Citigroup homeowners may have refinancing options or might be able to obtain a home loan modification in order to get a more affordable monthly mortgage payment on their CitiMortgage home loan. Citigroup has been working with homeowners through both the home loan modification program from the Obama Administration and using in-house programs to help homeowners who are distressed in their mortgage get a more affordable payment on their home loan.
The numbers of permanent modifications made each month have been increasing for Citigroup according to reports from the Making Home Affordable Program. While there have been many angry homeowners who have had a terrible experience in the modification program and lenders like Citigroup have not escaped the criticism, overall the home loan modification program has been making more modifications from month to month.
Also, homeowners with Citigroup and other lenders have been able to refinance their home loan and take advantage of lower mortgage rates that have been offered over the past months. Homeowners that have refinanced for a lower mortgage rate on their home loans have seen, in many cases, a lower monthly mortgage payment as well. However, a lower mortgage rate and payment is usually only available for homeowners who have a good credit score and equity built up in their home.
While homeowners are not guaranteed any type of mortgage assistance through either refinancing or the home loan modification program, it is still being advised that struggling homeowners should contact a mortgage lender or consult the Making Home Affordable Program’s website for information on mortgage assistance.
It may not be an easy road when it comes to getting mortgage assistance, however, homeowners who may be facing foreclosure need to exhaust all their mortgage assistance options in order to save their home.