As the economy suffered in recent years, Citimortgage and Citibank also suffered some losses.
These losses were due to homeowners that were unable to make their mortgage payments and went into foreclosure, greatly reducing Citibank's profits.
Because of these poor conditions, Citi is now offering qualified borrowers the option of modifying their loan, in order to make it more affordable.
This will not only help a large number of borrowers, but help Citi earn incentives each time a borrow goes through the modification process.

Who Can Apply For a Loan Modification Through CitiMortgage and CitiBank? To apply for a loan Modification through Citi, borrowers will need to have obtained their loan before January 1st, 2009 and use the home as their primary residence.
The loan must also have a balance of $729,750 or less, and the monthly mortgage payments must be over 31% of a homeowner's pre-tax monthly income.
How to Apply for A Loan Modification Through CitiMortgage or CitiBank: To apply for a modification of a loan through CitiBank or CitiMortgage, homeowners should first contact their lender.
They will then be required to fill out an application, which will detail their current expenses, income, and financial hardships.
A borrower must prove to the lender that he or she is struggling to make their mortgage payments, yet will be able to afford the loan if it is modified.
A lender will not give a modification to a homeowner that is likely to default on the new loan, as this will not be financially beneficial to either party.
When applying for a modification, a homeowner should be careful to thoroughly explain their hardships and the reason for these problems.
Many homeowners suffer from mortgage payments that become too expensive due to a depreciation in their home's value, unexpected expenses, or a decrease in income.
These hardships are recognized by lenders and are what they seek to reverse the effects of.
Additionally, when going through the application process, borrowers should be careful to correctly document their income vs.
their expenses.
Lenders generally do not want to give a modification to those that earn too little or too much income.
If this is the case, a borrower can be denied and will either have to eliminate expenses or increase their income before they can be accepted into the program.
While this may make the loan modification process difficult, Citi is committed to helping homeowners correct their financial situation, by allowing modifications that benefit their borrowers, as well as themselves.