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Citi mortgage aid procedures

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Deed in lieu of foreclosure. Occurs when the customer does not have either the desire or the ability to keep the property and is unable or unwilling to sell the property but is willing to sign the property over to Citi in exchange for stopping the foreclosure action. Deeds in lieu of foreclosure are generally accepted only after all other options have been exhausted.

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Extension. Occurs when the customer has experienced a temporary hardship and is unable to bring the loan current. The customer has the ability to continue making future payments, but does not have the funds to completely reinstate the loan. An extension may re-amortize the loan or defer the interest to the back of the loan. It brings the customer's account current immediately. An extension is generally used in the early stages of delinquency when a customer is one or two payments behind; it is rarely used for serious delinquency of more than 90 days past due or in the foreclosure process.

Reinstatement. Occurs when a customer that is 90-plus days past due is able to pay all of the delinquent fees, interest and principal owed to the bank with a single payment. This brings the customer's account current immediately and allows him or her to continue to pay off the loan according to the original amortization schedule.

Do you accept partial payments?
Citi declined to answer.

What percentage of borrowers can expect to get some type of workout of their mortgage?
Overall, in the fourth quarter of 2007, borrowers serviced by Citi who received extensions, modifications, reinstatements or repayment plans outnumbered those who were foreclosed by almost five to one.

Are there any fees involved in the workout process?
Citi declined to answer.

Does the process differ depending on whether you are a borrower who is missing a regular payment or a borrower whose mortgage is about to reset?
Citi declined to answer.

Find your lender
1. Bank of America 6. National City
2. Chase 7. Wachovia
3. Citigroup 8. WaMu
4. Countrywide 9. Wells Fargo
5. IndyMac

Is it helpful if they contact a credit counselor who can work with you on the process?
To ensure that services are available to all who need them, Citi supports foreclosure prevention and education programs within various national and local counseling agencies. Partnership organizations include the Association of Community Organizations for Reform Now (ACORN), Neighborhood Assistance Corp. of America (NACA), Consumer Credit Counseling Service (CCCS), Consumer Counseling Resource Center (CCRC) and other community-based organizations.

How did it go? Tell us about your experience using this information to work out a solution with your lender.

Bankrate.com's corrections policy -- Posted: April 17, 2008
 
 
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