CitiMortgage modification outreach targets borrowers in foreclosure
Half of the borrowers who received a mortgage modification at recent Citigroup (C) outreach events are at some point of the foreclosure process. By mid-May, Citi had completed four events in the first four cities of a 10-city tour. These events were held in Baltimore, Orlando, Cleveland and Atlanta. Upcoming stops include Los Angeles, Las Vegas, Miami, Detroit, Phoenix and one other location yet to be determined. Citi hosts the "Road to Recovery Events" along with a local nonprofit housing counselor group. Of those that attended, Citi said, 65% qualified for either a government-sponsored or private modification. A spokesperson for the bank could not give a exact number or value. Of those that attended, 95% were at least 60 days or more delinquent on their mortgage. "At CitiMortgage, our No. 1 priority is to help our customers avoid foreclosure and stay in their homes. In the majority of cases at these events, we are accomplishing that," said CitiMortgage CEO Sanjiv Das. Those borrowers who are unable to remain in the home are guided through alternative programs for short sales or a deed-in-lieu, making the usually lengthy and difficult processes faster and more transparent. "We are meeting one-on-one with homeowners — many of whom have never been in touch with us — in comfortable local venues to discuss specific assistance solutions available to them," Das said. "Together, in respectful, private conversations, we are able to explore a variety of ways to help." Write to Jon Prior. Follow him on Twitter @JonAPrior.