Citigroup has been one of the top lenders participating in the Home Affordable Modification Program and, as a result, has been able to help many homeowners who were struggling to make their mortgage payments and were close to losing their home. More permanent modifications have been made over the past few months from Citigroup and other lenders in the modification program, and due to other mortgage difficulties homeowners are experiencing, extension programs have been made available as well.
Homeowners who have been suffering due to unemployment make up a large portion of homeowners who are having trouble with their home loan payments. However, there are also homeowners who are unable to pay their mortgage because their home has lost a substantial amount of value. While there are many cases where a simple modification would help homeowners by lowering their monthly mortgage payment or interest rate, programs like the second lien modification program, underwater refinancing opportunities, short sale options, deed in lieu of foreclosure plans, and even unemployment mortgage assistance programs have been used by a variety of lenders to aid homeowners who have fallen on difficult financial times.
While there has been trouble between lenders and many homeowners, more mortgage assistance options are being made available and lenders like Citigroup are being pressured to do more to help homeowners. Citigroup, among other mortgage servicers in the Making Home Affordable Program, not only offer modifications and mortgage assistance extension plans, but many lenders are also offering in-house assistance programs for homeowners who may not qualify for a modification under the Obama Administration’s plan.
It’s true that not all homeowners qualify for a home loan modification and, again, there have been reports that some lenders are not doing all they can to help those in need, but with more options available there is a higher likelihood that distressed homeowners can find the assistance they need to save their home. While homeowners can work with their mortgage lender, there are outside sources like the Making Home Affordable website and Hotline, as well as, housing counselors approved by the Department of Housing and Urban Development that can also aid homeowners in their search for a more affordable home loan.