Homeowners with Citigroup and similar lenders have been struggling to make their home loan payments over the past months due to various financial and economic factors. Many homeowners have sought a home loan modification in order to lower their monthly mortgage payment, while others have turned to refinancing in order to take advantage of record low mortgage rates that have been offered over the past months.
When a homeowner is in a decent financial position and can afford doing so, refinancing may be their only route to getting a lower monthly mortgage payment. Homeowners that are able to pay their mortgage, have not missed payments, and are in good financial standing may be denied a home loan modification due to the nature of the program.
Many homeowners who can afford the cost of refinancing and have equity built in their home, not to mention a good credit score, may be able to lock in a lower mortgage rate on their current home loan and get lower monthly mortgage payments as a result. However, Citigroup homeowners, like homeowners with other lenders across the nation, have had to turn to home loan modifications as an option to get a lower mortgage payment.
The home loan modification program has been having troubles between lenders and homeowners but there are more and more modifications being made each month. Lenders like Citigroup has said they are willing to use not only modification programs within the Making Home Affordable Program, but also they are willing to use in-house mortgage assistance plans to help struggling homeowners.
Those homeowners who are with Citigroup, or any other lender, are being advised to contact your lender if they are in need of home loan mortgage modification assistance, or to reference the Making Home Affordable website in order to see if they qualify for a mortgage modification. However, those homeowners who might be able to refinance may benefit from talking to various lenders about rates that they may be offered if they are able to refinance their home loan.