Citigroup Foreclosure Prevention Efforts–Is The Home Loan Modification Program Helping?

Citigroup has launched a variety of foreclosure prevention efforts, and with their work in the home loan modification program, some Citigroup homeowners are able to avoid foreclosure or at least prepare if losing their home is inevitable. There are a variety of plans that the making home affordable program offers through lenders, but there are also in-house assistance options available from certain lenders also.

Homeowners have still been having a variety of difficulties meeting their mortgage payment because of factors like unemployment or a drop in value on their home. However, Citigroup said efforts to help homeowners have been increasing as more and more pressure has been put on lenders to make homes more affordable. In the modification program alone Citigroup has been one of the top lenders over the past few months.

Also, in an area where many people are angry with lenders, Citigroup has been making strides to provide aid for homeowners. This area is foreclosure prevention, or rather, alternatives, in which many lenders will provide homeowners with an alternative to a foreclosure. For example, Citigroup will allow homeowners to remain in their home for six months if they turn over the deed to their home after that time is past.

Some homeowners are angry over efforts like this because they say that lenders are not motivated to help homeowners stay in their home. There are those who would argue that in some cases a homeowner simply cannot afford their home and foreclosure is the only alternative.

There have been many complaints and problems from lenders in the Making Home Affordable Program as homeowners continue to accuse big lenders of not caring about providing assistance to those in need. Despite imperfections among homeowners and the modification program, struggling homeowners need to be aware that there are assistance options that need to be explored if foreclosure seems to be on the horizon.

There is no guarantee that a homeowner will find the mortgage assistance that they seek, but not trying is a guarantee to lose your home. Many advisers are telling homeowners to contact them lender and ask about any types of home loan aid that may be available to help them make their home loan payment more affordable.