Homeowners with Citigroup going through the home loan modification program have had some difficult times and many homeowners feel that lenders need to do more to make foreclosures preventable. The Treasury Department believes that homeowners are correct in this aspect, and they plan to review lenders in the home loan modification program to see if they are doing all they can.
There has been talk that lenders may lose some of their incentives if they do not do more to help homeowners avoid losing their home. The home loan modification program, as well as principal reductions and unemployment forbearance programs, are some plans currently and forthcoming from the Obama home loan modification program, but not all lenders are going to use these programs.
Homeowners and lenders have had troubles as many lenders say that they are doing all they can, while homeowners disagree. Some lenders believe that there are certain programs, like principal reductions, that put mortgage lenders in an unfair situation but the majority of lenders all have different programs to help homeowners struggling to pay their mortgage.
While no program is perfect, neither are lenders or homeowners, it is being advised that homeowners who are struggling need to contact their lender and ask about what options are going to be best for their situation when it comes to avoiding foreclosure and making their mortgage more affordable.