Citigroup has been working with homeowners to offer mortgage modifications, foreclosure prevention plans, and alternative home loan assistance programs for homeowners who have been struggling to make their home loan payment. Mortgage modifications are often commonly sought out by the majority of troubled homeowners, but there have been difficulties in the modification program and between lenders and homeowners. There are many homeowners that believe lenders are not doing all they can to aid those who are facing foreclosure, but there are reports that indicate homeowners may be getting alternative assistance when a modification is not an option.
For instance, the Making Home Affordable servicer report for June 2010 stated that 30,145 homeowners who had their Citigroup modification trial program canceled received an alternative modification assistance plan, while 24,316 homeowners who were not accepted into the modification program also received an alternative assistance option from CitiMortgage. Despite the fact that many lenders, like Citigroup, has seen an increase in the number of permanent modifications from month to month, there are still homeowners who are not able to gain assistance from a Making Home Affordable modification.
However, homeowners are also being offered foreclosure prevention programs like deed in lieu of foreclosure plans and short sell options for homeowners who can no longer afford their home loan and cannot benefit from some form of mortgage assistance. In cases like these, many homeowners are either unemployed or have seen such a cutback in their wages at their current place of employment that mortgage assistance is simply unaffordable no matter if a modification is offered.
While there have been alternative plans offered for homeowners, there are many who believe that lenders are not doing all they can to help those in need. Homeowners from a variety of mortgage servicers have troubling stories and experiences in which they were denied a modification on their home loan despite the fact that these homeowners felt they qualified for the modification program. Lenders have not been perfect in their implementation of these assistance plans, and many homeowners have turned to approved housing counselors to help them in their mortgage assistance efforts.
Yet, homeowners are often advised to contact their lender primarily in order to weigh mortgage assistance options for their personal home loan situation. While, again, not all homeowners will obtain a modification or mortgage assistance, those who are struggling need to know that there are alternative plans available that may benefit them and allow homeowners to avoid foreclosure. Homeowners who are struggling with their lender and have been denied a modification may find assistance from the Making Home Affordable website, but when dealing with sources outside of lenders who offer assistance, homeowners are cautioned to be wary of scams and only use counselors approved by the Department of Housing and Urban Development.