New Help for Homeowners Risking Foreclosure

$20 billion in loans may be modified

By Chris Chan
|  Tuesday, Nov 11, 2008  |  Updated 4:40 PM PDT
View Comments (
)
|
Email
|
Print
New Help for Homeowners Risking Foreclosure

Getty Images

One the country's largest banks says it will reach out to 500,000 distressed home owners to modify loans.

advertisement
Photos and Videos

New Help for Homeowners Risking Foreclosure

One the country's largest banks says it will reach out to 500,000 distressed home owners to modify loans in order to avoid foreclosure.
More Photos and Videos

One the country's largest banks announced it will reach out to 500,000 distressed home owners to modify loans. 

Citigroup is the latest to proactively halt foreclosures and modify loans.  In a statement, the company said $20 billion dollars in loans could be modified

"The real problem in the U.S. now is increasing unemployment," CitiMortgage Chief Executive Sanjiv Das told the Wall Street Journal. "We are finding that people across the board need help."

Vino Pajanor of the Housing Opportunities Collaborative, which conducts free home clinics around San Diego County, said Citigroup's plan is the best yet. 

"It reaches out to homeowners who aren't in default yet, but could be facing trouble," he said. 

Pajanor said it is an encouraging trend, with JP Morgan Chase making a similar announcement earlier this month.  Home loan counselors in his group have seen more lenders willing to modify mortgages, even for people who haven't defaulted on their loans.

Homeowners having difficulty paying their mortgage can particpate in a free home loan clinic this Saturday, put on by the Housing Opportunities Collaborative.  To take part, register at Housing Collaborative.org.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out