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Transcript of Citi Office of Financial Education Citi Office of Homeownership Preservation.
Citi Office of Financial Education
Citi Office of Homeownership Preservation
OWNERSHIPPRESERVATION
Helping Strengthen Financial Foundations
3 OFFICE OF HOMEOWNERSHIP PRESERVATION3
MARIA
• Mortgage payment increase
• Missed some bill payments
• Little potential for greater income
“How did this happen?!Suddenly, ourmortgage doubled.”
4 OFFICE OF HOMEOWNERSHIP PRESERVATION4
DWAYNE
• Over-extended credit
• Shrinking home value
• Job insecurity
“I want to do anything Ican to save my home.”
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ROBERT
• Health issues
• Debt greater than the valueof the home
• Unmanageable bills
“I need to figure out how I can give up my home without ruining my life – now and in the future.”
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TARA
• Divorce
• Higher expenses
• Adjustable Rate Mortgage
“I wake up with a knot in my stomach. I don’t knowhow I’m going to make my next mortgage payment.”
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HOMEOWNERSHIP ADVISORS
• Community Outreach Coordinators
• Mortgage Bankers/Brokers
• Credit Counselors
• Housing Counselors
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Citi’s OFFICE of HOMEOWNERSHIP PRESERVATION
• Founded in July 2007
• Committed to working with community partners
• Guidance on finding the right solutions for people facing foreclosure
• Strengthening financial foundations to preserve home ownership
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QUESTIONS COMING IN
• Is it too late to save my home?
• What are some of my options?
• Who can give me good one-on-one counseling?
• If my house goes into foreclosure, will I ever be able to own my own home again?
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WHEN YOU LEAVE …
• What’s going on in your community and across the country
• Your personal situation — your aspirations and limitations
• Potential options and paths for addressing your situation
• Community resources to help guide you along the appropriate path
We hope you understand:
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YOUR SITUATION
Please take some time to answer the questions on the worksheet to help determine your situation.
What are your goals?
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IMPORTANT CONCEPTS
• Foreclosure
• Adjustable Rate Mortgage
• Interest Rate
• Subprime Mortgage
• Home Devaluation
• Default/Breach
• Delinquency Cycle
• Loss Mitigation
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COMMON DELINQUENCY CYCLE*
DA
YS
Date Due
30 Days
60Days
90 Days
Loss Mitigation: Workout Units
Foreclosure Review
Refer to Foreclosure
Foreclosure Unit
120+ Days
*Varies from state to state
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IMPORTANT CONCEPTS
• Home Retention Capacity Intent Temporary/Manageable Hardship
• Mitigate Loss of Home Permanent Loss Expediency Relief
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IMPORTANT CONCEPTS
• Hardship Letter
• Deferment
• Forbearance
• Repayment
• Modification
• Partial Claim
• Redemption Period
• Short Sale
• Deed in Lieu
• Marketability
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SUGGESTIONS FOR PRESERVATION
• Contact lender
• Contact HUD-approved counselor (1.800.569.4287)
• Write a hardship letter
• Collaborate on a plan
• Practice budgeting and other habits to stick with the plan
• Continue counseling and collaboration with lenderand counselors
Be Proactive! Be Upfront and Honest!
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EXPECTATIONS FOR PRESERVATION
Modification, Re-Payment Plan, Extension, or Re-Age…
• Pay equivalent of two payments within three months
• Provide the last 2 - 3 pay stubs or the last two years’ tax returns
• Provide hardship letter
• More information may be necessary.
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SUGGESTIONS FOR LOSS MITIGATION
• Contact lender
• Contact HUD-approved counselor (1.800.569.4287)
• Write a hardship letter
• Collaborate on a plan
• Practice budgeting and other habits to stick with the plan
• Continue counseling and collaboration with counselors
Be Proactive! Be Upfront and Honest!
19 OFFICE OF HOMEOWNERSHIP PRESERVATION
EXPECTATIONS FOR LOSS MITIGATION
Short Sale, Settlement, or Deed in Lieu
• Provide detailed information about financial status
• Provide detailed information about your hardship
• Provide authorization to speak to your real estate agent, title company, or lender on your behalf
• Provide the Listing Agreement and Real Estate Purchase Agreement
• Provide a HUD1 or Settlement Statement — obtained from the lender or real estate agent
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CALLS TO THE OHP
• Response from professional workout specialists with many years experience
• Request authorization to review your situation
• Guidance on paths and resources to consider
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AVOIDING SCAMS
• Prey on vulnerability
• Huge increases in scams
• Keep personal information safe from “strangers” on the phone, online, or door-to-door
• If in doubt, wait to talk with a trusted professional
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AVOIDING SCAMS
• Calling themselves “mortgage consultants” or “foreclosure services”
• Contacting you because they learned that your home is listed for foreclosure
• Requiring a fee before providing any services to you
• Requiring a mortgage payment directly to them
• Asking you to transfer your property deed or title to them
Beware of people/companies:
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If you are seeing these representative companies you are working with us…
Citi Residential
Citi Trust Bank
Citi Home Equity
Citi Financial Mortgage
Citi Mortgage
THE COMPLETE Citi
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IMPORTANT PHONE NUMBERS
Toll-Free Assistance:
• Office of Homeownership Preservation 1.866.915.9417
• Hope Now 1.888.995.HOPE (4673)
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Questions?