Homeowners who have a home loan with Citigroup may be able to benefit from certain loan modification programs that have been made available to those who are struggling to make their mortgage payments. Citigroup has been one of the top mortgage servicers working in the Obama Making Home Affordable Program and, as a result, have been able to help homeowners avoid foreclosure by obtaining a more affordable home loan payment.
Permanent home loan modifications have been on the rise for Citigroup, and the home loan modification program overall, as lenders have been pressured over the past months to do more to help homeowners keep their home. While Citigroup has come under criticism from homeowners, which is not something that is uncommon among lenders, more programs have been offered to help homeowners who were denied a home loan modification and faced losing their home.
Certain homeowners who need assistance outside of the traditional modification, like those who have a second lien on their home or who are unemployed, have seen additional programs implemented that can help homeowners in specific situations. Mortgage troubles like underwater home loans have also necessitated the creation of certain programs and plans so that homeowners who owe more on their home than their home is actually worth will not default or can simply obtain a more affordable payment in these situations.
There are, again, still troubles that remain between homeowners and lenders, as many homeowners accuse mortgage servicers of not doing all they can to keep homeowners in their homes. Yet, mortgage alternative plans have been made available directly from lenders to help homeowners obtain a more affordable payment if they are denied a permanent modification from the Obama modification program. Also, short sale options and deed in lieu of foreclosure plans have been offered to homeowners who simply can no longer afford their home loan but wish to avoid the foreclosure process.
While homeowners are still being advised to contact their mortgage lender if they forsee mortgage troubles on the horizon or have gotten to a point where they can no longer make their home loan payment, there are some homeowners who believe that working with lenders is of little use. In cases such as this, homeowners may consult the Making Home Affordable website or hotline, as well as, talk with housing counselors that are approved by the Department of Housing and Urban Development.