Big banks are starting to put a moratorium on homes that face possible foreclosures around the Twin Cities and nationwide. Citigroup becomes the latest big lender to put basically a holding period on the initiating foreclosure process on troubled borrowers.
Citigroup joins JP Morgan Chase and Bank of America to step up to plate. Depending on where the borrower is in the foreclosure process.
Most moratorium periods will last 90 days, the only catch is… You have to contact the lender and be in good standing! Statistics have show that actually less than 50% that face foreclosure actually contact the lender for workouts. The first step when facing foreclosure is contact the lender and nobody is doing it. They just let it go without talking to anybody.
I have laid out some numbers for loan modifiers here for some help
The federal government has been slow to act with all the so-called bailout monies and how to apply portions of it mortgage modifications.
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