Citi Mortgage will be assisting recently unemployed homeowners by giving them the ability to pay as little as $500 a month on their mortgage.

Borrowers are covered by the program for 90 days when they submit documents proving they are recent recipients of state unemployment benefits, Das said. Some homeowners may be able to get extensions after the 90 days expire, depending on their situation.

It's unclear how many of the 1.4 million CitiMortgage customers will seek assistance, but Das noted that about 4 million people have lost jobs over the past year.

The company is the housing lender arm of Citigroup, a beleaguered bank that has received $45 billion in federal bailout funds and recently lost 36% of its ownership to the government