Maybe the Grinch really does have a heart after all.
Citigroup Inc. (aka the Grinch) just announced that it will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the Christmas season.
The New York-based bank said the suspension will run from Friday through Jan. 17.
The suspension applies only to borrowers whose loans are owned by Citi. Borrowers who make payments to Citi but whose loans are owned by other investors are out of luck.
“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.
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.
If you are facing possible home foreclosure, the bankruptcy laws can help. If you can afford your ongoing mortgage payments, Chapter 13 bankruptcy will stop the foreclosure and allow you to pay what you are behind over a 3 to 5 year period. If you can’t afford your home any longer, Chapter 7 bankruptcy will allow you to surrender your home and not owe another penny to the mortgage company.
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Source: Tulsa World
