Citi helped over 130,000 last quarter avoid a foreclosure

Citigroup is helping hundreds of thousands of homeowners prevent foreclosure. The bank is providing more information to the public about its activities and how many people it has helped. Citi has made ongoing progress in its efforts to help struggling homeowners. They help people keep their homes by avoiding foreclosure.

The latest data indicates that Citi’s consumer lending operations have been very successful in helping homeowners. The data shows that more people have been successfully helped by loss mitigation than by foreclosures. This is a three-fold increase from the success rate reported in the third quarter of 2008.

Citi has helped about 130,000 homeowners across the nation in just the last 3 months. They specialize in loans that they either own or service. These 130,000 homeowners were able to stay in their homes and they were avoided having a foreclosure on their mortgage. The assistance provided had a total value of more than $20 billion when it came to housing. Loss mitigation actions are measures taken to prevent or reduce loss. In the context of this quote, total loss mitigation actions taken by Citigroup to help borrowersserviced by them increased by 90% from 2008 to 2009.

Citi offers a few different types of foreclosure prevention programs. One program offers to help customers make their mortgage payments on time, while another program provides financial assistance to customers who are struggling to keep up with their mortgage payments.

Citi’s success in preventing foreclosures is due to its strong programs that provide loan modifications, forbearances, extensions, mortgage refinancing, and reinstatements. Some of the names of the programs that Citi offers to help people are the Citi Homeowners Assistance Program and the Citi Unemployment Assist Program. This is the final point, but it is also an important one. Citi is committed to participating in the federal government’s Home Affordable Modification Program (HAMP).

Citibank understands that many people are struggling financially in today’s economy. They want to help people stay in their homes. Citi has increased its efforts to help its customers as the economy continues to be weak and challenged. This includes more staffing and enhanced programs to assist with things like job loss and foreclosures. The goal of the programs is to help families and individuals in financial distress keep their homes. Solutions are individualized to meet the needs of each person or family.

The housing crisis began in 2007, and since then, Citi has helped over 700,000 homeowners across the nation to avoid foreclosure on mortgages with a total original value of nearly $79 billion. Citi is one of the largest commercial bank mortgage servicers and banks, and as of October 31, Citi had initiated trial loan modifications for 40 percent of HAMP-eligible borrowers.

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