Wednesday, February 17, 2010

$hiti's Plan 2 Keep U in Yer Home (for 6mos. then OUT)

I came across this article in "Jr. Deputy Accountant" and piqued my interest as we are in the "process" of having $hitiMortgage modify our loan, and I have learned a few things about our own mortage and who or who dosent "own it," in other words, who REALLY has standing to forclose, and you would be suprized. In our case, ITS NOT $hiti!Ours was one of those mortages sold in bundles to investors, so what did $hiti loose and how come we "owe" them and not the investor that bought our mortage for probably pennies on the dollar?


(h/t WC Varones via Greg Fielding @ Danville Real Estate Trends)

Hahahahahahahahahahaha no fucking way can they actually believe anyone will fall for this. Seriously? Hand over the deed to your house to CitiMortgage, get a few bucks to get the hell out of town and get stuck with maintenence and HOA fees in exchange for what exactly? Citi? Can you explain the service you're providing? Because if it were me and I needed to walk away from my house, I'd use my deed in lieu of TP before handing it over to you crooks.

Squatters get better treatment than this and they don't have to pay utilities.


In exchange for the deed on their property, CitiMortgage will allow borrowers to stay in their homes for a period of up to six months. At the end of the six months, the borrower will turn over the property deed to CitiMortgage, and CitiMortgage will provide a minimum of $1,000 in relocation assistance to the borrowers. Citi will also provide relocation counseling by trained professionals and will cover certain monthly property expenses if Citi determines that the borrower can no longer afford them. Payment of utilities costs will be the responsibility of the borrower. Other costs incurred by the borrower, such as homeowner’s association and escrow fees, will be determined on a case-by-case basis considering the borrower’s specific financial circumstances. As part of the agreement, borrowers must maintain the property in its current condition and agree to bi-monthly meetings during which trained relocation professionals will help the borrower prepare for the next chapter of their lives.

Before a borrower enters the Foreclosure Alternatives Program, they must first be evaluated for a permanent mortgage modification. For those who do not qualify for a modification or another solution, CitiMortgage will explore the possibility of a short sale in which the company might accept a buyer’s offer for less than the outstanding amount of the mortgage. If a short sale is not feasible, then the borrower may be considered for the deed-in-lieu program. In addition, in order to be eligible, homeowners must hold first mortgages with a clear title owned by CitiMortgage, occupy the property, and be at least 90 days delinquent on their mortgage payments.

Now listen, we could get in the old "shouldn't have bought the damn house if you couldn't afford it" argument for the bazillionth time or we could actually waste precious energy railing on asshats like Citi who think it is entirely appropriate to pull this shit and get away with it.

Which they will because, well, who is going to stop them? Andrew Cuomo? The NY Fed? Obama himself couldn't Executive Order these pricks to a punishment appropriate for their misdeeds, why stop now?

I'll be over here in my rented apartment counting the $100s stuffed in my mattress if anyone needs me. Bitches.


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