Homeowners all over the country are being foreclosed on. However, this does not have to be happening. New home loan modification programs are in place to help struggling homeowners. CitiMortgage is one of the mortgage lenders who is approved to offer these options. These options exist now because of President Obamas stimulus plan, and are designed to help millions.

The mortgage modification program which CitiMortgage now offers is all because of the Presidents $75 billion housing stimulus plan. Homeowners with a mortgage that is an ARM can now pretty easily get approved for home loan modification. Using this new program, CitiMortgage is able to offer homeowners lower monthly payments by reducing their interest rate, or the length of their mortgage. There are even options which will allow a homeowner to repay any missed payments, and spread the amount out over a period of time. The CitiMortgage loss mitigation department, who you will contact if you need a home loan modification, will be able to tell you exactly what you need to do, or know.

Some other things you should know about this CitiMortgage stimulus program are:

-Homeowners who are behind by 60 days or more on their payments will generally be contacted by CitiMortgage loss mitigation department. They will most likely provide you with some options and plans which can help your situation, and save your home from being lost. Also, a letter stating your financial hardships will be required from you. This letter should state the reasons that you are in trouble, and your plan to change things. Also include why saving your home is so important. When you complete this letter, attach all evidence and proof of your expenses, income, and assets. This will help show that you are truly in need of help.

-After you have been in contact with CitiMortgage regarding your home loan modification, they will usually send out a representative to your home. Be available for this representative and answer all questions they have honestly. Being available for them when they have a question or concern will show you are dedicated to improving your situation.

This advice should help homeowners start the home loan modification process for themselves. Right now is a better time than ever to be a struggling homeowner. As odd as that sounds, it is oddly true. Contact CitiMortgage today and see what they can do for you.