Citi announced today that its recent loss mitigation efforts have helped Florida homeowners avoid foreclosure at nearly three times the rate seen a year ago.
A preliminary review of its third quarter data revealed that so-called “loss mitigation successes” in the Sunshine State outnumbered foreclosure by a ratio of nearly 16 to one.
That’s up from a ratio six to one in the third quarter of 2008, though the foreclosure avoidances likely include not-so-favorable short sales and deeds-in-lieu of foreclosure.
“Citi is very focused on keeping distressed borrowers in their homes and is committed to driving solutions that help them do so,” said Sanjiv Das, President and Chief Executive Officer of CitiMortgage, in a release.
Das noted that foreclosure prevention is a “paramount issue” for Citi, and that the company has “invested heavily” in staff, training, and technology since CEO Vikram Pandit came on board.
“We are pleased with our progress to date, but there is more to be done. Recent improvements in documentation requirements and increased borrower awareness are resulting in greater success for trial modifications and other solutions,” Das added.
Additionally, he encouraged struggling homeowners to get in touch with the bank and mortgage lender, saying communication was the key to success, and counseling at Citi is free of charge.
Since 2007, the company has assisted roughly 715,000 homeowners across the country with nearly $79 billion in mortgage debt stay in their homes.