Tag Archives: certain

Citigroup Home Loan Variation And Foreclosure Avoidance

Recently, Citigroup has been getting a lot of awareness thanks to their Road to Recovery Tour, which is going to be offering events here in the early parts of June to homeowners who are struggling and may need a home loan variation or other foreclosure avoidance programs that could be offered from CitiMortgage. Current options that are available to help homeowners and potential alternatives that may be beneficial if the federal home loan modification doesn’t help are being explored by homeowners at these events and, in general, Citigroup is in a position to offer a wide range of foreclosure prevention options for those who are still struggling due to factors like unemployment or other strains on their mortgage and personal finances.

Homeowners who are facing foreclosure have also been reportedly helped at certain events by Citigroup in specific cases, but homeowners are still able to simply take advantage of established modification initiatives that are being offered through HAMP or proprietary modifications that can be made available directly from programs within CitiMortgage. Citigroup has made mention over the past months that they do offer not only modifications, but short-term repayment plans that can offer mortgage payment deferments in certain cases, which essentially mirrors programs like the Home Affordable Unemployment Program that offers at least three months of mortgage payment forbearance to qualifying homeowners.

Click here to apply Fixed Deposit

The problem, though, that many homeowners seem to be facing centers around the fact that there is not a lack of programs available but many of these initiatives are either unknown, are not available to homeowners due to the fact that they cannot meet certain qualifications, or there have also been complaints by homeowners with a variety of banks stating that the modification mortgage payments that are offered are still too expensive. Yet, banks like Citigroup are also participating in Hardest Hit Fund programs in various states which could bring about more help to homeowners who are particularly struggling with unemployment as these plans have only been made available in areas where joblessness and property value reductions are severe.

While Citigroup has not been the only bank to reach out to homeowners through events and information sessions, homeowners do need to understand that keeping in contact with not only representatives from their bank, but potentially consulting housing counselors made available from HAMP will all be beneficial in not only helping the struggling men and women find options currently available for their particular situation, but they can offer guidance as well. Once again, Citigroup has stated they will be hosting events in areas like Detroit and Phoenix in the coming weeks, but homeowners can also begin the foreclosure prevention process by consulting their servicer directly or looking for resources from the HOPE NOW network or HUD for guidance from qualified counselors.

Ways To Secure Yourself For A Financial Emergency

One of the wisest moves is to make preparations for any possible financial emergency. Financial experts advise everyone to set aside a certain amount of funds that is enough to last for a minimum of 6 months. Hence, if tragedy happens like loss of job, you have the assurance that you have emergency savings that can be used to cover for you and your family until you can get a new job or other means of earning your income.

Can it really be possible to save money without using paychecks? How can you be more prepared to face financial trials? Here, we’re going to discuss some tips to help you secure yourself for a financial emergency.

Open a checking account. Send a portion of your paycheck to your deposit account each month. Thus, you can have something to rely on during emergencies.

Take out a personal loan from a credit union. In case you need emergency money, you may turn to a credit credit union to ask for financial assistance instead of payday loan lenders. Compared to banks, credit unions have a more relaxed policy and lower interest rates for borrowers.

Seek credit counseling. There are certain credit counseling agencies which are government accredited. They offer counseling services for a lower cost. If you have problems controlling your expenditures or handling your credit card and other financial concerns, it’s best to ask for assistance rather than to let yourself get stuck in.

Watch your spending. The best way to save money despite having limited paycheck is to control your spending. To start with, one can make a list of all the monthly expenses and subtract it from your monthly salary. It may be important for you to make adjustments on your expenses to stretch your budget. This needs self-discipline on your part to avoid unnecessary splurges on luxuries.

Apply for insurance. Secure a home insurance, personal insurance, and car insurance. Medical bills can put you in debt in just a few weeks if you don’t have a health insurance coverage. So, it’s best to save a certain portion of your monthly salary for your insurance payments as part of your financial plan.

Take out a Home Equity Loan. Another source of emergency funds that you can use is the equity of your home. But, you have to be aware that an equity loan puts your property at risk. If fail to keep up with the payments, in the end, you’re most likely going to lose a home. Hence, it is important to consider all your options first if you have any plans of using your home equity for a loan.