Citigroup homeowners have been able to take advantage of a wide variety of plans from the Making Home Affordable Program in order to obtain a lower mortgage payment and make their home more affordable. Everything from unemployment to decreasing home values have been causing homeowners trouble when it comes to making their mortgage payment.
However, lenders like Citigroup have been using a combination of programs from the Obama administration and in-house assistance options to provide help to homeowners need. Some homeowners have been very angry with their experience within the home loan modification program, but lenders are making more and more permanent modifications each month.
Lenders are also getting more pressure from sources like the Department of Treasury to make more home modifications for homeowners or just generally help homeowners avoid foreclosure. It’s hoped that any problems that are still remaining in the home loan modification process will be removed thanks to reviews by the Treasury Department.
While no lender has been perfect and Citigroup has taken their share of criticism, Citigroup is also provided many plans to help homeowners who are struggling or who may be in a position where foreclosure is inevitable. For instance, Citigroup has implemented a plan where they will allow a homeowner to remain in their home for six months as long as the homeowner agrees to turn over their deed at the expiration of the time. It’s one alternative to foreclosure that is helping many homeowners avoid taking a big hit on their credit score and also giving them the opportunity to make alternative living arrangements if they are unable to find a long-term solution for their mortgage troubles.
It’s being advised that homeowners should contact their mortgage lender if they see that a trouble making their payment will be on the horizon or if they are currently in need of mortgage assistance. Again, lenders have not been perfect in helping every homeowner but homeowners should at least try to seek out any type of assistance available as even a difficult road to getting an affordable mortgage beats losing a home outright.