Citi Offers Alternative to Foreclosure

Citi offers new ideas to homeowners to on the verge of foreclosure that counter them leaving. Citigroup is asking the homeowner to give up the deed to the home and they can live there for six months.



Citi said Thursday that it is lauching the pilot program called "Foreclosure Alternatives", this week in Texas, Florida, Illinois, Michigan, New Jersey and Ohio. So far about 1,000 homeowners are expected to participate. Citi may expand the program nationwide.



The advantage of the program is the homeowner will not have a foreclosure on their credit report and they can live there for six months after the deed transfer. This will be less severe a ding on the credit report.



This is an attempt for Citi to try to handle the growing problem of perople going into default on their mortgages. Remember that one in every three U.S. homeowners owe more on their mortgages than the home is worth.



Under this program Citi will also give the homeowner $1,000 to relocate to a new place to live.



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Tim Lorenz

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Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!