Wednesday, June 16, 2010
Citi suspends mortgage foreclosures for those in the Gulf Oil spill area
NEW YORK -(Dow Jones)- Citigroup Inc. (C) is halting certain foreclosures in the areas affected by the oil spill in the Gulf of Mexico.
The bank announced a three-month suspension, effective Thursday through Sept. 17, of foreclosure sales and notifications, and evictions on possessed properties for qualifying borrowers in the Gulf region with first mortgages held by CitiMortgage.
And Fannie Mae announced relief for homeowners also:
WASHINGTON, June 16 /PRNewswire-FirstCall/ -- Fannie Mae (NYSE: FNM) today announced that servicers may immediately suspend or reduce mortgage payments for borrowers whose properties or income are negatively impacted by the Gulf oil spill.
"We want to give homeowners every opportunity to weather this unprecedented disaster, including relief from their mortgage payment if that will help them get back on their feet and stay in their homes," said Michael J. Williams, President and CEO. "Our policy is in place to support those who are experiencing a disaster-related hardship through no fault of their own and are acting in good faith to meet their mortgage obligation."
Posted by Palmoni at 3:35 PM
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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.
Alright Palmoni, if the correction is over, what kind of upside action do you see? (dramatic, slow?)
It is really a great effort on part of the Citigroup to take steps in order to help Gulf homeowners to come out of this unprecedented catastrophe. It has stopped the foreclosure proceedings until September 17th, 2010 for those situated in the affected region.
However, along with Citigroup, Fannie Mae and Freddie Mac have also requested the mortgage servicers to offer forbearance programs to homeowners who are living in the affected region. Initially the servicers will suspend or reduce the mortgage payment of the borrowers for 90 days. Then, depending upon individual situation, the forbearance program may get extended for 12 months. This loan help for Gulf homeowners will actually help them in saving their properties from imminent foreclosures.
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