Homeowners with Citigroup had been experiencing various mortgage troubles, as have many homeowners across the nation with various mortgage lenders. However, the Making Home Affordable Program has been offering home loan modifications through lenders like Citigroup to make home loan payments more affordable for homeowners who are struggling financially.
Yet, there have been troubles in the home loan modification program and many homeowners have been upset with their experience when seeking mortgage assistance. There were certain factors that were preventing these home loan modifications from being effective but new programs that are set to take place and programs that are currently available are helping homeowners not only get the aid they need through a modification but also avoid foreclosure.
For instance, the Second Lien Modification Program was set in place to help homeowners who had a second mortgage on their home loan, were struggling financially, and did not benefit from a modification due to their second mortgage. Lenders like Citigroup have been able to help homeowners in this area as the Second Lien Modification Program works to modify a homeowner’s second mortgage so that their overall monthly mortgage payment is affordable.
Also, the Home Affordable Unemployment Program is set to begin in the coming weeks to help homeowners who have lost their jobs and are facing the loss of their home as well. The Unemployment Program is set to either offer homeowners a forbearance on their home loan payments or lower their monthly mortgage payment to no more than 31% of their monthly income.
It’s hoped that these new expanded modification plans, as well as existing modification programs, will be able to do more to help homeowners in a bad mortgage situation. Yet, for homeowners who simply cannot afford their home any longer, despite mortgage assistance, there are foreclosure alternative and prevention options that will allow homeowners to surrender their home without going through the foreclosure process. Programs like the Deed-In-Lieu of Foreclosure program has allowed homeowners to turn over their deed and, in some cases, homeowners have even been given assistance for moving costs that they may incur.
While the mortgage problem in our nation is still plaguing many homeowners, the modification programs and mortgage assistance plans are still available from various mortgage lenders and can help homeowners who are in trouble. Homeowners are often advised to contact their mortgage lender and talk over options about their personal mortgage situation or consult the Making Home Affordable website for more information.