Leading the mortgage industry, CitiMortgage has announced assistance for borrowers in financial trouble in the oil-threatened regions on the Gulf of Mexico. This is good news for Destin, Fort Walton Beach, Santa Rosa Beach and Navarre Florida short sale sellers. Citi is halting foreclosures on primary mortgages it owns through September 17. Eligible borrowers include those within 25 miles of the affected coastal regions.
Why is this good news? Destin short sale sellers will have more time to get their properties sold. Santa Rosa Beach short sale buyers will know that their contracts on Citi-mortgaged properties will be processed for approval without foreclosure threat. In addition, Citi is halting evictions on their foreclosed properties in the affected Emerald Coast areas.
The natural disaster looming in the Gulf of Mexico will put "unnatural" pressure on a real estate market still on the downslide. Even though there is a BP claims process in place (soon to be an independent party), there will be loss of income that is not accounted for and further job loss in the region. Of course, that will spike borrowers inability to make payments or find other employment.
CitiMortgage is really stepping up by taking this action. Destin, Fort Walton Beach, Santa Rosa Beach and Navarre Florida short sale sellers working to avoid foreclosure will have a greater chance of success. What else can be done? Other servicers and investors should follow suit.
Hello, Bank of America, Chase, Wells Fargo, Saxon, Ocwen, Aurora, GMAC... are you listening?
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Destin Short Sales & Pre Foreclosure Help.
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Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
This is good news for the the folks that are affected by the spill. I have friends who live on the gulf and the spill is causing them a financial hardship. It is so sad to watch this go on for such a long time.
I had an email notification yesterday that this is occuring in the Alabama Coastal Counties, too. And yeah - are you listening Bank of America, GMAC, Chase, Ocwen, and on and on?
We don't have a Katrina or an Ivan here. With these, we knew what happened and how to fix the damage. With this Oil Spill, we do not know and that is the biggest fear - the unknown.
That sounds like a corporate responsible thing to do......for once.
Interesting news. I always wonder if there's any other reasons for this move that's not readily apparent to us.
Diane - It's a start.
Dedra - You're right, it's worse than a hurricane!
Damon - I like your comment.
Gabe - I've seen some other companies do this for major hurricane hits, maybe it's the same sort of thing.
Wendy,
I sure like that Citi stepped up to help. We are all in this together, and we all need to work as a team rather than gnaw at each other. Perhaps, this will set an example.
I had heard yesterday that for Fannie and Freddie Mortgages, Fannie and Freddie will delay the forelcousre is locations hard hit by the spill BUT the servicers must cooperate. Yesterday, thewy stated that CIti was othe only servicer cooperating thus far. Do you have any additional information about other servicers?
Ron & Alexandra - I do think other lenders will follow suit, it's such an extraordinary situation.
Hi Melissa - I don't know of other servicers doing this. My guess is they will. Unfortunately, they are usually slow to catch on. They certainly think the oil has no impact on prices. Duh.
Hi Wendy... I would say that anything that halts foreclosures for people trying to sell their homes is welcome, but in this case I think all of us would rather the reason did not have such dire consequences for the whole region and for beyond real estate.
Steve - Yeah, it's sort of like living on another planet.
Wendy, that's great news. BofA PR Dept. are you listening?