This is interesting. This is program for people currently not paying their mortgage. I also have an question will Citi take a loss on the loan. Or will Citi finally realize the loss with they sell the home. I also image the house could be sold in the future to the Fannie/Freddie REO to rental program to another investor. Thereby keeping this house off the market for a very long time.
08/08/2012 By: Tory Barringer
CitiMortgage announced the launch of the Home Rental Program, a program designed to provide an alternative to foreclosure and allow eligible borrowers to stay in their homes.
The Home Rental Program will be managed by Carrington Capital Management, LLC and Carrington Mortgage Services, LLC. CitiMortgage and Carrington developed the program as a pilot.
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. A lease will then be established for the property at a manageable monthly payment.
Lease payments will be determined by local market rates but are expected to be lower than the borrower’s mortgage obligation. Carrington will work with borrowers to establish a length for each lease.
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Proprietary OC Housing News home purchase analysis
$415,000 …….. Asking Price
$415,000 ………. Purchase Price
7/27/2012 ………. Purchase Date
$0 ………. Gross Gain (Loss)
($33,200) ………… Commissions and Costs at 8%
($33,200) ………. Net Gain (Loss)
0.0% ………. Gross Percent Change
-8.0% ………. Net Percent Change
0.0% ………… Annual Appreciation
Cost of Home Ownership
$415,000 …….. Asking Price
$14,525 ………… 3.5% Down FHA Financing
3.70% …………. Mortgage Interest Rate
30 ……………… Number of Years
$400,475 …….. Mortgage
$105,441 ………. Income Requirement
$1,843 ………… Monthly Mortgage Payment
$360 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$104 ………… Homeowners Insurance at 0.3%
$417 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
$2,724 ………. Monthly Cash Outlays
($279) ………. Tax Savings
($609) ………. Equity Hidden in Payment
$18 ………….. Lost Income to Down Payment
$124 ………….. Maintenance and Replacement Reserves
$1,978 ………. Monthly Cost of Ownership
Cash Acquisition Demands
$5,650 ………… Furnishing and Move In at 1% + $1,500
$5,650 ………… Closing Costs at 1% + $1,500
$4,005 ………… Interest Points
$14,525 ………… Down Payment
$29,830 ………. Total Cash Costs
$30,300 ………. Emergency Cash Reserves
$60,130 ………. Total Savings Needed
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