| Exclusive |
 Borrowers look for mortgage modification |
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STATISTIC: An "affordable" mortgage payment typically is |
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defined as 38 percent of the borrower's monthly gross income. |
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| Mortgage modification programs |
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| CitiMortgage |
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Corporate owner:
Citigroup Inc. |
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Departments:
 Office of Homeowner Preservation.
Borrower Relief Centers. |
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Contact:
Call the telephone number on your loan statement.
Call (800) MORTGAGE, or (800) 667-8424.
Fax (480) 753-7832.
E-mail mortgagehelp@citi.com.
Online form.
Web site: www.mortgagehelp.citi.com. |
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Noted qualifications:
Principal residence.
Sufficient reliable income to afford modified mortgage payments.
Mortgage owned by
Citigroup Inc. |
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| Target debt-to-income (DTI) ratio: 38 percent. |
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Options:
Interest-rate reduction.
Extension of loan term.
Forgiveness of principal.
Foreclosure moratorium.
Financial education services.
What these terms mean. |
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Letters:
Citi is "reaching out to customers through calls, written correspondence, e-mail, toll-free assistance lines, online social networks and external counselors," according to a company statement. Homeowners in Arizona, California, Florida, Indiana, Michigan, Nevada and Ohio are most likely to receive a letter because of falling home prices, high unemployment and economic distress in those states. |
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Tip:
Citi also conducts local outreach programs with nonprofit counseling organizations. |
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| Learn more about obtaining mortgage modification help. |
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TOP MORTGAGE STORIES |
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FINANCIAL LITERACY
Rev up your portfolio
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