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Monday, December 24, 2012

CitiMortgage Foreclosure

CitiMortgage Foreclosure is usually the last option left out when everything else has been tried out to recover the amount you owe to the bank plus the accrued interest and other charges. It is painfully difficult for the homeowners to go through the ordeal of a foreclosure process, which is nothing but an overt declaration of their bankruptcy that has a long-term negative impact on credit rating as well.


It is for this reason that you should consider all possible alternatives to avoid foreclosures and retain homeownership. If it is not possible to continue living in your home due to severe financial hardship, you can explore the options of short sale and Deed in lieu of Foreclosure to protect your credit rating and be eligible for future home loans, house rentals or any unsecured credit.

CitiMortgage Foreclosure Prevention


CitiMortgage Loss Mitigation Department will contact you automatically with workable solutions if you are found to be 60 days behind your payments. You are provided an opportunity to convince the bank's official about your financial hardship and ask for homeowner assistance in order to remain current with your mortgage payments. You can seek loan modification, refinancing, forbearance, payment adjustment or any other alternative that you think will help you pay your dues conveniently. Since foreclosure prevention is your primary objective, you may consider short sale or deed in lieu of foreclosure as well if nothing works out to keep you going with the homeownership.

CitiMortgage Foreclosure Process


CitiMortgage Foreclosure Process starts with the issue of a Notice of Default, which usually sets a timeline of four months within which the entire process should end. It is a very expensive and lengthy process and is as disliked by the bank concerned as you would do. The exact timeline for the process to complete can be found in the Deed of Trust or the loan documents, which may vary from one state to another. You can still extend the timeline by seeking a foreclosure moratorium or participating in a foreclosure suspension program which CitiMortgage announces from time to time. For more information call 1-866-781-0322. Moreover, you reserve the rights to sue the bank, if you think that you are a victim of wrongful foreclosure, illegal lockouts and forceful seizures.

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