Citigroup: Suspend Foreclosures and Evictions 30 Days, Until January 17, For Homeowners

Citigroup announced that they would suspend around 4,000 combined foreclosures and evictions for thirty days, giving these homeowners until January 17, 2010 until they were forced to face losing their homes. A spokesman for Citigroup said they were doing this so that their borrowers could spend the holidays with their family rather than worry about facing foreclosure.

Many feel that Citigroup may be doing this as a public relations stunt since reports of the top mortgage lenders came out showing companies like Citigroup to be lagging behind in their home loan modification programs.

Citigroup has modified about 43% of homeowners who potentially qualify for a home loan mortgage modification and despite that being one of the higher percentages out of the top lenders many feel Citigroup could still do more.

However, no matter the reason behind this move by Citigroup, it is still a welcome gift for those who were seeking to lose their home over the holidays. Again, Citigroup said this suspension of evictions and foreclosures would benefit about 4,000 homeowners.

Yet, one wonders if these homeowners who will be back to facing evictions and foreclosures in the new year simply didn’t qualify for the home loan mortgage modification program or if they were unaware of the option.

Perhaps, in the future, Citigroup will be more apt to help homeowners stay in their homes through refinancing or modifications rather than giving them a stay-of-execution for 30 days, but in these tough times any break a homeowner can get is assuredly welcome.