CitiMortgage Delays Destin Florida Foreclosures – Due to Oil Spill
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: [email protected]
