Citigroup Press release
CITIMORTGAGE ANNOUNCES FORECLOSURE SUSPENSION
PROGRAM TO HELP DISTRESSED HOMEOWNERS
IN THE GULF OF MEXICO REGION
Three-Month Suspension Effective June 17 through September 17
Citi Chief Executive Officer Vikram Pandit today announced a foreclosure suspension program for CitiMortgage-owned mortgages in coastal areas hard-hit by the oil spill in the Gulf of Mexico. The aim of this program is to allow distressed homeowners to remain in their homes during these uncertain times as the Gulf communities respond to the oil spill and its economic repercussions. During the three-month suspension, effective June 17 through September 17, 2010, borrowers with first mortgage loans owned by CitiMortgage and who meet certain other criteria will not be subject to foreclosure sales or foreclosure notifications. While CitiMortgage does not own all of the loans it services, the company hopes to help as many borrowers as possible with this initiative.
Vikram Pandit, Chief Executive Officer of Citi said, "By putting CitiMortgage foreclosures on hold, we aim to ease the burden on residents of the Gulf states so they can concentrate on the most urgent matters facing them. In the midst of this crisis, we will continue to explore ways to help people avoid foreclosure so they and their families can remain in their homes and have one less thing to worry about.”
The company does not initiate or complete a foreclosure sale on any eligible borrower when the following criteria are met: CitiMortgage owns the mortgage; the borrower is seeking to stay in the home, which is his or her primary residence; the borrower is working in good faith with Citi; and, the borrower has sufficient income for affordable mortgage payments.
Grandpa: How nice...Citigroup halts foreclosures based on a leak that started April 20, 2010. Might these homes already be in the early stages of foreclosure and Citigroup is simply performing a PR dance? They have a history of the "foreclosure on"..."foreclosure off" policy.
Citigroup Website: Foreclosure occurs when a lender pursues its lien on a property. Foreclosure action generally begins after 90 days of nonpayment. Parties are able to bid on the property as part of the foreclosure sale, and the title will be transferred to the successful bidder, subject to any applicable redemption period. Grandpa: June 16, 2010 minus April 20, 2010 is less than 90 days....so it appears the oil had nthing to do with the missed payments Mr. Pandit.
Foreclosure "Wax Off" History
2/13/2010: Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp., Morgan Stanley and Wells Fargo & Co. agreed to suspend foreclosures while the Obama administration crafts a housing plan to modify mortgages for troubled borrowers. Citigroup halted foreclosures through March 12, or when a plan is completed, the company said today in a statement. 2/11/2010: Citigroup Inc. plans to let homeowners on the verge of foreclosure stay in their homes for six months — if they turn over the deed to their property.Citi said Thursday it is launching the pilot program, dubbed “Foreclosure Alternatives,” this week in Texas, Florida, Illinois, Michigan, New Jersey and Ohio. Initially, about 1,000 homeowners are expected to participate. Citi may expand the program nationwide.
12/17/2009: Citigroup Inc. will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season.
11/11/2008: Citi said late Monday it won't initiate a foreclosure or complete a foreclosure sale on any eligible borrower who seeks to stay in a home if it is the borrower's principal residence, the homeowner is working in good faith with Citi and has sufficient income to make affordable mortgage payments.
When the foreclosure notice arrives in the mail, many homeowners simply give up. After all, when you are behind on your mortgage payments, there is no other option, right? The truth is that there are options other than simply giving up and letting the foreclosure happen.
ReplyDelete"The company does not initiate or complete a foreclosure sale on any eligible borrower when the following criteria are met: CitiMortgage owns the mortgage; the borrower is seeking to stay in the home, which is his or her primary residence; the borrower is working in good faith with Citi; and, the borrower has sufficient income for affordable mortgage payments."
ReplyDeleteHello! Who in foreclosure is making mortgage payments! Ridiculous! I thought foreclosure was when you DON"T make payments! "Citi" whatever just needs to go away permanently!!