Welcome to the final installment of my series on foreclosure prevention measures being taken by the government and other banking and loan institutions, aimed to help struggling Coconut Creek homeowners. Over the past couple of days we have covered two of the largest banks in the world and their efforts to put a stop to the staggering rise in foreclosures. Today we will cover a final banking institution, Citigroup.
Like Chase and Bank of America, Citigroup has also announced a moratorium on foreclosures for its borrowers. Under the Citi Mortgage Program, the bank will not foreclose on a Coconut Creek home if the borrower wants to remain in the home, if there has been a good faith agreement made with Citi, and if the borrower has sufficient income to be able to afford a mortgage. Citi’s plan is to help 500,000 borrowers that are not necessarily behind on their mortgages, but are in need of help to remain current on their loan. Citi would like to expand this loan modification program to loans that Citi does not own. They plan to modify mortgages using the same methods that the majority of loan modification programs employ: extending the term of the loan, lowering the interest rate of the loan, or reducing the amount of the loan. Citi is doing all of this despite its worst performance ever, caused by the collapse of the real estate market. For more information on Citi’s loan modification program, visit mortgagehelp.citi.com.
As you can see, preventative measures are being taken to reduce the number of foreclosures taking place in Coconut Creek and across the country. Unfortunately current measures are not enough to really get the real estate and mortgage markets to fully rebound. More should be done in the coming months to help our economy bounce back from its current crisis mode and with any luck, we will see those measures be put into place in the very near future.
Related Articles
Coconut Creek Real Estate: Foreclosure Prevention Measures – Part I
Coconut Creek Real Estate: Foreclosure Prevention Measures – Part II
Coconut Creek Real Estate: Foreclosure Prevention Measures – Part III
Coconut Creek Real Estate: Foreclosure Prevention Measures – Part IV
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