Did The Oil Spill Have Any Impact on Foreclosures?
This explains what was the impact of the BP Oil Spill on foreclosures.
The three month suspension is effective from the 17th of June 2010 to the 17th of September 2010. Persons who have not paid there first mortgage loans on there houses from the CitiMortage and those who meet some other specific requirements in this time will not receive any foreclosure notification or foreclosure sales. The Citi bank is hoping to help as many persons as it can be doing this as this is really a tough time for these coastal residents.
Because of the oil spill the homes which are located in the path of the gulf coast will see a decrease in property value of at least 30% as this oil spill brings on some environmental issues of the many gallons of oil floating around 42 miles off the coast of Louisiana.