CitiMortgage Launches Next Road to Recovery Tour – Helping Distressed Homeowners in Their Markets

CitiMortgage’s Road to Recovery homeowner assistance program kicks off its autumn tour on Wednesday, September 14 in Portland, Oregon. Due to the damage done by Hurricane Irene in the Eastern United States, Citi has developed a schedule to rush help to areas affected by the hurricane. Following initial events in Portland and Riverside, California, Citi’s team of mortgage assistance experts will travel to Norfolk, VA for an event on September 30, followed by Philadelphia on October 3 and Long Island, New York on October 12. By that time, the areas affected by the hurricane are expected to be in recovery, allowing CitiMortgage experts to engage with local homeowners in need of assistance.

The summer phase of Citi’s Road to Recovery tour held events in ten cities across the country, resulting in more than 1,000 private consultations with distressed homeowners. The events were particularly helpful in reaching clients who had not previously sought assistance. Over 30 percent of attendees were first time responders. Almost 90 percent of attendees were 60 days or more past due on their mortgage payments and 30 percent were in foreclosure. Still, nearly 60 percent of those attending qualified for a mortgage modification.

Sanjiv Das, President and CEO of CitiMortgage said, “Our initial outreach efforts with the Road to Recovery program were extremely successful in helping homeowners. As we began moving into the next phase of the program, we recognized a very immediate need to help homeowners in areas hard hit by Hurricane Irene. So, we are focusing a good deal of our initial attention on those areas.”

The events, offering one-on-one consultations with mortgage assistance experts, provide meetings in private, curtained-off settings. In the first round of events, 96 percent of attendees rated the experience as excellent or good, and 97 percent said they were very likely or likely to recommend the experience to a friend, based on exit surveys.

During the autumn phase of the tour, Citi expects to reach homeowner clients at 15 events across the U.S.

From 2007 through 2010, Citi has helped more than 1.1 million homeowners in their efforts to avoid potential foreclosure and remain in their homes. Borrowers who are unable or do not wish to remain in their homes can discuss alternative programs to ease their housing transition. These include short sales, in which the property is marketed and sold for less than the outstanding mortgage balance. Deed-in-lieu is another option, where the borrower turns over the deed to the mortgage company. In both instances, the consumer is able to avoid the difficult foreclosure process.

For information, or for those who are unable to attend events but would like assistance, please call 1-866-915-9417 or visit http://blog.citimortgage.com.

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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