CitiMortgage Loan Modification Success - 3 Things You Need to Know

When it comes to CitiMortgage loan modification success, there is lots of information floating about and not all of it is helpful. In fact, more than 80% of it is utter crap. In this short article, I am going to reveal 3 very important things related to CitiMortgage, that could help you get an application for loan modification approved.

CitiBank is one of the premier banks who are participating as a lender under Obama's loan modification program. Here are the three main things to consider before you try and get a modifying loan through them...

1 - Debt/Income Ratio
Under the federal guidelines for the loan mod program, one key component of qualification is that your monthly mortgage commitment must exceed 31% of your gross monthly income. 31% is the federal guideline, but some lenders will have their own guideline, using the federal threshold as a minimum. It is up to you to find out what the threshold is for CitiMortgage before you apply. This is very important.

2 - Hardship Letter
This another key component of qualification under the modification scheme. The hardship letter should detail your present circumstance, how you got there, and what steps you've taken to remedy the situation. It's not a letter begging for help, but more a letter making a strong case for you to be considered for the loan. This is a key component in CitiMortgage loan modification success. Note: you must be truthful in your letter. If CitiMortgage catches you in a blatant lie, rest assured that your chances of approval are slim to none.

3 - Errors on Application is a Big No-no
CitiMortgage loan modification success will hinge heavily on this third point. You simply cannot afford to fill in the application form correctly. Any mistake or discrepancy will cause your application to be tossed in the filing cabinet (Yes, they have to file each application). Lenders get hundreds of these types of application each day and although they are under federal mandate they still have the discretion to turn you down. One of the main reasons for denial is incorrectly completed applications.

By far the best way to get the above 3 key components working for you is through using an online loan mod company to sort out the application and hardship letter etc. A loan modification company will take a in depth look into your circumstance and help you make the best application possible. Success rate with these companies is way above the 80% mark.

Where To Find CitiMortgage Loan Modification Help
The loan mod process can be frustrating and overwhelming. Having a specialist on your side can greatly reduce the stress, as they do all the negotiating and paperwork on your behalf. Visit Best Loan Modification Companies to learn why having a loan mod company is crucial to saving your home and how you can get a FREE evaluation to determine if a modification is right for you.

Don't risk losing your home. Visit www.BestLoanModificationCompanies.org to get started.