Citi Launches Pilot Foreclosure-Rental Program, No Foreclosure If Homeowner Hands Over Deed

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Citi Launches Pilot Foreclosure-Rental Program, No Foreclosure If Homeowner Hands Over Deed

Citi Launches Pilot Foreclosure-Rental Program, No Foreclosure If Homeowner Hands Over Deed

What a “convenient” way to avoid the foreclosing documents!

Would the “tenants” even get a 6 or 12 month *lease*?!

FOX Business-

Citigroup Inc. (C) is launching a program under which 500 distressed homeowners will be able to rent back their homes if they sign over the deed, a step some lenders are now taking to provide an alternative to foreclosure.

The bank is expected to announce Wednesday that it has sold $158 million in loans it holds on its books to a joint venture between Carrington Capital Management LLC and Oaktree Capital Management LLC, two firms that invest in distressed real estate assets.

Homeowners in Arizona, California, Texas, Florida, Nevada and Georgia will be offered the opportunity to rent the homes if they can no longer afford their mortgage payments, even with a modified loan. The pilot effort could be expanded to more homes if successful.

Under the program, borrowers would agree to a “deed-in-lieu” of foreclosure, in which they sign over ownership of the property to the lender. Doing so is less costly to the bank and does less damage to a borrower’s credit than a foreclosure.

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2 Responses to “Citi Launches Pilot Foreclosure-Rental Program, No Foreclosure If Homeowner Hands Over Deed”

  1. lies is all they tell says:

    wow what away to hide the fraud. this is sick. these poor homeowners rent back their house so they dont have to move by handing over to an entity that does not even own the home. hmmmmm osunds illegal to me. i challenge some on here who reads these blogs that lives in new york city and stand on broadway and 35th (i am in florida now but i was born in brooklyn and this spot is where macy;s is , my grandfathers old store, and my near my dads old place of employment 1400 broadway) and this question and after 2-3 house what percentage know the answer. “what is a credit default swap” by calculation by this incredible deed for rent deal will be only about 3-4% will know. then ask if they dont know what the credit default swap is ask them if the know what robo signing is? same 3-4 % if that many. its an icredible ride having the bank you trusted induce you into default by giving the wrong hamp information then dual tracking me to foreclosure. i have a good lawyer but that may not secure my win by my judge. but i have a good shot at uncovering the fraud. would i have considered rent for deed back in 2009 i doubt it. sounds like a good idea for no mony or little money down but not for who have invested our life timein these homes. i will not go without a fight.

  2. THE BIG QUESTION I HAVE IS IF THEY OWN THE DEED WHY WOULD THEY HAVE TO BLACK MAIL YOU TO TURN THE DEED OVER? THIS IS ADMITTING WE OWN THE DEED AND THEY ARE TELLING US THEY WONT UNLAWFULLY FORECLOSE AND BE BRUTAL TO US IF WE HAND OVER THE DEED!

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