Citigroup homeowners, like other lenders’ homeowners, have all had trouble with some or a majority of those in the home loan modification program. However, despite Citigroup’s success with almost half of their homeowners in either a trial or permanent home loan modification, there are still the feeling that lenders can do more.
The Treasury Department said they will be looking at lenders more closely, in terms of their participation in the home modification program. Some lenders, if they do not pass the review process or prove that they are doing all they can to help homeowners, may lose some of the incentives that are given to them from the home loan modification program.
Citigroup and other lenders have stated that they are making more modifications on mortgages for struggling homeowners outside of the home loan modification program, so by only looking at numbers in the home loan modification program the Treasury Department may not be able to see the whole picture.
However, despite these claims by lenders there are numerous homeowners who feel that more can be done and that not all lenders are abiding by the rules and policies that are set in place within the home loan modification program.
Again, Citigroup has seen some success in the number of modifications they made from month to month, but some homeowners were still unhappy. This new review process is hoped to make the home loan modification program more efficient for homeowners trying to avoid foreclosure.