Citi to Suspend Foreclosures for 30 Days

The New York-based bank 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.

By: Associated Press | WSAV-TV
Published: December 17, 2009

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WASHINGTON (AP) - Citigroup will suspend foreclosures and
evictions for 30 days.
It's a temporary break for about 4,000 borrowers during the
holiday season.
The New York-based bank 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.
The suspension will run from Friday through Jan. 17. It 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.
The head of Citi's mortgage division says the company is working
on "some long-term fundamental alternatives" to foreclosure, but
has declined to be specific.