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 Forces."
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:
- Northern VA
- Norfolk, VA
- San Antonio, TX
- Columbia, SC
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 challenging transition.
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 employees.
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 619-283-2200.
About Citi:
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 |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn:
www.linkedin.com/company/citi
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