Citi helped over 130,000 last quarter avoid a foreclosure
Hundreds of thousand of homeowners are receiving foreclosure prevention assistance from Citigroup. The bank has begun to release quarterly statements and reports which provide details on its programs and the number of people helped. Citi has showed ongoing, continuous progress in its various efforts to assist struggling homeowners. They do whatever they can to help people avoid a potential foreclosure.
According to the latest data, Citi’s consumer lending operations have had a tremendous amount of success in aiding homeowners. The data shows that loss mitigation successes have outnumbered foreclosures completed by a more than 15 to one ratio, which is over three times the success rate that it reported in the third quarter of 2008, so the number of people being successfully helped has greatly increased.
Just during the last 3 months, Citi has helped about 130,000 homeowners across the nation. They focus on those loans that it either owns or services. These 130,000 homeowners were able to remain in their homes and they were able to avoid facing a foreclosure on their mortgage. The total dollar housing value of the assistance provided was more than $20 billion. In addition, total loss mitigation actions for borrowers serviced by Citi rose almost 90 percent from the same period in 2008.
What type of foreclosure prevention programs are offered by Citi?
This success rate is attributable to Citi’s strong, extensive foreclosure prevention programs that include loan modifications, forbearances, extensions, mortgage refinancing, and reinstatements. Some of the names the programs operate under include the Citi Homeowners Assistance Program and also the Citi Unemployment Assist Program. Last, but not least, Citi is also a committed participant in the federal government Home Affordable Modification Program (HAMP).
Citibank recognizes that many people face difficulties in the current economic environment. They are committed to making it their goal and their number one priority to help keep people in their homes. As the nation’s economy remains weak and challenged amid job loss and rising home foreclosures, Citi has increased its efforts to assist its customers through enhanced programs and increased staffing. The programs and resources offered are designed to develop individualized solutions to allow families and individuals in financial distress to stay in their homes for the long term.
Many experts say the housing crisis started in 2007, and since the start of this housing crisis, Citi has worked with over 700,000 homeowners across the nation to help them avoid potential foreclosure on mortgages with a total original value of nearly $79 billion. They are also fully supporting the government programs, and as of October 31, Citi had initiated trial loan modifications for 40 percent of HAMP-eligible borrowers, which is the highest proportion of the largest U.S. commercial bank mortgage servicers and banks.