Citigroup Homeowners Seeking Home Loan Modification May Have Alternate Mortgage Assistance And Foreclosure Options

Citigroup homeowners have been seeking a home loan modification as, over the past months, Citigroup has seen increases in the number of permanent modifications they have made to homeowners who are in need of a more affordable home loan payment. However, not all homeowners qualify for a permanent modification or even make it into the trial modification period, and this is obviously a frustrating situation for those who are denied this form of mortgage assistance.

However, there are alternative plans offered by many lenders, like Citigroup, that have helped homeowners who were denied an Obama home loan modification plan. For instance, Citigroup has offered alternative modification plans for a total of 54,461 homeowners who were either denied a trial modification plan or homeowners who had their home loan modification trial plan canceled. These figures, that come from the Making Home Affordable Program report for June 2010, may give some homeowners hope if they either do not qualify for a permanent home loan modification or are unable to meet the requirements to remain in their trial modification.

Despite the fact that Citigroup has made 40,813 permanent home loan modifications, through June 2010, there are still homeowners who are unhappy with the modification program and mortgage servicers alike. Many homeowners who have been denied a modification or who have been allowed a trial modification plan, but were unable to afford the monthly home loan payments in the trial program, have asked that more be done on the part of lenders to help homeowners in need.

While extension programs from the Making Home Affordable Program have been presented in the hopes of helping those homeowners who did not benefit from a traditional modification or who may not qualify, there are still homeowners who have faced foreclosure or bankruptcy as a result of not qualifying for or obtaining the mortgage assistance they need.

While troubles still remain between homeowners and mortgage servicers, it’s still being advised that homeowners who are having difficulty making their monthly mortgage payment on their home loan talk to their mortgage servicer about options available for obtaining a more affordable home loan payment. Homeowners may also consult the Making Home Affordable website or call center for more information and assistance in regards to obtaining a mortgage modification or other form of home loan aid.

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