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Citigroup’s Program To Save Struggling Homeowners From Foreclosure
If you own a Citigroup mortgage and are struggling to make your monthly payments, you may be able to benefit from Citigroup’s CitiMortgage campaign. This program is travelling as a road tour around the United States to meet struggling homeowners who want a loan modification. These outreach efforts have the effect of stimulating homeowners who would otherwise do nothing in the hope that “things will work themselves out” to attend the meeting and determine if they qualify for a modification.
Up to date, CitiMortgage has traveled to four cities as part of its 10 city tour. The tour which has already visited Baltimore, Cleveland, Atlanta and Orlando still has to visit Los Angeles, Miami, Detroit, Phoenix, Las Vegas and one more city the organizers are still deciding on. These road to recovery events are sponsored by CitiGroup and non-profit housing counselors.
What have been the results up to date of these events? The figures provided by CitiGroup are promising. According to CitiBank officials the program has approved 65 percent of those that attended the events. Although, we don’t have the attendance figures, officials say 95 percent of those in attendance were 60 days behind in their payments, which makes the previous 65 percent figure ever more so encouraging.
Sanjiv Das, the CEO of CitiMortgage, claims the priority of CitiMortgage is to help customers avoid foreclosure and according to these preliminary figures it seems like this is being accomplished in most of the cases.
What about those who simply do not qualify for a mortgage modification? CitiMortgage guides these homeowners towards foreclosure alternatives, such as a short sale or a deed-in-lieu of foreclosure to minimize the damage caused to families by foreclosures. A short sale allows homeowners to sell their home for less than the balance of their mortgage and in some cases will “forgive the difference between the mortgage balance and the short sale price. A deed-in-lieu of foreclosure allows the homeowner to hand over the deed of the property in exchange of avoiding foreclosure. In most cases the lender will forgive any late payments and the balance between the current market price of the home and the mortgage balance.
However, it is important to get these assurances in writing because in certain states lenders can claim any losses they suffer after a short sale or deed-in-lieu of foreclosure after the house has been sold if there is not a written agreement to the contrary.
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