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CitiMortgages has just launched a new program offering an alternative to foreclosure. The program is designed for homeowners who have already missed at least three monthly payments. Instead of failing further behind on their payments, CitiMortage is offering borrowers the option to stay in their home for up to six months, if they hand over the deed. This transaction is referred to as a “deed-in-lieu of foreclosure” and saves the lender the legal fees of foreclosure. In return CitiMortgage will offer relocation counseling and financial incentives. The program is designed for homeowners who are considering walking away from their property and started last Friday in Texas, Florida, Illinois, Michigan, New Jersey and Ohio.

Via CNNMoney.com

Posted 16th January 2010 by Sally Forster Jones

Labels: citi group citimortgages deed-in-lieu of foreclosure foreclosure alternatives foreclosures home mortgages