Citigroup's mortgage units have announced a national foreclosure suspension program for Citi-owned mortgages through the holiday season. The 30-day moratorium, effective Dec. 18, 2009, through Jan. 17, 2010, applies to borrowers with first mortgage loans owned by CitiMortgage and CitiFinancial North America and who meet certain other criteria.
‘We hope that with this suspension we can make the holidays a little less stressful for our customers who are going through a very difficult time," says Sanjiv Das, president and CEO of CitiMortgage. "And we will continue to look for meaningful ways to assist our customers experiencing hardship."
Citi-owned loans total approximately 20% of the company's company's $746 billion mortgage servicing and lending portfolio. In addition to halting foreclosure sales and notifications for the month, Citi will cease evictions on real estate owned properties during the time frame.
The company expects the suspension will affect approximately 2,000 borrowers scheduled to have foreclosure sales and another 2,000 that were to receive foreclosure notifications in the next 30 days.