Citi Bank has this new deal for home owners who are about to lose their homes. That deal, hand your deed over to Citi Bank and if you are still unemployed in six months Citi Bank will help relocate you. HUH? If they can’t pay for the house they have now what makes anyone think they could pay for the new place? I mean you’re still going to have pay something down to get in an apartment or buy a cheaper house. So what will Citi Bank do with this issue, or is it that they just want to get these homes and try to turn a profit with their newly acquired property?
Not sure who would really jump on this so called “opportunity”, but I think they have to have a solid plan B. I mean if you gave up your home and found some kind of work that lives up to your standards of life, you might just save up and move with a family member until you can get a cheaper home in a nice neighborhood. But the two factors that kill that thought are…
1) Why not just move to a nice cheaper home in the first place? Figure a way to come up with a manageable payment plan to the bank and still live in your new home. You would think there could be enough money to do both. Again I’m thinking that you may live in a sub- division area that moving in a city descent area could be much less which would save you money on your mortgage.
2) While the news of Citi bank now owning a home of whoever really does handover their deed is making the rounds, the credit issues have yet to be spoken about yet. Is there some debt free resolution that comes with this new plan Citi Bank is trying out in so far six states? And if so does the relocating plan include paying a few months for the now former home owners who handed over their deeds?
If this idea does work will other banks follow suite?