Homeowners with Citigroup are still struggling to make their mortgage payment, as are many homeowners across the nation. Unemployment, loss in wages, and underwater mortgages have been causing many homeowners financial hardships which have made it difficult to make their monthly mortgage payment.
However, lenders like Citigroup have been using various mortgage assistance plans to aid homeowners, both from the Making Home Affordable Program and plans to offer assistance available directly from Citigroup. Loan modifications, refinancing options, and principal reductions are only a few plans that Citigroup has been using over the past few months to aid homeowners.
In the past, Citigroup has suspended foreclosing on homes and they have instituted foreclosure alternative programs, which allows homeowners that are facing foreclosure to stay in their home for six months if the homeowners are willing to sign over the deeds to the property to Citigroup after that time has expired. Options like these have helped many homeowners in that it has given them additional time to make a alternate living arrangements when they lose their home.
While lenders and the modification program, in general, have not been perfect and many homeowners are very upset with practically every mortgage lender, homeowners should still seek out assistance no matter what horror stories they may have heard. Citigroup, for instance, has modified home loans for half of their homeowners in the Home Affordable Modification Program, and have helped others through various programs too.
Lenders are set to be reviewed by the Treasury Department, as many believe some banks are not doing all they can to assist homeowners, but despite the many problems between lenders and homeowners, and in the modification program as a whole, homeowners who are distressed in their mortgage are still being advised to talk over assistance options with their lender in order to avoid foreclosure.