Monday, July 26, 2010

Foreclosure suspension due to BP oil spill

On June 17, 2010, Citigroup promised to stop foreclosures on the Gulf Coast for homeowners in certain zip codes affected by the BP Oil Spill until September 17, 2010. In addition, Fannie Mae and Freddie Mac announce additional relief for homeowners affected by the oil spill.

Details of the Citigroup Foreclosure Suspension:

- No new foreclosure cases will be initiated (filed in court);
- Any current foreclosure proceedings (sheriff’s sales, lawsuits) against those living in the affected area can be stopped or postponed;
- Includes Citigroup loans and its subsidiaries CitiMortgage, CitiFinance, CitiResidential, etc.;
- The foreclosure suspension will last at least until September 17, 2010.

What to do to stop foreclosure:

- First, determine whether your mortgage is with Citi or owned by Fannie Mae or Freddie Mac; if not, then this will not help you.
- Next, please find a housing counselor or lawyer to assist you.
- Homeowners with Citi mortgage loans must call Citibank a (866)219-8155 immediately and ask to stop foreclosure proceedings.
- Homeowners with Fannie Mae or Freddie Mac loans must call their mortgage servicer immediately, tell them that the mortgage is owned by Fannie Mae or Freddie Mac and ask for assistance.

No comments:

Post a Comment