Citigroup's mortgage chief recently announced that many companies need to take part in principal forgiveness on their mortgages. The announcement came as Citigroup has stated that it helped nearly 130,000 homeowners with nearly $20 billion in mortgages outstanding in order to avoid potential foreclosure for the last quarter of the year.

The numbers of those who are being helped by Citigroup has increased by nearly 20% from the second quarter of the year.  Citigroup is the only large bank that is currently issuing quarterly reports in regards to its efforts in mortgage modification and helping to prevent homeowners from losing their homes.  Citi has stated that it has mitigated or modified nearly 82% more mortgages in the third quarter of the year when compared to the second quarter.

If you are facing foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, PC at 443-546-4608.