Advertiser Disclosure

Advertiser Disclosure: The credit card offers that appear on this site are from credit card companies from which receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. does not include all credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, U.S. Bank, and Barclaycard, among others.


Dig Deeper


Become a Money Crasher!
Join our community.

Citi Announces Plan For Homeowner Assistance to Avoid Foreclosure

For those of you who own a house with a Citi mortgage, you might be interested in this announcement made by Citi Group to help homeowners avoid foreclosure.

Citi Group will reach out to a group of 500,000 homeowners to help them stay current on their mortgages, and it could result in a $20 billion dollar workout on existing mortgage balances. They will also extend their foreclosure moratorium to those homeowners with sufficient income to pay a restructured payment plan and work in good faith with Citi to stay in their home.

Citi is one of the last large mortgage lenders to roll out a homeowner assistance program, but it comes at a huge time of need. If you are behind on your payments or you think that you might get behind on your payments within the next two months, follow these three steps to help save your home.

Step 1: Immediately contact your lender and explain your situation. Prove to them with financial records that you cannot afford the current mortgage payment, but you want to save your home. Letting them know that you are interested in staying in the home is huge and being cooperative with your lender is the first step to saving your home.

Step 2: Start brainstorming ways to increase your monthly income. Can you take a certification course that will give you a raise at work? Can you take a second job? Can the stay-at-home mom take a part-time job? Do you have a ton of stuff that you can sell? Start brainstorming with your spouse or significant other to increase your income by about $500 to $1,000 a month.

Step 3: Create a support team. Let the people closest to you know that you are struggling to keep your home. You will be surprised at how they can help you, their ideas, connections, and the power of loved ones to support you.

Don’t give up on your home unless you have exhausted all possible options. It’s in your best interest to keep your home. No one wants to go through with foreclosure, including the bank. That’s why they roll out these assistance programs. Follow those three steps, and you will be on your way to keeping your house.

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

Next Up on
Money Crashers

bearded man watching football game and making selfie with smartphone

Top 10 Places to Buy Cheap Discount Sports Tickets Online

From opening day to the playoffs, if you want tickets to any major sporting event, you may face some steep costs, especially if you...
Equity Investments Reit Etf Stocks Bonds Mutual Funds Commodities

12 Ways to Reduce Risk in Your Stock Investment Portfolio

Nervous about bear markets, crashes, and corrections?Equities offer outstanding returns in the long term, but their volatility can be terrifying in the short term,...

Latest on
Money Crashers

Sign Up For Our Newsletter

See why 218,388 people subscribe to our newsletter.

What Do You Want To Do
With Your Money?