Citi’s New Plan

11
Feb

Citi’s mortgage branch is facing a massive amount of foreclosures. They’re so desperate they’ve launched a new initiative. The will allow defaulters to remain in their homes for 6 months. This is on the condition that they sign over their deeds to the lender.

At the end of the program, when borrowers are ejected from their homes, Citi will provide them with relocation assistance. I wonder if they’ll offer them loans too.

Citi views this as a step in the right direction to save themselves from the wave of foreclosures looming over them. In a quote from the CEO, their goal is to help homeowners “make a smooth transition into the next chapter of their lives.” He neglected to add the words “and out of our hair.”

I’m not sure that this move is really going in the right direction. Where will all these people go? How will the acquisition of these properties affect future loans from Citi? These questions need to be addressed before this program can be implemented.

http://SUNSHINEINVESTMENTS G.Stan Lenko

I’m sure this was a spelling error, should be:
SHITTY FINANCIAL
http://Homesinwhatcom Andy

This not a solution only will benefit Citi. No wonder they are sitting on all those listings. People are dieing and divorcing just because on Citi is trying to make more money. Own up!
http://www.MinnesotaForeclosureNetwork.com Steele in Minnesota

It does appear to be a case of “ready, fire, aim”. I can’t even begin to imagine the unforeseen consequences. Luckily they are at least starting the program in a number of test states before launching this nationwide.
http://bargainhomesforyou.net Kevin Kravcak

what about the deficiency? or the fact it will show up as a foreclosure on their credit report?

More lender BS hoping to pull the wool over our eyes!!!
Maggie

I think this is an end around eminent domain ploy. Failure to disclose all options to people in arrears for alternative solutions to their problems. Reasonable lexpanded oan modifications should have been their big announcement. The stimulus money that was supposed to get rid of toxic assets should be given to the certificate holders and the banks should be putting the arrearages should be waived if the bank was complicite in predatory lending. The interest rates should be reasonable so as to allow people to stay in their homes. If they are not working or so upside down that the math does not work, then they should do the short sale.
Also, the housing market does not come back until real estate does. Jobs in the housing market have to come back for the economy to recover. Buyers who purchase reo properties or any home that needs work-because no one has money to rehab now-should have expanded conventional rehab loans which are non-exisitent in the retail market place. This money is only available as hard money for people with much money down. Fha 203k loans need the entire Fha process modernized, streamlined and the onerous rule that all mechanicals have to be functioning for their to be a 203k loan closed is ludicrous-many homes don’t have a furnace in the first place or have plumbing issues where water cannot be turned on. Open up this money lending, eliminate the rules that hamper sales-gues what happens? Money in the market place, homes that have been rehabbed. buyers who are paying pennies on the dollar for the rehabs over the course of the loan, contractors back to work, Home Depot restocking shelves, all kinds of manufacturors replenishing inventory, lawyers, title people, lenders and realtors, homes inspectors etc are all working. Best of all for the short-sighted politicians who write the bad legislation-the values of the homes quit falling and their revenue stabilizes. Who needs a job summit if you just do these 3 things. Citbank and the other big 5 plus Washington policy-makers-wake up!
Bill

Not many people are going to bite on this one.They can stay there now for nine months not paying on the loan and then have it taken back. That smooth transition will also include a recorded foreclosure on their credit report.
This is just crummy. Make the lender produce the note in court and spend the extra money to take the house back. Possession in 90% of the law.
http://www.USellHouses.com Ever

I think this may help. If the deficiency is waived. The truth is most people cannot afford the house, taxes, and insurance. Basically, they have 6 months to find a place. If you are landlord or lease-option investor this maybe a good opportunity to start marketing to Citi homeowners. They need a place to go right.

Ever E., Florida
http://karenmiller@hotmail.com karen miller

It is very pathetic that the majority of the people today dont have the can do spirit/attitude to pick them selvles up and dust themselves off and clean up their own mess that they created. How about those of us that are managing our money, paying all of out bills on time, not filing for bankruptcy…….etc… what do we benefit from all of this???????? I will tell you what….we are punished by having to pay for the incompetent, selfish, lazy, etc…people that have the I dont care attitude and when they make a mess that they can clean up, they act like pouting child demanding that someone else clean up their poo poo and do the same thing year after year creating a mess while someone clean up their poo poo.
Bonnie Gentry

I think they are adding insult to injury. Most of the people are devastated any way. There has to be another way. I got caught up the the sub-prime fiasco. I was lucky that I negotiated with my mortgage company and got an extremely lucrative deal. I cut my payments almost in half and lowered my monthly payments not quite in half. I feel blessed and therefore I would like to help anyone I can.
http://shortsalefundamentals.com diana henderson

why doesnt the bank or lending institution just re-value the home and re do the loan according to its current value.Some of the properties are in need of repair and they could hire people to fix them and include the new repairs in the new loan.For example,my home is now only worth 60,000.00 when it was worth 125,000. re-do at 70,000. with new repairs,such as roof and drainfield,at the current interest of 3%until the job market comes back or we find some new cheese.I feel that if a person can pay rent then they can pay a small mortgage.Why are the banks so willing to forclose and auction instead of assist?At auction my home in its current state would bring maybe 30,000.00.Why didnt Obama give everyone 100,00.00 and let them spend it instead of giving controll to banks.We would already be recovered.
Gwen

What happens to a property when the lender buy’s it back and they paid 22,000 for it…but the balance on the mortgage is 167400?
What type of price will they want for it? Are there guidelines of what they (lender) can ask for it?
http://www.KMKBuysHOuses.com Kevin Kern

It seems like if you ask 100 people you come up with 100 different answers as to what should or could be done. The fact that Citi has this new plan is really a nice touch but it is a benifit to them in the long run. People are in a real bind now with their homes, being upside down, or worse losing their homes. The government should be looking at different ways for holding off the process of forclosure, loan modification is a good start but it is only putting a finger in the hole, it is not even a bandaid.

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Citi’s New Plan

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