Citigroup’s mortgage servicing branch CitiMortgage is offering an average of $12,000 to borrowers who complete a short sale this year. By comparison, the mortgage servicer was offering $1,500 payments on average in 2009, and $3,000-$5,000 payments in 2010.
“Incentives will be offered to customers experiencing financial hardship who need funds to proceed with the short sale,” a Citi spokesman said. “The amount, which is agreed upon up front, varies according to the borrower’s individual circumstances and loan characteristics. It is disbursed to the homeowner when the sale is completed.”
CitiMortgage has also reduced its short sale process from 120 days in 2009 to 83 days. The company claims this is due, in part, to the firm reaching out to borrowers in trouble, instead of just waiting for the distressed homeowner to contact the bank for short sale information.
Reprinted from C.A.R. Newsline
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