Citigroup, along with other top lenders, have been asked by the Obama Administration to begin helping underwater homeowners and those who are unemployed through expanded programs in the home loan modification program. Citigroup has been one of the top lenders in the modification program and it’s hoped they will continue to assist homeowners in such a way with these expanded programs.
With the housing market still experiencing such trouble due to drops in home prices and long-term unemployment taking its toll, many homeowners may be on the street if something isn’t done.
Programs like the home loan modification plan, underwater mortgage principal reductions, and unemployment mortgage forbearance aren’t popular with everyone but others argue that before the recession the majority of these homeowners seeking assistance were able to afford their home.
On that note, many homeowners blame big banks for causing the recession, which has led to job loss and housing prices to fall, and they are angry with the government for not regulating these institutions so mortgage assistance is owed to them.
No matter where you fall in this argument, it’s sure than not everyone needing assistance is going to get it, sadly, but homeowners should at least be aware that these options may be available and they should talk with their lender if they need assistance.