Citibank Paying Borrowers $12,000 To Complete Short Sale!

Citibank Paying Borrowers $12,000 To Complete Short Sale!

Mortgage loan servicers now realize that approving short sales net their investors considerably more than they would get through foreclosure.  When the almighty buck speaks, banks and investors listen.

CitiMortgage, a division of Citibank, has adopted a program this year that benefits distressed homeowners.  They are actually paying distressed homeowners to complete a short sale rather than facing–the more expensive, for the investor, and more devastating, for the borrower, foreclosure.  CitiMortgage has paid an average of $ 12,000 to those who complete an approved short sale in 2011!  That is a little more than the $ 1000 to $ 3000 cash-for-keys programs that have been available to qualified homeowners in the past.

If you, a friend or family member are in the foreclosure process with a Citibank mortgage there may be some cash available to help soften the blow.

Select this link to read the complete article:

http://www.housingwire.com/2011/06/16/citimortgage-paying-borrowers-12000-after-a-short-sale