What are the options if I am facing financial hardship and struggling to make mortgage payments?

CitiMortgage offers several options for homeowners who are facing financial hardship and struggling to make their mortgage payments. First and foremost, it is important for borrowers to reach out to their mortgage servicer to discuss their specific situation and explore the options available to them. One common option is a loan modification, which can adjust the terms of the mortgage to make monthly payments more manageable. This may involve lowering the interest rate, extending the loan term, or even reducing the principal balance. CitiMortgage is dedicated to helping borrowers find a sustainable solution, and a loan modification can be a good way to achieve that. Another option to consider is a forbearance agreement. In this arrangement, the mortgage servicer allows the borrower to temporarily pause or reduce their mortgage payments for a specified period. This can provide immediate relief during a tough financial period, giving borrowers time to regain their financial footing. Additionally, short sales or deeds in lieu of foreclosure may be options for borrowers who have exhausted all other possibilities. A short sale involves selling the home for less than what is owed on the mortgage, while a deed in lieu of foreclosure allows the borrower to voluntarily transfer ownership of the property to the lender in exchange for the forgiveness of the mortgage debt. It is essential for homeowners experiencing difficulty to be proactive in communicating with their lender and exploring these options. Each situation is unique, and the solutions available may vary based on individual circumstances. Homeowners are encouraged to visit the official web page of CitiMortgage to find further information on financial assistance programs and the most appropriate steps to take based on their individual needs.