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Foreclosures Citibank

Citibank month rent-free for six action plan?

I see on yahoo news that Citibank has a program in place now that allows an owner that is otherwise given away from your mortgage the opportunity to stay in the house for six months of free rent, if the borrower agrees to deliver the deed to the house without a fight. It is assumed that this is more convenient to both parties and the bank saves on costs of foreclosure and the owner does not have an execution mortgage to go on your credit report. But I think I would have some significant tax consequences for both the homeowner to live free and have the debt forgiven. Am I correct here?

Yes you are right. Moreover, this is called deed in lieu of forclosure, but showing on your credit as an exclusion anyway.

Remove Foreclosure From Credit Report

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