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CitiMortgage Foreclosure

CitiMortgage Foreclosure process usually begins when payments remain due for over 60 days on a property you bought with the bank’s financial support. The bank has every right to foreclose on the delinquent properties in the states where non-judicial procedure is followed, and it can start the process on its own without the prior approval of a court of law. However, the situation is different in states where the court plays a major role in deciding whether a foreclosure is lawful or not.

With the reports of wrongful foreclosures by many lenders in states where judicial procedure is in common practice, many leading banks were forced to put a moratorium on the process until a review of documents is completed. Bank of America and JP Morgan Chase were among them and speculation was rife that Citibank would soon announce a foreclosure freeze in those states.

A major cause of such fraud is the practice of robo signing in which the bank officials tend to sign documents without reading their contents. CitiMortgage has made it clear that it has no robo signer and there is no such practices reported in any of its attempt to seize a property. As a result, it seems improbable that we would see CitiMortgage halting foreclosures. Despite this, the bank has to face a number of lawsuits in many states.

CitiMortgage Foreclosure Process

The foreclosure process that must be followed depends on the law of the state where the property is lying as well as the terms of the documents finalized at the time of mortgage origination. During the life of a loan, the responsibility to service the loan may change hands from one company to another and so are the original loan documents. Sometimes, it becomes hard for the bank to procure the original documents and find out correct information on title ownership. These are some issues that led the phenomena of wrongful foreclosures or a foreclosure getting stopped while the process is still on.

CitiMortgage Foreclosure Prevention

It is also possible even for you stop the process during any point of time if you feel the bank is not following the guidelines correctly. Moreover the bank itself provides you alternative to avoid a foreclosure. You can get a detailed account of these alternatives by calling the Office of Homeownership Preservation at 1-866-915-9417. It is advisable to explore all foreclosure prevention options that also include short sale and deed in lieu before succumbing to the unfortunate event of a home foreclosure.

CitiMortgage Foreclosure Timeline

If nothing helps to stop CitiMortgage continue with a foreclosure process here is a timeline of how it happens and when. It is a general timeline for a non-judicial process typically followed in California. First of all a Notice of Default is sent if you continue to default on two successive payments.

If you do not get into action after this notice and a period of three months elapses, the bank will move forward by fixing the Trustee Sale date. At least 25 days before this date, a notice of sale is sent to I.R.S. and made public through various forms of advertisement. Even after this, you have precious 10 days left to sort out the problems and stop foreclosure. A record of the Trustee Sale notice is maintained when the day of auction is 14 days away.

On the auction date your property will be sold to the person bidding the highest amount or transferred to the lender as foreclosed properties not sold at auction. These bank-owned properties are marketed by local real estate agents on behalf of the bank as REO properties for sale. One can search through CitiMortgage foreclosure listings to see these properties.

CitiMortgage Foreclosure Department

There is no direct access to CitiMortgage foreclosure department. However you can get through a bank representative that can help you in a situation when you fear of losing your home. Contact the Office of homeownership preservation at 1-866-915-9417 to get all possible help in this regard. Alternatively, you can also approach the customer service department of the bank to get timely assistance and solve your payment problems. The phone number to reach this department is 1-800-283-7918.


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