Citi Office of Financial Education Citi Office of Homeownership Preservation

OWNERSHIP PRESERVATION Helping Strengthen Financial Foundations

3 OFFICE OF HOMEOWNERSHIP PRESERVATION 3 MARIA Mortgage payment increase Missed some bill payments Little potential for greater income “How did this happen?! Suddenly, our mortgage doubled.”

4 OFFICE OF HOMEOWNERSHIP PRESERVATION 4 DWAYNE Over-extended credit Shrinking home value Job insecurity “I want to do anything I can to save my home.”

5 OFFICE OF HOMEOWNERSHIP PRESERVATION 5 ROBERT Health issues Debt greater than the value of 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.”

6 OFFICE OF HOMEOWNERSHIP PRESERVATION 6 TARA Divorce Higher expenses Adjustable Rate Mortgage “I wake up with a knot in my stomach. I don’t know how I’m going to make my next mortgage payment.”

7 OFFICE OF HOMEOWNERSHIP PRESERVATION 7 HOMEOWNERSHIP ADVISORS Community Outreach Coordinators Mortgage Bankers/Brokers Credit Counselors Housing Counselors

8 OFFICE OF HOMEOWNERSHIP PRESERVATION 8 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

9 OFFICE OF HOMEOWNERSHIP PRESERVATION 9 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?

10 OFFICE OF HOMEOWNERSHIP PRESERVATION 10 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:

11 OFFICE OF HOMEOWNERSHIP PRESERVATION 11 YOUR SITUATION Please take some time to answer the questions on the worksheet to help determine your situation. What are your goals?

12 OFFICE OF HOMEOWNERSHIP PRESERVATION IMPORTANT CONCEPTS Foreclosure Adjustable Rate Mortgage Interest Rate Subprime Mortgage Home Devaluation Default/Breach Delinquency Cycle Loss Mitigation

13 OFFICE OF HOMEOWNERSHIP PRESERVATION 13 COMMON DELINQUENCY CYCLE* DAYS Date Due 30 Days 60 Days 90 Days Loss Mitigation: Workout Units Foreclosure Review Refer to Foreclosure Foreclosure Unit 120+ Days *Varies from state to state

14 OFFICE OF HOMEOWNERSHIP PRESERVATION 14 IMPORTANT CONCEPTS Home Retention Capacity Intent Temporary/Manageable Hardship Mitigate Loss of Home Permanent Loss Expediency Relief

15 OFFICE OF HOMEOWNERSHIP PRESERVATION 15 IMPORTANT CONCEPTS Hardship Letter Deferment Forbearance Repayment Modification Partial Claim Redemption Period Short Sale Deed in Lieu Marketability

16 OFFICE OF HOMEOWNERSHIP PRESERVATION 16 SUGGESTIONS FOR PRESERVATION Contact lender Contact HUD-approved counselor ( ) Write a hardship letter Collaborate on a plan Practice budgeting and other habits to stick with the plan Continue counseling and collaboration with lender and counselors Be Proactive! Be Upfront and Honest!

17 OFFICE OF HOMEOWNERSHIP PRESERVATION EXPECTATIONS FOR PRESERVATION Modification, Re-Payment Plan, Extension, or Re-Age… Pay equivalent of two payments within three months Provide the last pay stubs or the last two years’ tax returns Provide hardship letter More information may be necessary.

18 OFFICE OF HOMEOWNERSHIP PRESERVATION 18 SUGGESTIONS FOR LOSS MITIGATION Contact lender Contact HUD-approved counselor ( ) 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

20 OFFICE OF HOMEOWNERSHIP PRESERVATION 20 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

21 OFFICE OF HOMEOWNERSHIP PRESERVATION 21 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

22 OFFICE OF HOMEOWNERSHIP PRESERVATION 22 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:

23 OFFICE OF HOMEOWNERSHIP PRESERVATION 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

24 OFFICE OF HOMEOWNERSHIP PRESERVATION IMPORTANT PHONE NUMBERS Toll-Free Assistance: Office of Homeownership Preservation Hope Now HOPE (4673)

Questions?