Common Questions
I receive letters from people claiming they can help save my home. Is this a scam?
Once a foreclosure proceeding is initiated, certain documents are a matter of public record and anyone can review the information that is filed with the court. Investors, bankruptcy attorneys, for-profit foreclosure prevention specialists and real estate professionals, who may not be acting in your best interests, all have access to it. As a result, you may receive communications from them regarding your personal situation. If you provide authorization to these third party companies they work directly with CitiMortgage to find a workout option available for you, however they charge for their services.
By contacting CitiMortgage you are able to work directly with a specialist who can offer you assistance at no cost.
Is my mortgage "lender" the same as my "servicer"?
Your mortgage lender is the financial institution that gave you your mortgage loan. In some cases your mortgage lender may have sold your mortgage to a different financial institution.
Your current mortgage lender contracts CitiMortgage to service your loan including collecting payments, assisting you with workout options, and providing customer service.
If you have any questions or concerns you should contact CitiMortgage for assistance.
Is bankruptcy an alternative to foreclosure?
Bankruptcy is a matter of personal choice and is something that should be discussed with an approved consumer credit representatives or bankruptcy attorney.
If you are considering Bankruptcy, please contact CitiMortgage beforehand to see if other possible options are available for you.
How does foreclosure affect my credit?
Both foreclosures and deed-in-lieu (where the lender accepts the deed to the property to avoid having to foreclose) are damaging to your credit and will be reflected on your credit report for seven years. If your credit report shows a foreclosure or deed-in-lieu, you may have trouble obtaining new credit for at least a few years. You may, however, include a written statement on your credit report that explains any hardships that led to the foreclosure.
For more information about how foreclosure affects your credit you can contact any one of the three major credit bureau reporting agencies.
Equifax
P.O. Box 740256
Atlanta, GA 30374
(800)-685-1111
www.equifax.com
Experian
PO Box 2002
Allen, TX 75013
(888) 397-3742
www.experian.com
TransUnion LLC
P.O. Box 2000
Chester, PA 19022
(800) 888-4213
www.transunion.com
How does foreclosure affect my ability to acquire a home in the future?
Even though buying a home after a recent foreclosure is possible, most lenders will not approve a mortgage loan immediately following a bankruptcy or foreclosure. If you want to buy a home in the future, focus on rebuilding your credit by paying all your bills on time. After you have established a history of on-time payments, you should be in a better position to shop for a mortgage loan.
How long do I have before I have to vacate my foreclosed home?
If you live in the property, CitiMortgage will assign an eviction attorney to your case. The eviction attorney should be able to let you know when you need to vacate the property. If you do not know who the eviction attorney is, contact CitiMortgage at (866) 272-4749†.
Is my mortgage "lender" the same as my "servicer"?
Your mortgage lender is the financial institution that gave you your mortgage loan. In some cases your mortgage lender may have sold your mortgage to a different financial institution.
Your current mortgage lender contracts CitiMortgage to service your loan including collecting payments, assisting you with workout options, and providing customer service.
If you have any questions or concerns you should contact CitiMortgage for assistance.
I receive letters from people claiming they can help save my home. Is this a scam?
Once a foreclosure proceeding is initiated, certain documents are a matter of public record and anyone can review the information that is filed with the court. Investors, bankruptcy attorneys, for-profit foreclosure prevention specialists and real estate professionals, who may not be acting in your best interests, all have access to it. As a result, you may receive communications from them regarding your personal situation. If you provide authorization to these third party companies they work directly with CitiMortgage to find a workout option available for you, however they charge for their services.
By contacting CitiMortgage you are able to work directly with a specialist who can offer you assistance at no cost.
Is my mortgage "lender" the same as my "servicer"?
Your mortgage lender is the financial institution that gave you your mortgage loan. In some cases your mortgage lender may have sold your mortgage to a different financial institution.
Your current mortgage lender contracts CitiMortgage to service your loan including collecting payments, assisting you with workout options, and providing customer service.
If you have any questions or concerns you should contact CitiMortgage for assistance.
Is bankruptcy an alternative to foreclosure?
Bankruptcy is a matter of personal choice and is something that should be discussed with an approved consumer credit representatives or bankruptcy attorney.
If you are considering Bankruptcy, please contact CitiMortgage beforehand to see if other possible options are available for you.
How does foreclosure affect my credit?
Both foreclosures and deed-in-lieu (where the lender accepts the deed to the property to avoid having to foreclose) are damaging to your credit and will be reflected on your credit report for seven years. If your credit report shows a foreclosure or deed-in-lieu, you may have trouble obtaining new credit for at least a few years. You may, however, include a written statement on your credit report that explains any hardships that led to the foreclosure.
For more information about how foreclosure affects your credit you can contact any one of the three major credit bureau reporting agencies.
Equifax
P.O. Box 740256
Atlanta, GA 30374
(800)-685-1111
www.equifax.com
Experian
PO Box 2002
Allen, TX 75013
(888) 397-3742
www.experian.com
TransUnion LLC
P.O. Box 2000
Chester, PA 19022
(800) 888-4213
www.transunion.com
How does foreclosure affect my ability to acquire a home in the future?
Even though buying a home after a recent foreclosure is possible, most lenders will not approve a mortgage loan immediately following a bankruptcy or foreclosure. If you want to buy a home in the future, focus on rebuilding your credit by paying all your bills on time. After you've established a history of on-time payments, you should be in a better position to shop for a mortgage loan.
How long do I have before I have to vacate my foreclosed home?
If you live in the property, CitiMortgage will assign an eviction attorney to your case. The eviction attorney should be able to let you know when you need to vacate the property. If you do not know who the eviction attorney is, contact CitiMortgage at (866) 272-4749†.
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