Thursday, February 11th, 2010, 12:26 pm
CitiMortgage, the servicing arm of Citigroup (C: 3.1689 -1.28%), will pilot a new Foreclosure Alternatives Program that allows distressed borrowers to stay in their homes an additional six months in exchange for the deed.
Beginning Feb. 12, 2010, the program will launch in Texas, Florida, Illinois, Michigan, New Jersey and Ohio. Citi expects 1,000 families to participate in the program. A spokesperson for Citi told HousingWire that there is no end date set.
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