The Making Home Affordable Program was set in place to help homeowners who are struggling with their home loan payments by having servicers like Citigroup work with homeowners to develop a more affordable home loan payment option. Citigroup has been one of the biggest lenders in the Making Home Affordable Program and has seen increases over the past months in the number of permanent modifications that have been made.
The Making Home Affordable report for the month of May stated that Citigroup had made 34,675 permanent home loan modification up to that point. However, the report for June stated that Citigroup’s number of permanent modifications on their home loans had increased to 40,813. Many would see this as a positive sign that more homeowners who are distressed are getting the assistance they need.
However, there have been many homeowners who have criticized lenders like Citigroup for not doing all they can to help homeowners who are in trouble. A Congressional hearing was recently conducted and representatives from some of the top lenders in the Making Home Affordable Program were present to defend their companies home loan modification actions. While many lenders, like Citigroup, have seen increases in permit modifications made, homeowners still say more should be done and many federal representatives believe that since the original goal that was set by the modification program has not been met, lenders need to do more.
Citigroup officials point to, not only the rise of permanent home loan modifications, but also in-house programs that are not taken into account that also help homeowners. Citigroup, along with other lenders, have various in-house mortgage assistance options that are offered to homeowners if they fail to obtain a Making Home Affordable modification. Also, Citigroup has issued moratoriums on foreclosures in some cases, as was recently evidenced when Citigroup allowed homeowners affected by the Gulf oil spill to remain in their homes for a longer duration.
Yet, there are still many frustrated homeowners who believe that these financial institutions are simply not doing enough. While there are many advisers who will tell homeowners that are struggling with their home loan payment to first contact their lender for mortgage assistant options, some homeowners believe that these mortgage lenders simply are unwilling to help troubled homeowners.
It’s understandable that homeowners who are fighting to save their home are very frustrated at roadblocks that are given from some financial institutions. Yet, on the other hand, Citigroup has continued to make efforts in not only mortgage assistance plans but foreclosure prevention as well. However, homeowners who feel that lenders are not a good starting point in the mortgage modification process, may find online resources that can help. It should be understood though, there are many modifications scams online, so homeowners must beware and take caution. The Making Home Affordable website is also a source that many homeowners have been turning to so to get more information on the modification program and look at options that may be able to help their personal mortgage situation.