June 29, 2011 04:52 PM
By Sanjiv Das, CEO, CitiMortgage
This month, CitiMortgage concluded a 10-city Road to Recovery Tour of cities nationwide aimed at helping struggling homeowners find much-needed, long-term mortgage solutions. I am pleased by our progress on this initiative.
At these open-to-the-public Road to Recovery events, we were able to connect approximately 1,000 homeowners having difficulty making their mortgage payments with customer assistance experts in one-to-one counseling sessions. Although the vast majority of these borrowers were CitiMortgage clients, we were able to offer direction to non-clients also facing these same problems.
In this outreach, in cities across the U.S. from Baltimore to Los Angeles, we determined that 58 percent of attendees qualified for loan modification programs. We were also able to begin helping many customers even in late stages of delinquency--89 percent of attendees were 60 days or more delinquent on their mortgage payments and 30 percent were already in the foreclosure process. These events also drew many customers facing financial challenges who had never contacted CitiMortgage; 31 percent of attendees were first-time responders. We were extremely encouraged that we were able to initiate this critical dialogue.
We surveyed attendees, with 96 percent indicating an "Excellent/Good rating on overall value" on the sessions, and 97 percent saying they are "very likely/likely" to recommend the experience to a friend. We feel strongly about the importance of raising awareness of the assistance options available, so these results are promising.
Since 2007, Citi has worked with more than 1.1 million borrowers on modifications, extensions, repayment plans and other loss mitigation efforts. Helping homeowners in need is a continued and fundamental priority for Citi. Resolving these issues is key to economic recovery and we remain focused on what Citi as a company can do to move forward.
Our outreach continues. For information, or for those who were unable to attend events but would like assistance, we are available by calling 1-866-915-9417 or visiting http://blog.citimortgage.com.