Have you been having a hard time paying your own mortgage? Maybe you’ve currently defaulted? If you would like maintain your domestic you will want to explore delivering that loan amendment to avoid foreclosures and then have your financial back once again to regular. A loan amendment could even result in a lower monthly payment and you will prominent forgiveness otherwise forbearance.

To locate a loan amendment you’ll need to focus on your loan servicer, which is the providers which will take your payments, credits your account, and you may forecloses you once you prevent using.

But your servicer isn’t necessarily the master of your loan. That’s the buyer, plus they are the one that gets the capability to approve otherwise reject your loan amendment app.

Particular companies, such as Ocwen, simply solution fund, and don’t purchase one loans. However banking companies, such as for example Citi (aka Citigroup or Citibank), could be both servicer from and you may investor in home financing, or maybe just one to rather than others.

Citigroup is amongst the huge four banks about U.S. as well as Wells Fargo, Bank from The united states, and you can http://availableloan.net/installment-loans-ne/memphis/ JPMorgan Pursue. Citi is employed in a great amount of mortgage loans, many of which features defaulted towards on some point. There is helped many residents that have home financing having Citi rescue their their house compliment of an amendment.

1. In the event the Citi is the investor on your loan, it does not matter which the fresh new servicer try, you need to meet the requirements having a great HAMP modification in the event the you will be eligible.

Banking companies you to obtained bailout money from the federal government have to look at eligible consumers to your government’s HAMP system.

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