Homeowners with Citigroup have been struggling to make their home loan payments from month to month over the past year or more, so some of the nation’s top lenders have been participating in the Making Home Affordable Program in order to aid these troubled homeowners. However, criticism has been levied against many of the servicers in the Home Affordable Modification Program as angry homeowners accuse lenders of not doing all they can to move homeowners into trial modifications or grant a permanent modification status.
While top lenders in the modification program are seeing increases in the number of permanent home loan modifications they have made from month to month there are still homeowners who want more results. These homeowners cite the fact that, as of May 2010, 109,890 total homeowners were denied a Home Affordable Modification trial period. Homeowners use numbers like this as evidence that lenders are not willing to help homeowners find the assistance they need to stay in their homes or avoid foreclosure.
However, there have been alternatives modifications offered by many in-house programs provided to homeowners who fail to meet the qualifications for a permanent or trial home loan modification. For instance, as of May 2010, it’s reported that Citigroup has made 24,316 alternative modifications for homeowners who were not accepted into the trial program through the Making Home Affordable Program. Also, after being rejected for a trial plan, 8,912 homeowners are now deemed as current on their home loans, while 1,382 were granted a short sale or deed in lieu of foreclosure plan.
Despite these numbers and alternative plans, there are still homeowners who are angry that they were denied mortgage assistance, and there are homeowners who did not receive an alternative assistance plan and have either filed bankruptcy or have entered into foreclosure on their home. Not every homeowner, sadly, will be able to obtain the mortgage assistance they need to keep their home, but homeowners may have hope in that the number of permanent modifications being made from month-to-month is on the rise and these alternative assistance plans are still available from many lenders.
Dissension still remains between lenders and homeowners, as there are many homeowners who believe that lenders are unwilling to help those who are struggling to make their home loan payment and there have been accusations that success stories in the modification program don’t tell the whole story. However, homeowners have been helped in many areas across the nation through the modification program and in-house assistance plans from lenders themselves. Despite many homeowners’s distrust concerning mortgage lenders, troubled homeowners are still being advised to talk with their home loan servicer if they are having trouble making their monthly mortgage payments.
While there are still troubles that remain in the modification program, with homeowners, and with lenders as well, there are assistance options and alternative programs available to help those who are in need. Homeowners may also obtain assistance and more information on the modification program through resources like the Making Home Affordable Program website.