Homeowners with a Citigroup home loan may be able to obtain a lower monthly mortgage payment thanks to home loan modifications that are being offered from both in-house options and the Making Home Affordable Program. Many homeowners across the nation have been seeking a lower monthly mortgage payment for a variety of reasons and at the present time there are various options available to homeowners to achieve this goal.
While distressed homeowners often are working with mortgage servicers to attain a home loan modification, there are also alternative assistance programs that have been helping homeowners in distress. Citigroup, along with other mortgage lenders, have been using the Making Home Affordable Program to make home loan modifications available to homeowners and, for homeowners who do not qualify, there have been in-house mortgage assistance options available from lenders themselves.
Not every homeowner has received a home loan modification, but unemployment home loan assistance plans, underwater mortgage assistance plans, and mortgage aides to homeowners who have a second mortgage on their home loans have all been used by a variety of lenders to help those in need as well. Yet, there are some homeowners who cannot benefit from these types of mortgage assistance available only to troubled homeowners, so as a result other methods have been used.
Homeowners who are in a decent financial position may be able to use refinancing as a way to get a lower monthly mortgage payment. Home loan interest rates have been quite low over the past months and many homeowners have used refinancing as a way to lower their home loan costs. While not every homeowner will benefit from refinancing, those who have a good credit score, equity in their home, and can afford the costs that come with refinancing have been benefiting from these low rates.
If homeowners are considering refinancing they have been able to talk with a variety of lenders to see who can offer them the best rate on their home loan, but homeowners in need of a modification have fewer options. Homeowners who are distressed and needing a lower monthly mortgage payment are often advised to contact their mortgage servicer or consult the Making Home Affordable website for more tools and information on obtaining a home loan modification.