Wednesday, March 4, 2009

Citigroup to give a break to unemployed

I read this article titled "Citi to Allow Jobless to Pay Less on Loans" on The Wall Street Journal, that would be welcome news to those who have undergone financial hardships in this ugly and uncertain economy. Citigroup's program claims to lower the mortgage payment for those who have lost their jobs and are at least 60 days behind on mortgage payment. The offer applies only to loans serviced by CitiMortgage that are $417,500 or lower. What is not clear to me about the 60 days behind on mortgage payment requirement is how it applies to title theory states like Georgia, where the majority of the foreclosures are non-judicial. Could it be possible that the lender forecloses on you before you get 60 days behind on your payment??? I dont know the answer, and I am not going to speculate either, just pointing out a possibility. I found this well written article on Georgia Foreclosure Law, written by McCurdy & Candler, LLC. If you are facing the unfortunate prospect of foreclosure due to a job loss, and your loan is serviced by Citigroup, you may be in luck.  However, if you are thinking of falling behind on your mortgage payment in oder to take advantage of this opportunity, I would suggest consulting a lawyer that knows and can advice you about the full implications of how this may apply to you. Please note that posting the article on "Georgia Foreclosure Law" by McCurdy & Candler, LLC is not a recommendation or an endorsement as I am not familiar with them. I have written another other article on foreclosure prevention that may be worth a look.

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