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Citigroup offers holiday gift - suspends foreclosures, evictions for 30 days

2009-12-18 20:31:14 (GMT) (Caymanmama.com - Banks & Banking News)

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Citigroup Center in Chicago

San Francisco, California (CaymanMama.com) — Banks aren’t always big and bad. In fact, this holiday season, Citigroup Inc. is extending a holiday gift for their customers by suspending foreclosures and evictions for 30 days.

The suspensions are in an effort to provide a temporary break for about 4,000 borrowers during the holidays.

Citi, a New York-based bank, announced Thursday that the suspensions will begin Friday and last through Jan. 17, and will only apply to borrowers whose loans are owned by Citi. That excludes borrowers who make their payments to Citi but whose loans are owned by other investors.

“We want our borrowers to have a much less stressful time, to spend their time with their families during the holidays as opposed to worrying about their homes,” Sanjiv Das, head of the company’s mortgage division, said in an interview.

According to the AP, “The suspension means Citi will halt foreclosure sales and stop evicting homeowners from properties it has already seized. The company projects it will help 2,000 homeowners with scheduled foreclosure sales and another 2,000 that were due to receive foreclosure notices.”



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