Christmas Present from Citi, No Foreclosures

[flip_it_fast]

I hear that Citi is giving their customers who are in over their heads with their mortgages a little Christmas present. They are suspending all foreclosures and evictions for one month, giving people a little more time during the holidays.

The company made this announcement last Thursday. This will effect about 4,000 borrowers.

The New York-based bank said distressed homeowners with first mortgage loans owned by CitiMortgage or CityFinancial North America who also meet certain other criteria will not be subject to foreclosure sales or notifications between Dec. 18 and Jan. 17.

cnnmoney

"We hope that with this suspension we can make the holidays a little less stressful for our customers who are going through a very difficult time," said Sanjiv Das, chief executive of CitiMortgage, in a statement.

cnnmoney

I am suprised and glad that they are doing this. You usually don't hear about a major company doing something good like this. In times like this, we need to see more of things like this from the big companies.

[Eyeofngt]

That is very nice of them to wait till after Christmas to take peoples homes away. What happens then?

[homealone]

This is great news. Maybe during this time those families will be able to figure out a way to keep their homes. Now that would truely be a Christmas present to everyone.

Still I am glad that they have decided to suspend all those foreclosures. More companies and such should also get into the Christmas spirit and do something nice for others!!!