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Wednesday, March 04, 2009 - 7:50 AM
NEW YORK - In a stunning move yesterday, officials at CitiBank's mortgage division announced its first of a kind program to allow recently unemployed homeowners the ability to pay just $500/month for three months, regardless of their normal monthly mortgage payment. Borrowers who take advantage of this offer will not have their credit adversely affected. The program is available immediately for those unemployed homeowners who have a mortgage that is directly owned by Citi.
Citibank hopes that other banks will follow its lead and did note that many of the loans it services will not be eligible as Citi does not own every loan that they service. This is a great idea put into action by Citi and is especially encouraging given that the level of unemployment continues to rise and put economic pressure on families throughout the country. Hopefully this will encourage more officials and policymakers at the institutional and government level to begin addressing homeowners' needs who have a little savings, but may not have steady streams of income as they struggle to put their financial houses in order. Citi encourages its mortgage customers who may qualify for this assistance to call their regular customer service centers for complete details.
- AmeritrustSolutions.com
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