Citi Foreclosure Alternatives Program.
By Citi February 15, 2010 08:00 AMAt Citi, we are deeply committed to finding every solution possible to help families avoid foreclosure. Unfortunately, and despite our best efforts, the reality is that not every homeowner has the financial ability to remain in their home.
So Citi has recently launched a pilot program designed to help distressed CitiMortgage customers who are ineligible for other homeowner assistance programs. The Citi Foreclosure Alternatives Program allows eligible borrowers to avoid the foreclosure process and stay in their homes for a period of up to six months in exchange for the deed to their property. At the end of the six months, the borrower will turn over the property deed to CitiMortgage. To help with their move, CitiMortgage will provide relocation counseling and a minimum of $1,000 in financial assistance. This deed-in-lieu-of-foreclosure program is being piloted in Texas, Florida, Illinois, Michigan, New Jersey and Ohio.
We hope this program can help homeowners make a smooth transition into the next chapter of their lives.
For more information on Citi's homeowner assistance programs, visit www.citimortgage.com