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Citigroup Suspending Foreclosures in Gulf Region

Posted on June 23, 2010

Homeowners in the Gulf coast areas of Louisiana, Mississippi, Alabama, and Florida may be seeing some relief from foreclosure on their home if they have their mortgages through Citigroup Inc. Citigroup, which offers mortgages through CitiMortgage, plans to suspend home foreclosures through September 17th while Fannie May says the companies representing their home loans may suspend or reduce payment up to 90 days. In order to qualify, the homeowner must have a first time buyer loan through CitiMortgage. Based on an Associated Press report, homeowners with loans serviced by Fannie May could expect to have their loan suspended or reduced up to 90 days or beyond. Certain criteria must be met such as being within 25 miles of the coastal areas. Homeowners need to contact Fannie May or Freddie Mac to see what special relief is offered them if they are in the service area.

And for travelers, travel giant Orbitz is trying to persuade them to come to the Sunshine State. If you had a reservation within 20 miles of the oil slicked coast at one of 120 Florida hotels, you can have your hotel costs refunded if a beach is closed or declared dangerous. Consumers must have made their reservation between June 14 and July 31 on Orbitz and the travel company may expand the guarantee to hotels in Texas, Louisiana, Mississippi and Alabama.

Farah & Farah is representing consumers and business owners who have no recourse on their own due to the Deepwater Horizon spill caused by BP. Call our economic losses Florida oil spill attorneys for a consultation and more information.