A number of newly unemployed homeowners will be provided an opportunity to reduce their payments on the mortgages from Citi, the group stated on Tuesday. The payments for three months will be lowered to an average of $500 per month for certain borrowers who lost their jobs and are at least 60 days delinquent. In case these customers remain unemployed after that period the bank is going to work with them personally.

The program will be limited to borrowers and serviced by CitiMortgage, and excludes the 4.3 million mortgages that Citigroup services but does not own. Those customers who qualify for the program must live in their homes, and in general must have loans no larger than $417,500.