Citigroup Home Loan Modification Programs And Permanent Home Loan Modifications Made

Citigroup’s CitiMortgage has been working in the Making Home Affordable program to provide home loan modifications for homeowners who have been struggling to make their mortgage payments and are in need of a more affordable home loan payment from month-to-month. Modification programs have been used by many top lenders in our nation to help homeowners who are struggling but there have been many who are criticizing the efforts of these lenders and some homeowners believe that these institutions are not doing all they can to help homeowners get a more affordable home loan payment.

Obviously, there are two sides and heated views on this situation, and it’s understandable that homeowners who are fighting to save their home are frustrated when they are denied a home loan modification. Yet, Citigroup and the Making Home Affordable Program have been seeing increases in the number of permanent home loan modifications that had been made from month to month.

For instance, through the month of April Citigroup had made 28,556 permanent home loan modifications. That number increased in the month of May as Citigroup had made a total of 34,675 permanent home and modifications for homeowners in distress. These reports from are released on a monthly basis and in the coming days reports should be available for the month of June and there are predictions that permanent home loan modifications will have increased again.

Yet, there are still homeowners who have stated they did all that they knew to do and they feel like they qualified for a permanent home loan modification but were denied by their lender. Also, many of these critics of the Making Home Affordable Program and Citigroup’s participation cite the fact that, as of May, there were an estimated number 148,547 homeowners who potentially qualified for a home loan modification, but again, only 34,675 permanent modifications have been made. Obviously, not every homeowner will qualify or properly submit the documentation needed, which has caused trouble in the past, but homeowners want more to be done.

Citigroup is also stated that they are offering foreclosure alternative plans and are working with homeowners through extensions of the Making Home Affordable Program, like the Second Lien Modification Program and they are expected to participate in the Home Affordable Unemployment Program, which is hoped to help those homeowners who have lost their job and need a lower monthly mortgage payment despite not qualifying for a traditional home loan modification.

However, there is no secret that more can be done in the modification program and despite the fact that lenders like Citigroup have offered in-house programs and have issued foreclosure moratoriums in the past, as well as, suspended foreclosures in the Gulf region for those homeowners affected by the Gulf oil spill, homeowners are still unhappy. Despite these facts, homeowners are still being advised to talk over options with their mortgage lender, as this is one of the best starting points for obtaining mortgage aid. There are other online resources and the Making Home Affordable Program website as well if homeowners are dissatisfied when working with their mortgage lender, but homeowners need to know that despite many troubling stories there are assistance programs out there.