Citigroup is offering a free one-day mortgage assistance call-a-thon option that is expected to initiate foreclosure prevention efforts for distressed customers in need of advice but who have not yet taken the initiative to contact their lender.
CIti's foreclosure prevention experts — along with senior managers and supervisors — will be available from 7:00AM to after midnight on December 15.
Citi expects homeowners who are concerned about their ability to pay their mortgage during the holiday season and beyond will take advantage of the offer.
Another goal is to educate customers about Citi's various foreclosure prevention assistance programs available to them.
Citi's CEO described the effort as a New Year's Eve present to customers who may be experiencing financial hardship going forward that will open up new lender-borrower dialogues.
The bank said it has mailed toll-free invitations "across the country to customers who may be experiencing serious financial hardship," or who are at high risk of foreclosure without giving more specific details.
In addition, e-mails and text messages have been sent to ensure this target customer base receives the information.
Those who call on December 15 will also receive in the mail an 8-minute DVD with useful information about homeowner assistance programs and loan modification eligibility requirements to ensure the educational experience and gain will not be lost as time goes by.
Among the options available to CitiMortgage customers is its foreclosure alternative program launched earlier this year. It allows borrowers at risk of foreclosure to stay in their homes for up to 6 months if they agree to sign over their property deed at the end of six-month period. The program also provides relocation counseling and financial assistance.
