Citigroup Home Loan Modification Program And Mortgage Assistance Plans–Can Homeowners Get Lower Payments?

Citigroup has been one of the major mortgage servicers who has worked with the Making Home Affordable Program to provide mortgage assistance opportunities and more affordable home loan payments for homeowners who are struggling to keep their home.  There has been a call for mortgage servicers to do more in the area of mortgage assistance and as a result more mortgage aid programs have been made.

Home loan modifications have been a popular way in which homeowners have dealt with their home loan troubles.  Citigroup has made, as of the June 2010 Making Home Affordable report, 40,813 permanent home loan modifications for troubled homeowners.  However, there are those who feel, despite the fact that there has been an increase in the number of permanent home loan modifications that have been made from lenders like Citigroup, more needs to be done.

The permanent home loan modifications that have been made by Citigroup are impressive, but many believe more can be done since, according to the June HAMP report, Citigroup has 143,074 homeowners that potentially qualify for a home loan modification.  Yet, not all homeowners will qualify for a permanent home loan modification so alternative assistance plans have been created.

Citigroup, among other mortgage servicers, has either implemented or has plans to begin programs that range from alternative modification programs, modification extension programs, refinancing opportunities, and simple payment restructuring options to give homeowners a more affordable home loan payment.

While there are still many homeowners that are in need of mortgage aid, mortgage servicers are usually the first point of contact that is made when homeowners are looking for help.  Yet, outside sources like the Making Home Affordable website and hotline can be consulted, as well as, HUD-approved housing counselors for certain homeowners.

More mortgage aid options are being made available to homeowners in need, so there is rising hope that homeowners who are close to losing their house will be able to find a more affordable mortgage plan that can keep them in their home until their personal financial condition improves.