Deferment and Forbearance

Deferment, also called forbearance, can help give you time to get back on your feet during short-term financial difficulty.

How it works

A deferment allows your lender to lower your monthly mortgage payments for a set time period. Your lender decides how long the deferment period will be, how much your reduced payments will be, and how you'll pay the deferred amount.

Once the deferment period ends, you can pay back the deferment amount by making 1 lump-sum payment or by adding the monthly payments to the end of your mortgage term.

Are you eligible?

You could qualify for a deferment if:

  • You've missed mortgage payments.
  • You're dealing with a temporary financial hardship because of unexpected expenses.
  • You don't qualify for refinancing or you don't want to refinance.

Next steps

Contact Citi if you think deferment could help your situation.
Have the following information ready to help speed up the process:

  • Your mortgage statement and other loan information such as payments and balances of second mortgages, auto or student loans.
  • Copies of your 2 most recent pay stubs showing your year-to-date earnings.
  • Your most recent quarterly or year-to-date profit/loss statement, if you're self-employed or an independent contractor.
  • Your most recent personal checking, savings, money market, mutual funds, stock and bond statements.
  • Your most recent tax returns.

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