Citigroup Rolling Out Mortgage to Lease Program in Florida

by Isaac Benmergui, Esq on August 17, 2012

Citigroup, along with Carrington Capital Management, is rolling out a pilot program that would allow distressed homeowners to remain in their homes as renters after transferring ownership of their properties back to the bank.

For borrowers who are delinquent on mortgage payments it offers them a way to remain in their home and pay rent instead of going through a foreclosure process and having that on their credit record. Carrington Capital and a joint venture partner, Oaktree Capital Management, would service the loans.

If homeowners cannot afford to make a large mortgage payment and go through the time, trouble and expense of finding another home and moving, this option may make sense.

Getting Legal Help

Before you sign any real estate contract, talk to the professionals at the law offices of Isaac Benmergui. Attorney Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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