We have options if you are unable to remain in your home.
Deed In Lieu. A deed is a legal document that provides a record of ownership for a particular property. By signing over the deed instead (in lieu) of experiencing foreclosure, you are transferring ownership to CitiMortgage. Once the Deed In Lieu is completed, you are released from your mortgage obligation to CitiMortgage. This may be available if you owe more than your property's market value.
Short Sale. If you are experiencing financial hardship, the property may be sold at less than what you owe on the existing mortgage.
You may be eligible for a Short Sale if you can answer "yes" to these questions:
- Are you more than 29 days late on your payment, or are you in imminent danger of becoming late on your payment (based on your financial situation)?
- Is your home worth less than what you owe on your mortgage?
Note: There may be other detailed eligibility requirements.
Depending upon your situation, you may need one or more of these documents:
- Letter of Authorization (to speak with your real estate agent)
- Listing agreement
You may also be asked for other documents such as tax returns, bank statements and income sources.
One of the options that may be available to you is the government's Home Affordable Foreclosure Alternatives (HAFA) Program. HAFA provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu rather than proceeding with the foreclosure process. To learn more about the HAFA Program and the program rules and process that CitiMortgage follows, please view our HAFA Eligibility Matrix .
We know it can be difficult to understand all of these options and figure out the best solution. However, the more you know, the better informed you will be when making a decision regarding your home.