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PERSPECTIVES

Helping homeowners in hardship.

April 15, 2010
Citi, Citi

For many borrowers, the challenges of financial hardship become a complex equation. They are often overextended and in homes they can no longer afford. In February, we developed an initiative that helps them avoid foreclosure, the Citi Foreclosure Alternative Program, representing an opportunity for customers to stay in their homes for up to six months, rent-free.


Under the terms of the program, which is being run as a pilot in six states, borrowers nearing foreclosure can cease mortgage payments and remain in their home in exchange for the deed to their property. By assigning their deed to us, they avoid foreclosure and are given additional time and financial relocation assistance to make plans for their future.

It is never our wish to see people get to this point and, since 2007, we have worked with over 825,000 borrowers on modifications, extensions, repayment plans and other loss mitigation solutions in their efforts to avoid just this outcome.

Yet when it seems there is no other option but foreclosure, we want to give people time and space to adjust to a difficult situation. We hope our foreclosure alternative program can ease the transition from one place to the next for families. "We think this program should be able to help people stay in their homes while they're able to get their affairs in order," says CitiMortgage's Steve Hemperly.

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