Dec

Citi Breaking new Ground when Purchasing their Foreclosures

Citi Mortgage and Their Foreclosure Department came up with a Winner as far as we are concerned. It has been this way since we became blessed in being able to Represent Citi in the Sales of their Foreclosure Assets. It has been a great relationship and I see that amongst the other banks – Citi is cutting edge when it comes to Neighborhood revitalization.

It all started with Local Asset Managers. Hiring AM’s that are local to the the Assets that we sell. Furthermore, Citi does not want the neighborhoods in which their foreclosures appear and are sold to be caused any addition plight by the typical ‘run down’ nature of a usual REO or Foreclosure.

As Citi Agents we are mandated to keep the neighborhood appearance and the Foreclosure in good condition so as not to detract from the neighborhood value with additional impact.

Nevou and cutting edge was the implementation of a program to protect the Buyers of Citi Foreclosures. It is detailed below and is a Buyers only for the asking. Citi springs for the Tab – But I wish I could say I am surprised – But after being with Citi for the past 18 months – I am not.

What is the Unemployment Protection Program?
The Unemployment Protection Program allows you to have confidence in the purchase of a home, at no extra cost. Should you lose your full-time, qualifying job, the Unemployment Protection Program will pay you $1,250 per month for up to 6 months. The protection begins 91 days after the closing, for 9 months and provides $1,250 per month. Other restrictions and limitations do apply.

How long am I covered?
The program will be in effect for up to 12 months after the date you close on your home purchase. You are protected for 9 months after the initial eligibility period. Covered payments under the plan will stop earlier if you become employed or self-employed.

When do I become eligible?
Eligibility for Payment Protection begins 91 days after you close on your home purchase, and provide proof of eligibility. If you lose your job within the eligibility period, you are not eligible to receive any payments for that job loss occurrence.

How long must I be employed to be eligible?
You must be gainfully employed on a full-time basis (at least thirty (30) hours per week) for at least 24 consecutive weeks immediately prior to your unemployment date.

If I lose my job after the first 90 days, do my payments begin immediately?
No, you must remain unemployed for thirty (30) consecutive days. If you lose your job involuntarily after the first 90 days and continue to be unemployed for thirty (30) consecutive days, you could become eligible to start receiving monthly payments, if you meet all other program qualifications.

If I become unemployed in the middle of the month, does the 30 day qualifying period start on the first day of the next month?
No. The qualifying period will commence on the day you lose your job. You would be eligible to receive your first monthly payment 30 days after the date you became unemployed.

What are the program benefit payouts?
Monthly payout amount: $1,250Maximum number of payments: up to 6 months Maximum total benefit: $7,500n If I lose my job, but I don’t have a loan payment obligation can I still collect $1,250 a month?Yes. If qualified, the benefits will be paid directly to you to cover any expense you choose.n In order to take advantage of this program, do I have to finance through a specific lender?No. You can finance the home through any financial institution, or even purchase the property with cash.

Can I renew this coverage or purchase it on my own?
No. This coverage cannot be renewed or purchased.

Do all jobs qualify for Unemployment Payment Protection?
No. Persons who are self-employed or own more than 10% of their employer or are temporary (including agency work), casual, seasonal, part-time, contract, irregular, within a period of training/apprenticeship or for a specific task are not eligible.

Who do I call if I do not receive my Unemployment Protection Program terms and conditions within 45 days?
Please call our Program Headquarters at 866-764-0244.

If I have a claim, what do I do?
Within forty-five (45) days of the date you close on your home purchase, you will receive Unemployment Protection Program terms and conditions in the mail. These terms and conditions will explain this program and provide instructions of what to do if you have become involuntarily unemployed. You must make a claim within 60 days of your unemployment date.

Who do I call to file a claim?
Please call our Program Headquarters at 866-764-0244.