If CitiMortgage is your mortgage servicer and you’re in danger of foreclosure, then you should consider a new program they have set up.
The new program for CitiMortgage foreclosures has the following details:
Eligibility
- Qualified borrowers should have their first mortgages with CitiMortgage.
- There should be no second mortgage.
- Monthly payments are behind by at least 90 days.
- They should be living in the property in question.
Transition
- Borrowers can stay for six months more in their homes, once they surrender the deed of the house to their lender, through a deed-in-lieu of foreclosure action.
- At least $1,000 will be given for moving expenses.
- Relocation counseling can be provided, depending on the circumstances.
- Some monthly property-related expenses can be covered by CitiMortgage, if deemed necessary.
- Any difference the value of the home at the time it becomes a “repo home” and what the borrower owes will be forgiven, giving the borrower a blank slate once the foreclosure process finishes.
- Qualified borrowers must agree to keep the property in good condition.
The program is currently available in the following states: Florida, Illinois, Michigan, New Jersey, Ohio and Texas. If it proves to be successful in those states, then CitiMortgage will expand the program to cover the whole country.
Sign up on the box at the right to find out more about repo homes and options you may need for mortgage and foreclosure concerns.
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