Borrower eligibility is based on meeting specific conditions including investor guidelines and approval. In general, in order to be considered for a loan modification the following pre-requisites must be met:
Please note that you will not be considered for a loan modification if:
Loan modifications are limited to mortgages with an unpaid principal balance of less than or equal to $1,000,000 for mortgages secured against a one-unit property. This requirement will vary if your property is a two, three or four-unit property.
To be eligible for a loan modification, borrowers must:
Once eligibility is determined and a modified mortgage payment is calculated, borrowers will enter a 90 day trial period (or possibly longer if they are in bankruptcy) to ensure they are able to meet the new modified terms before the mortgage is modified permanently.
If the requirements for a trial modification are satisfied, a servicer will calculate a modified mortgage payment by taking a series of steps to permanently modify the terms of the mortgage. These include:
Apply online through our online application and submit all of the required documents right from your home computer! You will need to log in using your existing online mortgage account user ID and password. If you do not have an online account, you can create one by clicking "Register User ID/Password" on the login page.
(Please note: You can opt to fax or mail your required documents even if you use the online application.)
Download our paper application to provide your information and submit the required documents by fax or mail to:
CIT Bank, N.A.
CITB-4 2900 Esperanza Crossing
Austin, Texas 78758