The damage to the economy has been done. Now that we have come to terms with our losses it is time to start the repair. There has been a lot of chatter about the real estate market and the situation that the economy has put many Americans in. Because of the recession, many people lost their jobs. Home foreclosures soon followed. Even though there were many people who lost their homes, the Obama administration introduced ways to fix this problem.
The real estate foreclosure fix
Following the example of the big names in mortgage, like Fannie Mae, many other mortgage companies are starting to realize that the best way to help themselves is to help the families that are struggling and in danger of losing their homes. With Obama's insistence, these lenders are ready to be helpful and keep these families in their homes.
Citigroup's helping hands
Using the assistance group for homeowners that are unemployed, Citigroup is determining the immediate needs for its customers. Obama has provided a bailout exchange for Citigroup for the purpose of helping its customers. Citigroup receives the amount of funding needed is exchange for a percentage of the company's equity shares. This provides Citigroup with the ability to be less strict on the people that it can help, although there will be some kind of limitations.
What this means for homeowners
All of the financial and technical terms translate to one basic thing: homeowners are provided with the hope of being able to keep their homes while they are trying to recover from the damage the recession has caused. In order to get the assistance from Citigroup, there are certain qualifications that have to be met. For starters, you must be have at least two or more months in default of your payment, or already be facing foreclosure. There are also income restrictions that have to be met, for example the homeowner has to have the available income to pay the monthly reductions.
If you are not currently a Citigroup customer, there is a stipulation for receiving help from them. First you must have had a first mortgage that was owned by Citigroup. What this means is that you should either be a current customer looking to refinance, or if you have already refinanced with another lender your first mortgage should have bee financed by Citigroup.
You are also required to show that the home in question is the place where you reside permanently. You will need to submit documentation showing that the home is covered under minimum required insurance. These are universal requirements that you will find for any lender offering help.
The future
We all know that the future holds a lot of uncertainty on oh so many ways. We cannot confidently say which ways things will change; we can only make predictions based on statistics and probabilities. Things are looking rather hopeful for many people. With help from Citigroup you can be sure that even if things do not change in your financial situation within a three month period, you can still receive additional help.
No comments:
Post a Comment