Citi Homeowner Assistance program? (rate, financial, equity, payments)

[cdelena]

Any experience with Citi Homeowner Assistance program? I am working with someone that is current on their current mortgage but destined for trouble.

They are in a situation where despite a large down payment the market drop has left them with zero equity. A sale would cost them money. Layoffs have them living on savings.

I am looking to help restructure their expenditures rather than fold… their neighbor suggested to them that they should stop making payments and just get ready to move before foreclosure.

Citi is apparently backed up with requests and says they will get back to them in the next few weeks. Anyone know what options they can expect?

[ShanetheMortgageMan]

Was this the info you contacted?

Email address:
homeownerhelp@citi.com
Phone Number:
1-866-255-3901

Hala is also known to be of help. hala.farid@citi.com

[cdelena]

Originally Posted by ShanetheMortgageMan

Was this the info you contacted?

Email address:
homeownerhelp@citi.com
Phone Number:
1-866-255-3901

Hala is also known to be of help. hala.farid@citi.com

He apparently just called the 800 number for Citi Mortgage and they connected him to someone taking information.

[cdelena]

He got a call back asking for financial information. Apparently there will be another to negotiate any changes. I get the impression that one of a few options are possible... temporary rate change, term extention, short-sale etc. but clearly it will cost eventually. Will post if I hear there is anything new offered.