Citigroup mortgage assistance plans from the Obama’s Making Home Affordable Program have been helping many homeowners who are in need of some form of mortgage aid so that they can get a more affordable home loan payment. Citigroup is one of the top lenders in the Making Home Affordable Program and continues to help homeowners who are struggling with their home loan.
Yet, there have been many complaints about Citigroup, and other lenders as well, as many homeowners accuse these financial institutions of not doing all they can to help homeowners obtain a modification, more affordable home loan payment, or avoid foreclosure. Accusations have gotten so bad that there was a recent hearing held by a congressional committee in which top lenders from the Making Home Affordable Program attended to give testimony about their participation in the modification program and what mortgage assistance options they have offered to homeowners.
Citigroup has seen success in their modification program through the Obama Making Home Affordable Program and the monthly report from the modification program states that as of May Citigroup has made 34,675 permanent home loan modifications to homeowners in need. However, simple home loan modifications have sometimes been unhelpful in certain mortgage situations. For instance, homeowners have struggled with a loss in their home’s value, trouble with a second lien on their home, or simply are in a situation where they can no longer afford their home loan payment but wish to avoid foreclosure.
New programs have been set in place to help homeowners in these situations and Citigroup has stated that they are using various programs both from the Making Home Affordable Program and in-house plans to help homeowners who need a more affordable home loan payment. Citigroup’s home loan modification program efforts have been similar to those by other lenders, as many banks have sought to use a variety of assistance plans to help struggling homeowners.
Citigroup, has also had a history of using unorthodox programs that can benefit homeowners, like a moratorium on foreclosures for certain homeowners in a particular situation. However, Citigroup has also stated they are using foreclosure prevention programs, unemployment assistance programs, and second lien modification programs.
While Citigroup, nor any other lender in the Making Home Affordable Program, have been perfect in their assistance to homeowners who are in need of some type of mortgage aid, there are still various avenues in which homeowners may gain assistance. While there are horror stories and some troubling accounts coming from the Making Home Portable Program, and not all homeowners may find the help they need, homeowners who are in trouble with their mortgage need to know that there are plans available from lenders to help them obtain a more affordable home loan payment.