Could you be with a difficult time paying the mortgage? Perhaps you have already defaulted? If you want to keep the domestic you need to check out delivering a loan modification to quit property foreclosure and also have their financial back into typical. That loan modification may even result in a lower payment per month and you may dominating forgiveness or forbearance.

To acquire a loan modification you will need to work at your own loan servicer, which is the providers which will take your payments, credit your account, and you may forecloses on you when you end investing.

However your servicer isn’t necessarily who owns the loan. That’s the buyer, and Illinois personal loans perhaps they are one that comes with the power to accept or refuse your loan amendment software.

Specific enterprises, such as for instance Ocwen, only services loans, plus don’t invest in people finance. But some banking institutions, instance Citi (aka Citigroup or Citibank), would-be the servicer regarding and you may buyer during the a home loan, or one to and not another.

Citigroup is among the huge four banks on U.S. plus Wells Fargo, Lender away from America, and you may JPMorgan Pursue. Citi try in a number of mortgages, many of which keeps defaulted into the from the one-point. (more…)