Many individuals who face a financial crisis ask the debt counselor, but how to apply for mortgage relief ? Do I qualify for debt relief on my mortgage?" The answer is usually a straightforward "no." Debt relief is extended only to unsecured loans or other means of finance that are not given against collateral. A mortgage usually uses the property against which it is taken as the security and is thus not eligible for debt relief. However, other means of finance exist that can be consolidated.
Another frequent question is, "Do I qualify for debt relief on my car loan?" As is the case with a mortgage, a car loan is a secured loan in the sense that your car is the asset against which the loan is granted. If a situation arises, where you are unable to pay your car loan installment for several months then the bank has the option of repossessing the car and selling it to recover the amount due rather than writing it off as a bad debt.
The application process is relatively simple and straight forward, as it allows people to show that they are under a lot of financial pressure. You have to write a letter explaining all of this, and then it is reviewed by the company's loan officers. So how to apply for mortgage relief program? Anyone can apply, but only certain people will be given a new loan plan. If you are under big time financial stress as a result of some difficult situation, then you are a perfect example of someone who needs loan modification.
This might mean you have lost your job unexpectedly. Maybe it means your debt to income ratio has reached levels where you're really struggling. People can even qualify if they get into a situation where their home value is less than what they owe on that home. If any of these things happen, you could qualify for a better home repayment plan. When you quality, Citi will work with you to come up with a solution.
Their big goal is to get you back on track so that you can make payments each month and become a responsible home owner once again. This usually means lowering your interest rates to make your payment lower or maybe extending out your loan term to take some of the pressure off right now. In some cases, the principal will be knocked down or you can get a slight deferment. It all depends upon your situation and how Citi sees fit.
Another frequent question is, "Do I qualify for debt relief on my car loan?" As is the case with a mortgage, a car loan is a secured loan in the sense that your car is the asset against which the loan is granted. If a situation arises, where you are unable to pay your car loan installment for several months then the bank has the option of repossessing the car and selling it to recover the amount due rather than writing it off as a bad debt.
The application process is relatively simple and straight forward, as it allows people to show that they are under a lot of financial pressure. You have to write a letter explaining all of this, and then it is reviewed by the company's loan officers. So how to apply for mortgage relief program? Anyone can apply, but only certain people will be given a new loan plan. If you are under big time financial stress as a result of some difficult situation, then you are a perfect example of someone who needs loan modification.
This might mean you have lost your job unexpectedly. Maybe it means your debt to income ratio has reached levels where you're really struggling. People can even qualify if they get into a situation where their home value is less than what they owe on that home. If any of these things happen, you could qualify for a better home repayment plan. When you quality, Citi will work with you to come up with a solution.
Their big goal is to get you back on track so that you can make payments each month and become a responsible home owner once again. This usually means lowering your interest rates to make your payment lower or maybe extending out your loan term to take some of the pressure off right now. In some cases, the principal will be knocked down or you can get a slight deferment. It all depends upon your situation and how Citi sees fit.
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