Veterans wounded, injured, or disabled in the line of duty can now make reduced monthly payments on CitiMortgage-owned loans as part of a new initiative by the New York-based financial services company.
[IMAGE] The Citi Disabled Veterans Mortgage Relief Program offers an interest rate reduction of 2.5 percent on existing mortgages for a period of two years. Surviving spouses may also be eligible for the program.
""At CitiMortgage, we are committed to helping serve the needs of current and former members of the armed forces,"" said Sanjiv Das, CEO of ""CitiMortgage"":http://www.citimortgage.com.
""We recognize that wounded or disabled veterans may be having financial difficulties in this challenging economic environment, and they warrant our heightened consider-[COLUMN_BREAK]
ation,"" Das continued. ""If they do not qualify for other assistance programs that are available, we are offering this program as another potential form of support.""
Part of the Citi Homeowner Assistance Program, the new initiative requires applicants to provide discharge documents and a letter from the Department of Veterans Affairs confirming they have service-connected disabilities.
Borrowers do not have to be delinquent or facing imminent default to participate, and there are no fees. However, Federal Housing Administration (FHA), Veteran's Affairs (VA), and Rural Development loans as well as loans currently under Servicemembers Civil Relief Act (SCRA) protection are not eligible for the program.
""IAVA applauds Citi for its new Disabled Veterans Mortgage Relief Program,"" said Paul Rieckhoff, founder and executive director of Iraq and Afghanistan Veterans of America (IAVA).
""This program is a solid step towards helping our wounded warriors and their families who have sacrificed so much for our country,"" added Rieckhoff. ""Foreclosure and unemployment have hit military families particularly hard in this economic crisis. IAVA and our 200,000 members nationwide welcome this initiative to support our community, and we hope to see Citi's continued leadership in this space.""