Citigroup homeowners the like homeowners with various other mortgage lenders, have had trouble making their home loan payments due to a variety of factors stemming from the recession. Many homeowners have either lost their jobs or had quite a significant cut in their wages and have, as a result, been unable to make ends meet financially.
It’s for this reason that the home loan modification program was set in place so that the top lenders in the nation could work with the Obama administration and provide mortgage assistance for struggling homeowners. Various plans ranging from home loan modifications to unemployment forbearance options have been proposed and many lenders are using these programs along with in-house plans to assist homeowners.
Citigroup has not only used home loan modification programs and principal reductions, they also have foreclosure prevention programs in which a homeowner will be able to stay in their home for six months if they agree to turn over the deed to their home after that time. Some homeowners are simply unable to pay their mortgage and rather than go through the foreclosure process programs like this from Citigroup are helping homeowners make the transition into a new living arrangement.
While no lender has been perfect in the home loan modification process, homeowners that are still having trouble with their home loan payment are being advised to contact their mortgage lender and ask about options that may be available. While some homeowners have had to travel a difficult road to get a more affordable mortgage, it’s a much better alternative than facing foreclosure.