Citigroup, one of the big lenders in the Making Home Affordable Program, has 9,533 pending home loan modifications as of March, according to a recent report on HAMP activity. This number is up from the previous month, in which Citigroup only has 8,076 pending permanent home loan modifications.
Homeowners have been struggling in their mortgage and in the past have called for more action on the part of lenders, who have stepped up their efforts in the last few months, as many have posted gains since the beginning of 2010.
However, homeowners are still struggling in their mortgages thanks to underwater home values and unemployment. Homeowners having little or no income to pay their mortgage, or simply owing more on a home than the home is worth have become more common in the housing market.
Extensions of the Making Home Affordable Program are set to help homeowners in the near future through principal reductions for underwater homeowners and forbearance programs for unemployed homeowners.
While not all lenders are on board with these types of programs as of yet, it is hoped that soon more lenders will provide assistance for homeowners that are in trouble.