A Fannie Mae spokesman said it was too early to judge the success of the program, but in the third quarter of the year around 2,000 some 2,000 former homeowner their actions under the program.. Citi ‘s new program is unique, but other ideas are out there, so borrowers to remain in their homes even if they can not afford their mortgages. In November, Fannie Mae announced its Deed for Lease program, the borrowers can get a 12 – month lease on the property in exchange for turning over the keys and the maintenance of the property.
If the homeowner does not qualify for a modification, CitiMortgage will explore the possibility of a short sale or deed – in-lieu this-of – foreclosure program. By avoiding foreclosure costs and encouraging borrowers to take their homes, Citi could save millions of dollars. Only those borrowers property property and hold a first mortgage with clear title owned by CitiMortgage are entitled to after they are at least 90 days delinquent on their mortgage.
Citi expects to help more than 1,000 families of the pilot phase, but if they are successful it could parts parts of the United States. It said in a press release, By the foreclosure process, disturbing distressing and disturbing avoid can , and keep people in their homes long enough to make an orderly transition to the next phase of their lives, we are neighbors and the support and and stabilization efforts critical to critical to the nation ‘s economic recovery. Continue reading