Citigroup’s home loan assistance program has seen increased results over the last few months, as the Making Home Affordable Program, overall, has seen more permanent home loan modifications made from many of the program’s lenders. Lenders like Citigroup have been implementing a number of plans to provide assistance for struggling homeowners who may be suffering from a variety of mortgage ailments.
Home loan modifications have been common, since many homeowners are simply in need of a lower mortgage payment due to tough economic times. However, some lenders have been using principal reductions, unemployment forbearance plans, and refinancing as a way to help homeowners avoid foreclosure.
Even in cases where foreclosure is inevitable, banks like Citigroup have plans that will allow homeowners to stay in their home for a set amount of months if they agree to turn over their deed after that time has expired. This has allowed many people to make a smoother transition when it comes to finding alternate living arrangements.
Lenders have not been perfect in the home of modification program by any stretch of the imagination but there are more and more success stories coming out of the housing market. There is also the Treasury Department’s review process that is set to make sure lenders are doing all they can lest they lose their incentives from the Making Home Affordable Program.
Homeowners are still being advised to contact their lender if they are struggling with their home loan payment. While, again, many homeowners have had to face a very difficult road on the way to a mortgage modification, it’s still better to fight this tough battle than to lose a home to foreclosure.