Some good news for those people in the Gulf. I just do not know if other state and home owners should be given the same privilege in regards to foreclosures. Surely others have been struggling to hold on to the homestead with no help from this government in the past three years. Everyone has a story to tell about how hard the recession has hit, be it in regards to loosing a job, a business, or a home.
NEW YORK—Citigroup Inc. is halting certain foreclosures in the areas affected by the oil spill in the Gulf of Mexico.
The bank announced a three-month suspension of foreclosure sales and notifications, as well as evictions on possessed properties for qualifying borrowers in the Gulf region with first mortgages held by CitiMortgage. The suspension is effective from Thursday through Sept. 17. Citi expects about 1,000 borrowers to participate initially, but that number might climb.
Just how long does CitiBank think it will take to bring business back to the Gulf? I'm not criticizing their move, and maybe the BP trust fund will kick in to help.
ReplyDeleteHowever, the Gulf is ruined for a very long time.
I was thinking after I wrote this that Citi was just prolonging the inevitable and many will still loose their homes and jobs will also be gone
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