CitiMortgage's new Home Rental Program, managed by Carrington Capital Management, LLC and Carrington Mortgage Services, LLC, is designed to provide an alternative to foreclosure, allowing eligible borrowers to stay in their homes by entering into a deed-for-lease home agreement and establishing a lease. Under the program, the eligible borrower transfers ownership of the property to a vehicle established by Carrington Capital and its joint venture partner, Oaktree Capital Management, L.P., acting as investment manager for certain investment funds. To be eligible, candidates must be unable or ineligible to receive an affordable loan modification but have the resources to make monthly rent payments, have a loan in the pilot portfolio serviced by Carrington, occupy the property, owe more than their home is worth, and be delinquent for 120 days. Click here for more information.
Wells Fargo announced that its NeighborhoodLIFT program is coming to a fourth market, Las Vegas, NV on 05.04.2012 and 05.05.2012 at the Riviera Hotel and Casino Convention Center. The program has been designed to help support the stabilization of housing markets by attracting qualified, prospective homebuyers to neighborhoods with high inventories of unsold homes. Wells Fargo has chosen Las Vegas based on the city’s high concentrations of homeowners, foreclosures, delinquencies, and overall housing inventory. Los Angeles, Atlanta, and Phoenix were the program’s first markets. Click here for more information.
The Bank of America Charitable Foundation announced that it is inviting non-profit organizations throughout the United States to submit funding proposals for programs that address the nation’s ongoing housing challenges. Funds will be used to support local and national programs and services addressing housing issues, including foreclosure counseling and mitigation. Click here for more information.
Regions Bank has set a goal to provide more than $1 billion of relief to homeowners through the Federal Housing and Finance Administration’s Home Affordable Refinance Program (HARP) in 2012. Under the revised HARP program, homeowners with Fannie Mae or Freddie Mac-owned loans, including those who have been unable to refinance due to declining property values, may qualify for relief. Click here for more information.
Bank of America will offer a limited number of mortgage customers who are facing foreclosure an opportunity to remain in their homes through a pilot program called Mortgage to Lease. Eligible participants will transfer title to their properties to the bank and have their outstanding mortgage debt forgiven. In exchange, they may lease their home for up to three years at or below the current market rental rate. The pilot program will be conducted strictly on a solicitation basis in order to maintain test controls; fewer than 1,000 customers will be invited to participate in the first phase of the pilot. Click here for more information.
Wells Fargo announced that its NeighborhoodLIFT pilot program in support of stabilizing housing markets, is coming to Phoenix, AZ on 03.23.2012 and 03.24.2012 at the Phoenix Convention Center. The company chose Phoenix as its third market for the program based on the city’s high concentrations of homeowners, foreclosures, delinquencies, and overall housing inventory. Los Angeles and Atlanta were the program’s first pilot markets. Click here for more information.