Homeowners with Citigroup had been looking for assistance for their mortgage troubles, as have homeowners with other mortgage lenders as well, but many homeowners have grown frustrated with their participation in the home or modification program. While the Obama administration’s Making Home Affordable Program isn’t perfect and lenders are being accused of not doing all they can to help homeowners, many lenders or still working to provide solutions for struggling homeowners.
Lenders like Citigroup have some of the best numbers in the home loan modification program as they have provided modifications, both permanent and trial, for half of their homeowners with in the home modification program. Also, Citigroup has in-house programs where they are helping homeowners who might not qualify through the Obama home loan modification program.
While there are options like a home loan modifications, unemployment forbearance programs, principal reductions, and even refinancing options for underwater homeowners, not all lenders are using these programs from HAMP so many homeowners are unhappy with the modification program as a whole.
Yet, despite no bank or program being perfect, homeowners are still being advised, to contact their mortgage lender and seek out options if they are struggling with their mortgage. The home loan modification data doesn’t show all of the mortgage assistance programs through every lender, so any homeowner looking to avoid foreclosure should talk to their lender about options available both from the Obama administration’s modification program and in-house programs from their mortgage lender.