For Citigroup, the home loan modification program has been successful, for the most part, as over half of the potentially qualifying homeowners with a CitiMortgage home loan have been given either a trial or permanent modification. However, homeowners not only continue to have trouble in the home loan modification program, but both they and Citigroup are struggling as delinquencies rise.
From the Making Home Affordable Report from January to February alone, Citigroup saw an increase in home loan delinquencies for over 3,500 homeowners. This, obviously, creates more work for Citigroup, whose CEO has claimed that not only are they working with homeowners within the confines of the Making Home Affordable Program, but they also have a modification program in-house to assist struggling homeowners.
Despite the rising delinquencies of troubled homeowners, Citigroup has continued to be one of the top lenders in the Making Home Affordable Program. There are still complaints from customers, but no lender has been able to escape criticism in the home loan modification program.
Homeowners that are looking for a home loan modification from Citigroup should not become distraught, despite the difficult process. There are more and more modifications being made at Citigroup each month so there is still hope for distressed homeowners.