Free Credit Report Yahoo News
2010
Citibank’s 6 month rent-free for the deed plan?
I see in yahoo news that Citibank has a program in place now that allows a homeowner who is otherwise considering walking away from his mortgage the chance to stay in the house for six months rent-free, if the borrower agrees to turn over the deed to the house without a fight. Presumably this is more desirable for both parties as the bank saves on foreclosure costs and the homeowner doesn’t have a foreclosure go on his credit report. But, I would think that there would be some major tax consequences to the homeowner for both living rent-free and having the debt forgiven. Am I correct here?
Yes you are correct. Also, this is called deed in lieu of forclosure, but it shows on your credit as a foreclosure anyway.
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