Friday, February 12, 2010

CitiMortgage to let delinquent homeowners stay to 6 Months

South Florida Radio stations have reported that CitiMortgage will let troubled homeowners stay in their properties for up to six months without making mortgage payments if they agree to transfer ownership to the bank. This form is called a Deed in Lieu of Foreclosure.

This program is available in Florida, Texas, Illinois, Michigan, and possibly some other States. If the plan proves successful, CitiMortgage will may expand it and other Banks may follow their path.

Some people think this will cut down on the number of homeowners who trash the Home.
West Palm Beach Homes For Sale has purchased some REOs (Bank Owned) that had significant damage.

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