"At CitiMortgage, our number one priority is to help our customers avoid foreclosure and stay in their homes. In the majority of cases at these events, we are accomplishing that," said Sanjiv Das, CEO of CitiMortgage. "We are meeting one-on-one with homeowners - many of whom have never been in touch with us -- in comfortable local venues to discuss specific assistance solutions available to them. Together, in respectful, private conversations, we are able to explore a variety of ways to help."
Road to Recovery Events are hosted by CitiMortgage along with a local non-profit housing counselor group. Attending borrowers are provided the opportunity to have private, face-to-face consultations with customer assistance experts. The events are open to all homeowners. CitiMortgage customers have the option to discuss and begin specific assistance solutions.
Upcoming "Road to Recovery" Events:
· May 24 - Los Angles: Double Tree by Hilton Hotel,
· May 26 -
· June 1 -
· June 7 -
· June 10 -
· June 14 - Location to be determined.
Preliminary Results:
To date, the events have produced significant positive results for homeowners. Approximate results include:
· 65 percent qualified for a loan modification program featuring a more affordable payment.
· Of those qualifying for assistance, many have been helped even in late stages of delinquency
o 95 percent of the attendees were 60 days or more delinquent on their mortgage payments.
o 50 percent were already in the foreclosure process
Borrowers who are unable or do not wish to remain in their homes can discuss alternative programs to ease their housing transition. These include short sales, in which the property is marketed and sold for less than the outstanding mortgage balance. Deed-in-lieu is another option, where the borrower turns over the deed to the mortgage company. In both instances, the consumer is able to avoid the difficult foreclosure process.
For information, or for those who are unable to attend events but would like assistance, please call 1-866-915-9417.
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.