an average of $500 a month for three months, for borrowers who’ve lost their jobs within the last six months and are at least 60 days behind on mortgage payments. Citigroup will also waive interest and penalties during the period.
To qualify for the program, borrowers must live in the home and have a mortgage that is owned and serviced by CitiMortgage. The program applies only to loans of $417,500 or lower. Borrowers must also provide proof of unemployment and sign a form promising that they will look for a job and let Citigroup know if they’ve found one.
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Renita Burns is the editorial assistant at BlackEnterprise.com.