Citigroup Inc.’s mortgage units said they will hold off on foreclosures and evictions during the holidays.
CitiMortgage Inc., the company’s residential unit, and CitiFinancial Inc., which services subprime loans, announced the moratorium today.
Beginning tomorrow, borrowers with loans owned by either unit will not be subject to foreclosure sales or notices if they meet certain criteria. In addition, evictions on real-estate-owned properties will be suspended.
The suspension, which impacts around 4,000 borrowers, will last until Jan. 17, 2010.
Citi owns around 20 percent of the $746 billion in mortgages it services.
The company said it is making the move to allow distressed borrowers to remain in their homes during the holidays.
