The Obama Making Home Affordable Program from Citigroup has been offering many homeowners a chance at a home loan modification in order to make their mortgage payments more affordable. Homeowners have come under a variety of financial strains over the past months and mortgage modifications, along with Home Affordable Modification Program extension plans, have been made available to homeowners with Citigroup and other mortgage lenders as well.
Citigroup has been one of the top lenders in the Making Home Affordable Program and, over the past month, has been using additional mortgage assistance plans to help homeowners who are in need. For instance, the Second Lien Modification Program has been used by many mortgage servicers to help homeowners who have a second mortgage and may not benefit from a traditional home loan modification. Also, the upcoming Home Affordable Unemployment Program is set to help homeowners who have lost their job by offering them a reduced mortgage payment or forbearance on their home loan payments.
While Citigroup has also stated they are using in-house programs to help homeowners who may not qualify for the Obama modification plans, there are also foreclosure prevention options that have been offered, like short sales or deed in lieu of foreclosure plans, there have been beneficial for many homeowners who may be facing the loss of their home or an underwater mortgage.
Despite these efforts and increases in the number of permanent home loan modifications that have been made over the past months from Citigroup, many homeowners are still angry at their dealings with Citigroup and the home loan modification program. There have been some troubling stories from various homeowners who were denied home loans or have simply been met with what seems like one obstacle after another when trying to obtain mortgage assistance.
Yet, many financial advisers are still prompting homeowners to contact a mortgage lender if they are having home loan payment troubles. While there are some services outside of lenders who can help homeowners with the modification program, there should be caution used if homeowners consult this outside aid due to the fact that many scams have arisen. Homeowners may also use the Making Home Affordable website for more information and assistance tools to help them in their personal modification process.