Other FORECLOSURE HELP
As it stands right are:
- Modify your loan
- Short Sale
- Foreclosure
- Deed in Leu of Foreclosure
Banks are beginning to understand the entire hardship that families are going through with their homes. see WSJ article below
Mortgage lenders are trying to arrange smoother departures for distressed homeowners who can’t be saved by loan modifications–and discourage them from trashing the homes on their way out.
CitiMortgage, a unit of Citigroup Inc. (C), announced Wednesday a pilot project that will let some delinquent borrowers remain in their homes without making mortgage payments for six months if they voluntarily transfer ownership to the bank.
Over the past two years, millions of foreclosures have been delayed by state and federal programs requiring lenders to try to keep borrowers …
What this means?
At the end of the day, they banks take the property back and do not give the real option for the homeowner to keep the home. AKA Deed in Leu of Foreclosure. Why not truly make real modification attractive to owners
