Find foreclosed homes for sale up to 60% below market value on our foreclosure listings

Citigroup Foreclosures

Citigroup Sign

Headquartered in Manhattan, Citigroup was founded in 1812 and has a strong reputation throughout the world as a leading bank with multiple service lines. With more than 16,000 offices in over 140 countries, the bank has over 200 million accounts. Likewise, Citigroup is part of the “Big Four”, which consists of Citigroup, Bank of America, Wells Fargo, and JP Morgan Chase.

Part of the services offered by Citigroup includes providing customers with an opportunity to obtain a Citi mortgage – in which homebuyers can secure home loans. When a lender provides upfront money to an individual, there is always a chance of default. More often than not, the lender takes steps to ensure that this is a risk they are willing to take before they agree to the loan.

What are Citibank REO Properties?

Although Citigroup (and other lenders) try to make smart investment decisions, sometimes an individual with a great credit score and record of a stable income can run into unexpected problems that results in an inability to continue paying their mortgage payments. This inability to remain up-to-date on monthly mortgage payments can inevitably result in a foreclosure in which Citigroup takes ownership of the property.

When an individual becomes behind approximately 3 months on their monthly mortgage payments, the homeowner is notified of the initiation of the foreclosure process. If the missed mortgage payments and associated fees are not paid by a specified time, then the property is scheduled for auction. The homeowner has until the date of the auction to make payments that would return their account to good standings.

At bank auctions, the US bank foreclosure process makes it common for the lender to set the “opening bid”, which is typically the amount owned on the mortgage. If this amount is not exceeded, these homes become Citigroup foreclosures or Citigroup REO (real estate owned) properties. In short, the lender now owns the property and is responsible for selling the Citi bank REO property in order to recoup some of the lender’s losses.

How Do You Buy a Citi REO Property?

There are several ways to buy a Citigroup REO. First and foremost, you can attend the bank auction. Second, you can contact the bank foreclosure department and find out which homes are currently on the market (or are scheduled to enter the market in the near future). Third, you can rely on US bank foreclosure listings services to obtain up-to-date information on recent foreclosure listings throughout the country, including lists of Citi REO properties for sale.

In conclusion, when Citigroup is the lender and one of their customers default on their mortgage payments and fail to become up-to-date on their payments before the auction date, then Citigroup places an opening bid and becomes the official “owner” of the property unless another individual (or company) places a higher bid on the property. A bank owned home is also known as a US bank REO (real estate owned). Citi foreclosures are often listed below market value, making them great investment opportunities for investors and potential homebuyers alike. Start investing in Citi bank REO properties today!

Other Great Resources for CitiGroup News

Official Channels of CitiGroup

Disclaimer
Idaho Montana North Dakota Wyoming Utah Arizona South Dakota Nebraska Colorado Hawaii New Mexico Kansas Oklahoma Texas Maryland Washington DC Minnesota Iowa Missouri Arkansas Louisiana Mississippi Wisconsin Illinois Michigan Indiana Kentucky Tennessee Alabama Ohio Pennsylvania New York Washington Maine Oregon Nevada California West Virginia Virginia North Carolina Georgia South Carolina Florida Alaska Vermont New Hampshire Massachusetts Rhode Island Connecticut New Jersey Delaware