Citigroup Temporarily Suspends Foreclosures
Isn’t anyone else making news these days besides Citigroup?
In a surprise move, Citigroup announced today that they will be suspending foreclosures for a month to give a break to their borrowers for the holidays.
Of course, that magnanimous offer doesn’t cover a heck of a lot of people. They estimate that, overall, it will help 4,000 families. It’s still a nice offer, but it’s not like it would be taking even the tiniest chunk out of their profits for the year. The extension will last until January 17th.
Oh yeah, there’s a caveat. It only covers loans through Citigroup. If your loan is through someone else but you make your payments to Citi, it doesn’t count. It also doesn’t cover all of you who have asked for loan modifications and haven’t had them approved yet, of which more than 100,000 of you are either waiting, or have only been approved for short term relief.
Hey, it’s better than nothing, right?