Citigroup homeowners have not escaped the underwater mortgage problem that many homeowners in our nation have faced over the past few months. However, there are home loan assistance options for those who are facing an underwater mortgage and the difficulty of owing more on a home than their home is worth.
Many homeowners have been asking for principal reductions, however many lenders have not been on board with this despite a principal reduction plan that was proposed by the Obama administration, which is hoped to take full effect in the coming months. Lenders like Citigroup say that they are not opposed to printable reductions, but principle reductions on mortgages where homeowners simply want a lower principal amount may not be available.
Generally, homeowners who are struggling to pay their mortgage because of a loss in value may stand a better chance in getting a principal reduction. There are alternate programs to principal reductions, though, and some lenders are choosing to use these alternative plans to help homeowners as they feel principal reductions are not practical.
Despite struggles with the Making Home Affordable Program and troubles that many homeowners have faced, it still been advised that any homeowner who is struggling in their mortgage should talk to their lender about available options for combating underwater mortgages or for anyone who is simply having trouble making the mortgage payment.