• What is a CIT Loan Modification?

    A CIT loan modification is designed to help borrowers facing financial hardship who are interested in pursuing options that will prevent foreclosure. This can be achieved through a loan modification, which will permanently modify the terms of the mortgage to help prevent foreclosure and assist with financial hardship. Eligibility for the CIT modification program is based on investor guidelines and by meeting specific income and hardship requirements.
  • Who is it for?

    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:

    • You are able to provide evidence of financial hardship.
    • You are able to provide documentation of your income.
    • You complete all required steps included in our financial packet.
    • You provide all required information requested in the financial packet. 
    • Your unpaid principal balance on your first lien mortgage is 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. 1

    Please note that you will not be considered for a loan modification if: 

    • You are unable to provide evidence of financial hardship.
    • You are unable to provide documentation of your income.
    • You do not complete all required steps included in our financial packet.
    • You do not provide all required information requested in the financial packet. 
    • Your unpaid principal balance on your first lien mortgage is greater than $1,000,000 for mortgages secured against a one-unit property. 1 


    1
    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.

  • How does the CIT Loan Modification work?

    To be eligible for a loan modification, borrowers must:

    • Be delinquent for 60 days or more and at risk of imminent default for owner occupied properties OR be delinquent for 60 days or more and NOT at risk of imminent default for investment properties. 
    • Be able to provide evidence of financial hardship. 
    • Be able to provide documentation of income to verify that modified mortgage payments can be made (unemployment benefits are not eligible). 


    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: 

    1. Capitalize delinquent interest and escrow payments.
    2. Set the interest rate at the Freddie Mac Weekly Primary Mortgage Market Survey rate for the week in which the trial modification is offered
    3. If necessary, forbear (defer) a portion of the principal as a balloon payment and waive the interest on the deferred amount. The balloon payment is due with the final payment of the loan
    4. If necessary, extend the tern of the loan to up to 40 years.

  • How do I apply?

    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: 

    Fax

    866-435-7643 

    Mail

    CIT Bank, N.A.  
    CITB-4 2900 Esperanza Crossing  
    Austin, Texas 78758