If you're unemployed, The Home Affordable Unemployment Program (UP) could be an alternative to foreclosure.
UP can lower your mortgage payments for a 3-month "forbearance period" while you're looking for work. During the forbearance period, your payment is reduced so it's no more than 31% of your pre-tax monthly household income. You must make your reduced payments on time to stay in the program.
About 30 days before the end of your forbearance period, your mortgage company will send you a Home Affordable Modification Program (HAMP) application package. When you apply, you'll be evaluated for a permanent HAMP modification of your mortgage so it's more affordable for you in the long term.
You may qualify for UP if:
Contact Citi and say you're interested in UP, a Home Affordable Unemployment Program forbearance plan.
Have the following information ready to help speed up the process: