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Citigroup Inc. Reaches Out to Troubled Homeowners Facing Foreclosure

Citigroup Inc. announced Tuesday that it will preemptively contact 500,000 mortgage holders to modify mortgage loan terms on as much as $20 billion in mortgages for borrowers who are current on their loan payments but in danger of falling behind. Under its new program, the Citi Homeowner Assistance Program, Citi is focusing on borrowers who live in areas that are likely to face "extreme economic distress."

"Under our new program we will preemptively reach out to help homeowners before they become delinquent, which is critical to avoiding the loss of a home and protecting their credit score and future borrowing potential," said Sanjiv Das, chief executive officer of CitiMortgage.

Citi extended its moratorium on foreclosures, saying it won't begin or complete a foreclosure sale on a home on which it owns the mortgage if the borrower wants to stay in the home, which is his or her principal residence. And, Citi said it is also working with investors to expand the Citi Homeowner Assistance program to include mortgages Citi services but does not own.

It added that it recently streamlined its loan modification program to rework delinquent loans. This revamped program uses a simplified formula to figure out an affordable payment as a percentage of the borrower's gross income. It then reduces the monthly payment to that amount by either reducing interest rates on the loan, extending the loan's term or forgiveness of principal.

"We believe at-risk borrowers should not have to wait until they are facing potential foreclosure before they become eligible for a loan modification or a foreclosure pause," said Eric Eve, senior vice president at Citi.

Citi said that since 2007, it has helped about 370,000 families, representing more than $35 billion in underlying loans, avoid foreclosures.

Distressed borrowers should contact Citi at one of the following numbers:

CitiMortgage:  (866) 272-4749.

Citi Residential Lending: (800) 211-6926 or (800) 430-5262

Even if you've been turned down previously, call CitiMortgage. You may qualify under its newly announced program.

Maria Ny is a published author. She writes articles and website content on a variety of subjects including various types of mortgages, information on various law practice areas, FICO credit scores, search engine optimization and internet marketing, animals and instructional content. Visit www.marianydesigns.com to read more informative articles and to find out how she can help you with your web content needs.