The Real Deal Miami

Citi expands mortgage protection

November 11, 2008 09:57AM

Citigroup will bolster its foreclosure prevention efforts to include up
to 500,000 homeowners, including South Floridians. As many as 130,000
mortgage holders will get help over the next six months. Last month, JP
Morgan Chase said it was launching a new effort
to help more than
300,000 customers avoid foreclosure on $70 billion worth of mortgages
and would hold off on filing new foreclosures for 90 days. Citi is
indefinitely suspending new and existing foreclosures while it attempts
to contact eligible borrowers. Customers will be contacted directly by
the lender.