Citigroup Offers Temporary Rate Reduction to Unemployed Borrowers
On March 3, Citigroup announced the launch of their Homeowner Unemployment Assist program, which allows unemployed borrowers who have fallen behind on their mortgage loan payments to temporarily make reduced payments averaging $500 per month for 3 months. Interest and penalty fees will also be waived during this 3-month period. The new assistance plan for unemployed mortgage holders is an add-on to Citigroup’s existing Homeowner Assist program that was first put in place last fall to help homeowners avoid foreclosure. Mandated by the U.S.
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