One of the hardest hit banks during the economic crisis, Citibank, has announced on Tuesday, March 3, 2009 that it intends on lowering mortgage payments to a $500 per month average for some of its customers. The Homeowner Unemployment Assist program was designed to help customers that are unemployed and need a little more time to get back on their feet!

Qualifications for the Homeowner Unemployment Assist Program include homeowners that are 60 days or more past due on their mortgage payments, the distressed property must be the primary residence and the homeowner must meet all insurer and guaranty requirements. If after three months of participating in the program the homeowner is still unemployed, the cases will be handled on an individual basis in order to come up with a payment option. If, however, the homeowner has found work during the three month period they will go back to their original mortgage payment schedule or a long-term modification will take affect if they qualify.

Citibank offers services in more than 40 offices in Broward, Miami-Dade and Palm Beach counties, the parent company Citigroup, has a significant influence throughout the state, with over 12,000 employees throughout Tampa, Jacksonville and of course, south Florida. Perhaps this new program will help some of areas that were hit the hardest.