a reduction in the principal
balance of their mortgage as part of a modification. The amount of Principal Reduction and eligibility for these programs
depends on a number of factors, including your need for assistance, how much you owe on your mortgage and the current
market value of your property. Please call 1-866-272-4749† for assistance. We will evaluate your loan for eligibility under
the settlement programs. In addition to the settlement, CitiMortgage will continue to provide solutions for borrowers that
are in need of assistance.
What is the process for obtaining a principal reduction modification?
Please call 1-866-272-4749† for assistance. Please be prepared to provide the Homeowner Support Team representative
your financial information including income and expenses. If your loan is eligible you may be offered a trial plan reflecting
a reduced payment which must be completed successfully to permanently modify the payment.
† Calls are randomly monitored and recorded to ensure quality service. TTY Services available: Dial 711 from the United States; Dial 1-866-280-2050 from Puerto Rico.
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Citi: National Mortgage Settlement - FAQs
Principal Reduction Program (cont.)
Are there tax implications if I receive principal reduction?
If the amount of principal reduction is equal to or greater than $600, CitiMortgage may be required to report the amount
of the debt forgiven to the Internal Revenue Service on a 1099C form, a copy of which would be mailed to you. We suggest
that you contact the IRS or your tax consultant to determine if you would have any tax liability. You might also refer to
the IRS website at: www.irs.gov .
Are the benefits permanent?
If you qualify and receive a principal reduction, it is permanent. If you qualify for a rate reduction as part of the modification,
it may be temporary or permanent, depending upon your situation. Please call 1-866-272-4749† for assistance.
General Settlement Information
I applied for a modification before and was declined. Am I still eligible for this program?
You still may be eligible for assistance. Please call 1-866-272-4749†. We will evaluate your loan for eligibility under the settlement
programs. In addition to the settlement, CitiMortgage will continue to provide solutions for borrowers that are in need of
assistance. If you need more immediate assistance, we may be able to help you lower your payment now.
My loan was modified before. Can I still get help?
You may be eligible for additional assistance if your loan was previously modified. Solutions will be available to borrowers with
prior modifications who meet eligibility requirements. Please call 1-866-272-4749† for assistance.
I want to sell my home, but I am underwater. Will there be any special assistance for me?
For homeowners who may want to sell their home, options such as a short sale are available today. CitiMortgage may
accept the amount your house sells for as payment in full for your loan. In addition, there may be specific incentives
available if you choose to enter into a short sale. You may explore the possibility of a short sale right now. Please call
1-866-272-4749† for assistance.
I am in foreclosure. Am I eligible? Will this settlement help me stop my foreclosure from happening?
If your property is currently in foreclosure, we may be able to help you now, depending upon how far in the future your foreclosure
is scheduled. By waiting, you may risk becoming ineligible for assistance. Please call 1-866-272-4749† for assistance.
I am unemployed. Am I eligible for these new programs?
The new loan modifications and refinance opportunities available within the scope of the settlement will require a minimum
income level. However, CitiMortgage has programs to assist unemployed borrowers. These are available now. Please call
1-866-272-4749† for assistance.
If I am current on my payments today, but later become delinquent on my mortgage, will I be eligible for a modification
or a better offer?
You do not have to become delinquent on your mortgage to qualify for assistance under the settlement. Please call 1-866-272-4749†
for assistance. We will evaluate your loan for eligibility under the settlement programs. In addition to the settlement, CitiMortgage will
continue to provide solutions for borrowers that are in need of assistance. If you need more immediate assistance, we may be able
to help you lower your payment now.
How do I contact CitiMortgage?
Please call 1-866-272-4749† for assistance.
Hours of operation are Mon-Fri 8 AM to Midnight ET and Sat-Sun 8 AM to 8 PM ET.
Please have your account number ready.
† Calls are randomly monitored and recorded to ensure quality service. TTY Services available: Dial 711 from the United States; Dial 1-866-280-2050 from Puerto Rico.
© 2012 Citibank, N. A. equal housing lender, member FDIC. Citi, Citibank, Arc Design and Citi with Arc Design are registered service marks of Citigroup Inc.
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