Home loan modifications have been one way which Citigroup homeowners have obtained a more affordable home loan payment since many homeowners are facing financial difficulties due to various economic factors. The loss of employment has caused many homeowners struggle to make their home loan payments and as a result the Making Home Affordable Program was launched in order to provide mortgage assistance to homeowners in need of a more affordable home loan.
There have also been opportunities for homeowners who are in a good financial position but would also like a lower monthly mortgage payment. Some homeowners with Citigroup and other lenders across the nation have been able to refinance and take advantage of low home loan interest rates that have been offered over the past months. There have been homeowners who have qualified for a much lower home loan rate and, as a result, have seen their mortgage payments drop.
While not all Citigroup homeowners have been able to obtain home loan assistance, there are alternate extension programs and opportunities available to help homeowners who may not qualify for refinancing or a traditional home loan modification. The problems of unemployment and underwater mortgages has been common among homeowners and because of these problems mortgage assistance extension programs have been offered by many lenders working within the Obama Making Home Affordable Program.
While refinancing may help some homeowners who are in a good financial position, meaning they have equity in their home, a good credit score, and can afford the costs that come with refinancing, not every homeowner will be able to lock in a lower home loan interest rate or can afford refinancing. Yet, those homeowners who may be struggling have various modification options available from their lender and have resources like the Making Home Affordable website and Hotline available to guide them through the modification process.
There have been troubles between homeowners and many mortgage servicers but there are now more opportunities for homeowners to save their home and avoid foreclosure than in the past. Homeowners are advised to work with their mortgage servicer to find the right form of mortgage assistance that will help them in their personal situation and, again, since more programs have been created more homeowners have found the home loan aid they have needed.