Seeking options for dealing with the nations increasing foreclosures, industry executives are looking at alternatives that before would have never been considered.
Citigroup, for example, is now allowing delinquent borrowers who do not qualify or refuse for existing programs to remain in their homes for up to 6 months without demanding payments, before returning the keys, if they maintain the property and leave the premises in good condition.
Fannie Mae and Freddie Mac have developed programs allowing former homeowners to become renters after a foreclosure.
The Treasury Department has also jumped in offering lenders $1000.00 in exchange for allowing borrowers to sell their homes in a short sale.
Of course, all of these actions are not purely offered as a means to help the otherwise ailing homeowner.
These institutions and agencies fully understand the drastic implications if all of theses homes were to flood the market in a short period of time and the consequences it could have on the health of our economy. That being said, thankfully measures are being taken to slow the bleeding of a sick real estate economy and help it to begin the process of returning to a more balanced and viable industry for homeowners and investors alike.