Citibank announced several intitatives to help homeowners stay in their homes including a moratorium on foreclosures for qualified borrowers.
The Citi Homeowner Assistance program will reach 500,000 homeowners with mortgages held by Citi. The program offers help to borrowers who are not yet behind on their payments but need assistance in making future payments.
Citi has also extended a foreclosure moratorium practice. Citi will systematically implement its practice of not initiating a foreclosure or completing a foreclosure sale on any eligible borrower where Citi owns the mortgage, the borrower is seeking to stay in the home which is his/her principal residence, is working in good faith with Citi, and has sufficient income for affordable mortgage payments.
The company also streamlined its existing loan modification program to aggressively rework delinquent loans.
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