Registered fishermen still waiting by the phone for BP
June 22, 2010
Helen LeBoeuf
June 24, 2010The home mortgage division of Citigroup Inc. said last Wednesday it is suspending loan foreclosures in areas of the Gulf of Mexico for three months.
Distressed homeowners in areas affected by oil spewing from the BP deep water well damaged April 20 will be allowed to remain in their homes during the suspension.
Borrowers with first mortgage loans owned by CitiMortgage who meet certain criteria will not be subject to foreclosure sales or foreclosure notifications from June 17 through Sept. 17, the company said.
“In the midst of this crisis, we will continue to explore ways to help people avoid foreclosure so they and their families can remain in their homes and have one less thing to worry about,” said Citigroup CEO Vikram Pandit.
CitiMortgage borrowers occupying homes in zip codes within 25 miles of affected coastal areas will be eligible.
The 8-week-old disaster, in which tens of thousands of gallons of oil still pour from the broken well daily, is affecting the Gulf Coast region.
