Homeowners with a Citigroup home loan have been seeking assistance on their mortgage as many individuals across the nation are still struggling financially and are unable to make ends meet. However, Citigroup, one of the top lenders in the Making Home Affordable Program, has seen increases in the number of permanent modifications they have made from month to month. Yet, many homeowners have stated that Citigroup and other lenders in the modification program are not doing all they can to help homeowners in need.
However, there are still mortgage modification programs and foreclosure prevention efforts being offered by Citigroup and other lenders as well, as stated in a testimony to a congressional panel just a few weeks ago. The Congressional hearing was held to determine if there were problems with lenders and the modification program and why more success has not been seen thus far when it comes to preventing foreclosures.
Citigroup has a number of modification and foreclosure prevention efforts which they are working with in order to help homeowners make their home loan payments more affordable. While Citigroup is not perfect and there have been some troubling stories from homeowners who have attempted to obtain assistance from their lender, representatives from Citigroup have stated that they are using programs that range from traditional modifications to deed in lieu of foreclosure programs to not only help homeowners get a more affordable home loan but avoid foreclosure in the instance where mortgage assistance simply is no help.
One example of these efforts is Citigroup’s suspension of foreclosures for homeowners who been affected by the Gulf oil spill. Many of the lenders in the Making Home Affordable Program have repeatedly mentioned that foreclosures are not beneficial to their institutions and they are willing to help homeowners who are struggling, but many homeowners simply fail to follow the proper procedure for obtaining assistance through the modification program or they just do not qualify.
Again, there has been no perfect lender in the modification program and there are many cases and testimonies from homeowners which would lead one to believe that some lenders are quite callous when it comes to helping homeowners get the help that they seek, but homeowners need to understand assistance is still out there. Many financial advisers often tell homeowners to contact the lender at the first sign of mortgage trouble, keep records and details of calls they make and the representative they speak with, and homeowners should also consult the Making Home Affordable website so that they may have the best opportunity to receive a modification and make their home loan payment more affordable.