In a recent San Francisco Chronicle article it was reported that CitiBank will be establishing a pilot program which will allow homeowners to stay in their homes for up to 6 months after they deed the home back to the bank. The article quotes a statistic that 1 in 3 homes have mortgages more than the home’s value. This is an attempt to reduce the overall cost of foreclosure for those homeowners who don’t qualify for a Loan Modification or short sale. The program will be tested on 1000 homeowners in the Mid West. There will no immediate effect on Danville Real Estate, San Ramon Real estate, or Alamo Real Estate but if it is successful may provide an alternative to some homeowners.
Citi to let distressed homeowners stay for 6 mos. What does this mean for East Bay Foreclosures?
Post by Bob Gibbs
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