CitiMortgage to Suspend Foreclosures in Oil Spill Area for 3 Months

CitigroupCitigroup said it will suspend foreclosure sales and notifications on CitiMortgage-owned mortgages from June 17 through Sept. 17 for borrowers in the coastal areas hit hardest by the oil spill in the Gulf of Mexico.
Those borrowers will have to meet certain other criteria. CitiMortgage does not own all the loans it services.
“By putting CitiMortgage foreclosures on hold, we aim to ease the burden on residents of the Gulf States so they can concentrate on the most urgent matters facing them,” said Vikram Pandit, Chief Executive Officer of Citigroup.
In addition, evictions on real estate-owned properties (REO) will stop during the same time period.
CitiMortgage borrowers occupying residences in zip codes within approximately 25 miles of affected coastal areas will be eligible for the program.
Citigroup said borrowers can call 866-219-8155 beginning Friday, June 18th, to reach a CitiMortgage representative assisting with the Gulf foreclosure suspension program.
CitiFinancial customers should contact their local CitiFinancial branch or the number listed on their monthly mortgage statement.

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