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  • Citimortgage Offers Mortgage Relief to Homeowners

    Citimortgage, a division of Citibank, is reaching out to homeowners who are having trouble making mortgage payments.  Some homeowners have fallen behind, others cannot continue to make payments and some are facing foreclosure and the loss of their homes.  Citibank has multiple programs to suit any mortgage relief need.
    For those whose homes are in the foreclosure process, Citibank offers Deed in Lieu as well as short sale programs.

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    CitiMortgage, the servicing side of CitiGroup’s lending sector is promoting some new alternatives for homeowners who do not qualify for loan modifications. These alternatives work in conjunction with CitiMortgage’s new “Road to Recovery Events” program which aims to help homeowners benefit from government and private loan modification programs. According to recent figures, 65 percent of applicants at these events are successful. What happens to the 45 percent that are not granted a mortgage modification? CitiMortgage is offering a special foreclosure alternative program across six states.

    What is a foreclosure alternative?

    There are two main types of foreclosure alternatives: short sales and deeds-in-lieu of foreclosure. A short sales occurs when the lender allows the borrower to sell the property undergoing foreclosure at a price below the mortgage balance to avoid foreclosure. A deed-in-lieu of foreclosure occurs when borrowers agree to return their deed, and therefore their legal claim to the property, in exchange of avoiding foreclosure. These alternatives can be beneficial to borrowers as long as the lender agrees not to attempt to collect any difference between the mortgage’s balance and the sale price.

    What is New?

    Up to now, nothing new. Short sales and deeds-in-lieu of foreclosure have been around for a while. However, CitiGroup through its branch CitiMortgage is offering some new additions to short sales and deeds-in-lieu of foreclosures.

    Six-Month Break

    If you have no chance of arranging a loan modification or refinance, CitiGroup will offer you up to six months of free month if they agree to exchange the deed for six-months of additional stay in the house. As far as now, there is not completion date for this date, which means it should be open for all homeowners who qualify for the program. This six-month break will allow you to start saving for the new deposit or move and avoid some of the stress of moving after a foreclosure.

    $1,000 Bonus

    Moving home is a huge expense. If you have just gone through a foreclosure, the cost of moving may simply be too much to deal with. CitiGroup, through CitiMortgage, offers borrowers a helping hand here by offering homeowners who agree to a foreclosure alternative a minimum of $1,000 towards moving costs. This will help with a new deposit if you decide to rent or as aid towards the new appliances and furniture you may need for your next house.

    The idea is to reduce the cost and damage of foreclosures to clients by providing tenants with an incentive to be tidy and leave the property on good terms. This does not only help borrowers save money but banks and lenders also.

    Citigroup’s Program To Save Struggling Homeowners From Foreclosure

    If you own a Citigroup mortgage and are struggling to make your monthly payments, you may be able to benefit from Citigroup’s CitiMortgage campaign. This program is travelling as a road tour around the United States to meet struggling homeowners who want a loan modification. These outreach efforts have the effect of stimulating homeowners who would otherwise do nothing in the hope that “things will work themselves out” to attend the meeting and determine if they qualify for a modification.

    Up to date, CitiMortgage has traveled to four cities as part of its 10 city tour. The tour which has already visited Baltimore, Cleveland, Atlanta and Orlando still has to visit Los Angeles, Miami, Detroit, Phoenix, Las Vegas and one more city the organizers are still deciding on. These road to recovery events are sponsored by CitiGroup and non-profit housing counselors.

    What have been the results up to date of these events? The figures provided by CitiGroup are promising. According to CitiBank officials the program has approved 65 percent of those that attended the events. Although, we don’t have the attendance figures, officials say 95 percent of those in attendance were 60 days behind in their payments, which makes the previous 65 percent figure ever more so encouraging.

    Sanjiv Das, the CEO of CitiMortgage, claims the priority of CitiMortgage is to help customers avoid foreclosure and according to these preliminary figures it seems like this is being accomplished in most of the cases.

    What about those who simply do not qualify for a mortgage modification? CitiMortgage guides these homeowners towards foreclosure alternatives, such as a short sale or a deed-in-lieu of foreclosure to minimize the damage caused to families by foreclosures. A short sale allows homeowners to sell their home for less than the balance of their mortgage and in some cases will “forgive the difference between the mortgage balance and the short sale price. A deed-in-lieu of foreclosure allows the homeowner to hand over the deed of the property in exchange of avoiding foreclosure. In most cases the lender will forgive any late payments and the balance between the current market price of the home and the mortgage balance.

    However, it is important to get these assurances in writing because in certain states lenders can claim any losses they suffer after a short sale or deed-in-lieu of foreclosure after the house has been sold if there is not a written agreement to the contrary.