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|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.
Citimortgage Foreclosure Timeline
Citimortgage foreclosure timeline for non-judicial processes in California follows the general proceedings, which are as mentioned below:
- The process starts with the filing of Notice of Default.
- The Notice of Default is sent to the borrower’s address within 10 business days, or at most within a month.
- After 3 months the Trustee Sale date is fixed.
- A notice of sale is sent to I.R.S. just 25 days before Trustee Sale date
- After the first publication of this notice, maximum 10 days are left to resolve the issue and stop foreclosure.
- The notice of Trustee Sale is recorded 14 days before the sale date.
- The borrowers lose the right to re-instate loan when the sale date is only 5 business days ahead.
- At the auction the property is transferred to the highest bidder
CitiMortgage Foreclosure Department
For foreclosure prevention and other help you can contact CitiMortgage Foreclosure Department, which can be approached via Citibank Loss Mitigation Department or mortgage customer service. The foreclosed homes are maintained by a separate REO Department, which usually hires asset managers, agents and brokers to maintain as well as sell these properties. CitiMortgage foreclosures for sale are listed on the website of the bank and can be accessed via the real estate agents or brokers mentioned against each property on the listings.
Here are contact details to approach CitiMortgage Foreclosure Department.
Loss Mitigation or Bankruptcy Department Contact: (866) 272-4749
Mortgage Customer Service Phone Number: 1-800-283-7918