By Meena Kar
Dec.18, (THAINDIAN NEWS) People who have failed to repay the home mortgage loans taken from Citigroup and are worried to get evicted in these winter months can relax for the time being, as the company has decided to suspend foreclosures for thirty days. According to the reports, the suspension, which comes in effect from Friday, December 18, 2009 and will continue till January 17, 2010, would be applicable for four thousand borrowers. Therefore, people who were afraid of getting evicted from their homes will get a month’s time to arrange the necessary funds.

The reports of the officials indicated that the suspension of foreclosures is applicable only to the people whose loans are owned by the Citigroup. However, the people who pay their loans to the Citigroup for loans actually owned by some other lenders will not get this facility. Therefore, they would have to face eviction in the holiday season when the rest of the country enjoys the holiday season.

People who have accepted home loans from Citigroup and are now worried about foreclosures can expect to get some good news from the company in the coming days. Sources stated that the mortgage division of the company has decided to adopt some long term alternatives for foreclosures. Yet, they have not confirmed their plans in this matter.

The economic recession of the country, has made many people fall victim of mortgage foreclosures and become homeless. If Citigroup mortgage department comes out with some long term alternatives and save people from facing foreclosures then many people in the coming days would not have to lose their homes.