Homeowners with Citigroup may have additional home loan modification options thanks to the Obama Administration. These new programs are hoped to help unemployed and underwater homeowners as more mortgage troubles have been appearing in relation to these two groups of homeowners.
Underwater mortgages have caused numerous homeowners to give up on any chance of profitability in their home and many are just walking away from their mortgage obligation, which is causing lenders trouble. Principal reductions for these homeowners are available, to those who qualify, and are hoped to make homeowners with an underwater mortgage stay in their home rather than walk away.
There is also the problem of unemployment. Unemployed homeowners, or underemployed homeowners, have been struggling in one of the worst job markets in recent history, and it’s felt that without assistance there could be massive numbers of foreclosures. A new forbearance program for unemployed homeowners is hoped to help those without a job the ability to forego their mortgage payments for a few months in the hopes they get back on their feet.
While the home loan modification program has seen troubles and many homeowners have been unsatisfied in their modification experience, it should be known that these new options are available and homeowners with Citigroup and other lenders may want to look at their options for mortgage assistance.