Incredible Foreclosure Options offered by CITI Bank.

There is no joy like owning a home. Getting back from work tired and being warmly received by your family leaves a feeling like no other. Well, that is the life that many people want. However, in this current economy, getting a house is really an expensive affair. Due to that, banks have devised a way to give out loans in order for one to have a home. That is a good thing. However, mortgages like any other loan should be paid back after a certain period of time and if that doesn’t happen then a lot of hassle is likely to follow. Lack of payment will lead to foreclosure. In other words, your house will be taken over by the bank. This is the worst nightmare to a homeowner. Foreclosure!

The good thing is that some banks among them CITI bank has formidable policies to deal with mortgage issues. All this effort is in a bid to avoid foreclosure. They keep in mind that though the clients have defaulted paying back their dues, they are still their customers. CITI bank is at the forefront in dealing with these issues and avoiding eviction of their clients. Their CITI mortgage initiative aims at providing loans to their clients for them to buy their homes. Even so, when the clients fail to pay back their dues, there should be stipulated ways to deal with that. There are two main ways used by CITI bank to avoid foreclosure and eventually eviction. They include;

1.Deed in Lieu: Just as the name suggests, the deed is a legal document that shows proof of ownership of a property, especially land. Deed in Lieu is when you decide to sign over your title deed to CITI bank in order to avoid foreclosure. In doing so, your foreclosure notice will be thrown away and you will have more time to organize yourself and pay back the mortgage. However, there are certain circumstances where the value of the land is much less compared to the loan amount. In such cases, different measures are taken.

2.Short sale: Basically, short sale is selling the property. This applies as the last option if you don’t have a title deed for the property and you are very sure that you cannot pay the mortgage loan back. Therefore the bank offers to sell your property at a much cheaper price that your mortgage value. This may be seem like a foreclosure by many people but it is not. The bank has offered to give you an opportunity to make decision for yourself instead of forceful eviction.

If all the two options don’t suit a client, a third option is always available. The government developed a programm called Home Affordable Foreclosure Alternatives (HAFA) whose aim is to provide options to avoid forceful evictions. This program is run by the government and is an intervention for a citizen who faces foreclosure. It works by taking citizens’ complaints and try to negotiate with the bank on their behalf. Besides the government providing support to the citizens, there are organizations that have devoted themselves to dealing with foreclosure cases. They offer advice and in some cases; argue in favor of the client against the bank.

At Save My Texas Home, we’ve worked with many banks and many government programs with the goal of stopping foreclosure for our clients. Let us help you too! Our services are free. Contact us for an evaluation of the best solutions to stop foreclosure. We will not only help you come up with the best plans, but help you take action when/how it is necessary to implement those plans. Fill out the form on this page or call 512-271-5044 and we’ll get back to you as soon as possible!

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