Title Block

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Citi Office of Financial Education Citi Office of
Homeownership Preservation
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OWNERSHIP PRESERVATION
Helping Strengthen Financial Foundations
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MARIA

• How did this happen?!
• Suddenly, our
• mortgage doubled.

• Mortgage payment increase
• Missed some bill payments
• Little potential for greater income

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DWAYNE
I want to do anything Ican to save my home.

• Over-extended credit
• Shrinking home value
• Job insecurity

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ROBERT
I need to figure out how I can give up my home
without ruining my life now and in the future.

• Health issues
• Debt greater than the valueof the home
• Unmanageable bills

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TARA
I wake up with a knot in my stomach. I dont
knowhow Im going to make my next mortgage
payment.

• Divorce
• Higher expenses
• Adjustable Rate Mortgage

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HOMEOWNERSHIP ADVISORS

• Community Outreach Coordinators
• Mortgage Bankers/Brokers
• Credit Counselors
• Housing Counselors

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Citis 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
We hope you understand

• Whats 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

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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
Refer to Foreclosure
30 Days
60Days
90 Days
DAYS
120 Days
Date Due
Loss Mitigation Workout Units
Foreclosure Review
Foreclosure Unit
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
Be Proactive! Be Upfront and Honest!

• 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

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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
Be Proactive! Be Upfront and Honest!

• 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

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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
Beware of people/companies

• 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

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THE COMPLETE Citi
Citi Mortgage
Citi Residential
Citi Financial Mortgage
Citi Trust Bank
Citi Home Equity

• If you are seeing these representative companies
  you are working with us

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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?