Citigroup is one of the top lenders in the Making Home Affordable Program and over the past few months, along with other lenders, have been making mortgage assistance options available for homeowners who may be struggling in their mortgage. While this has been occurring, Citigroup is also been offering low interest rates on new mortgages or on refinancing options for homeowners.
While Citigroup is not the only mortgage lender who has been offering these record low mortgage rates, refinancing has been one way that lenders like Citigroup have been helping homeowners make their home loans more affordable. Homeowners that have been refinancing to a lower mortgage rate have been able to get a lower mortgage payment as well, in some cases.
However, for homeowners that have not been able to refinance their home, programs like principal reductions, home loan modifications, and unemployment forbearance programs have been used by many lenders. While some lenders have not used all of the programs from the Obama administration, and many have felt uneasy about using principal reductions or unemployment forbearance options, there are still assistance programs available.
Lenders like Citigroup have stated that they make mortgage assistance available through plans from the Making Home Affordable Program, as well as, in-house programs that are set in place to help homeowners who may be struggling to pay their mortgage and who want to avoid foreclosure.
While no lender is perfect and there has been trouble for homeowners who have been seeking mortgage assistance options, it is still being advised that homeowners who are having trouble making their mortgage payment should contact the lender to see what options are available to make their home loan payment more affordable.