Citigroup, Inc. (NYSE:C)
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CitiMortgage today announced the launch of its proprietary 2012 Citi
Military Road to Recovery Tour featuring five homeowner-support events
near military bases around the country for current and former members of
the Armed Forces. At these events, Citi’s Homeowner Support Travel Team
of mortgage experts and HUD (Department of Housing and Urban
Development) approved housing counselors will have one-on-one
discussions with current and former members of the military in need of
assistance with their mortgages. Borrowers do not have to be
CitiMortgage customers to attend. The first event will take place in San
Diego, California on June 29.
Sanjiv Das, CEO, CitiMortgage (Photo: Business Wire)
The company is also introducing the Citi Military PCS (Permanent Change
of Station) Transfer Assistance Program, a new, reduced payment program
for qualifying servicemembers who have PCS orders. Servicemembers
required to relocate who have CitiMortgage-owned first mortgages may
have their monthly payments reduced to $250.00, or to their escrow
payment only, for a six-month period.
Sanjiv Das, CEO of CitiMortgage, said, “Military families face many
unique obstacles when it comes to purchasing and maintaining a home.
With the Fourth of July holiday approaching, we’re glad to offer further
support for our troops who sacrifice so much for all of us.” Mr. Das
added, “We would like to thank the military and veterans organizations
and other individuals who have so generously offered their time and
expertise to help us in our efforts.”
Citi Military Road to Recovery Tour
Bob Filner, the U.S. Congressman representing California's 51st District
said, "As Ranking Member of the House Committee on Veterans' Affairs, I
am deeply committed to finding ways to give back to those who served our
country so selflessly. I'm very pleased that CitiMortgage is introducing
its Military Road to Recovery Tour in San Diego, and that Citi continues
to look for new and unique ways to help support members of our Armed
Citi Military Road to Recovery events are open to all members of the
military, including veterans, and participants do not have to be
CitiMortgage customers to attend. Any present or former military
personnel may attend to gain understanding of potential solutions based
on their individual circumstances. In these one-on-one sessions,
borrowers facing financial challenges can get clear answers to questions
about their mortgages in a private setting. Any military mortgage
borrowers who have missed payments or believe they may miss payments in
the future are encouraged to attend.
"We provide financial education and counseling to thousands of service
members and their families each year,” said John Pickens, Executive
Director of VeteransPlus, a national Veteran Service Organization. “When
Citi asked us to support their outreach efforts to the military
community, we were happy to help. Together, we are helping ensure that
Veterans and Servicemembers get all the assistance they need and the
financial peace of mind they deserve."
Military Road to Recovery events are hosted by CitiMortgage along with
local non-profit housing counselor groups in each market. Housing
Opportunity Collaborative (HOC), a Southern California non-profit
organization that seeks to promote equal access to housing for all
persons in the region, will co-host the first tour event in San Diego on
Friday, June 29. CitiMortgage representatives will be available to meet
with CitiMortgage customers and HOC HUD-approved housing counselors will
meet with non-Citi homeowners.
Subsequent 2012 events include:
San Antonio, TX
Citi Military PCS Transfer Assistance Program
In conjunction with the Military Road to Recovery, CitiMortgage is
launching the Citi Military Permanent Change of Station (PCS) Transfer
Assistance Program. Approximately 60,000 military homeowners are
impacted by PCS orders each year, and this new, proprietary program can
offer immediate financial relief as they deal with what can be a
The program is available for Armed Services borrowers with
CitiMortgage-owned first mortgages who have to relocate due to PCS
orders. The program will reduce eligible military borrowers’ first
mortgage payments for six months. Monthly payments on non-escrowed loans
will be reduced to $250.00. For escrowed loans, the monthly payment will
be reduced to the escrow payment only.
Michele Pearce, is Senior Vice president of Development for CredAbility,
Citi's partner on Reconnect, the financial education partnership serving
veterans and military families. Ms. Pierce said, "Our housing counselors
speak daily with military service men and women, their spouses and
veterans. Because our goal is to help them find solutions for stable
housing, as part of the counseling process, we refer any CitiMortgage
customer who has a military background directly to Citi's assistance
programs. These programs give our nation's heroes some important options
to achieve stable housing."
Homeowners eligible for the program will be required to verify their PCS
orders prior to enrollment. Borrowers do not have to provide evidence of
financial hardship to be enrolled, and the loans can be current or
delinquent. FHA, VA, Rural Development and Private Investor loans are
not eligible, and other restrictions may apply.
During the six-month period, CitiMortgage’s military homeowner
assistance team will work with borrowers on an ongoing basis. If a
customer needs longer term assistance, Citi will offer personalized
advice and review borrowers’ specific needs for potential long-term
solutions. For borrowers who are moving and no longer wish to own their
homes, CitiMortgage may offer them release from their mortgage
obligations through either a short sale or a Deed in Lieu.
CitiMortgage has developed and implemented a variety of additional
programs to assist active duty military and veterans, including the Citi
Disabled Veterans Mortgage Relief Program, which allows veterans
disabled in the line of duty to make reduced monthly payments on
CitiMortgage-owned mortgages; CredAbility
Reconnect, a special collection of financial wellness resources
available to servicemembers; and Veterans on Wall Street (VOWS),
which is a program that employs veterans at Citi. Further information is
available at www.citisalutes.com.
As a result of these programs and other efforts, Citi has been named a
finalist for the 2012
Secretary of Defense Employer Support Freedom Award, which is given
to organizations that provide exceptional support for Guard and Reserve
For CitiMortgage customers who would like more information on the Road
to Recovery Tour events, or for those who are unable to attend an event
but would like assistance, please call 1-866-915-9417 (select Option 4).
Information for Citi’s Road To Recovery events, including San Diego, can
be found at www.citiroadtorecovery.com.
Non-Citi customers inquiring about the event may call HOC on
Citi, the leading global bank, 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.
Additional information may be found at www.citigroup.com
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