Homeowners with a Citigroup home loan may have found that mortgage modifications have reportedly increased over the past months. There have been reports that the number of permanent home loan modifications are on the rise for many mortgage servicers, like Citigroup, but there are also those who feel that this mortgage assistance program is only benefiting mortgage servicers and may be unhelpful for homeowners in need.
Homeowners complain of the amount of trial modifications that are canceled by various lenders, like Citigroup, are a main cause of many homeowners’s troubles. These cancellation numbers have been released from the Making Home Affordable servicer report and according to the July report, the total number of cancellations of trial modifications for homeowners with Citigroup is at 77,502 homeownwers, which is up from 68,818.
Many believe that this is one of the main causes of problems with the program and points to the program’s ineffectiveness as proof. There are many homeowners who are unable to benefit from this modification program due to the fact that they are either denied a modification or cannot meet the payment requirements of the trial period if they are granted a temporary modification.
There is a glimmer of hope though as some of these homeowners are getting alternative payment plans after being denied a modification. So these homeowners who have been denied a modification have been able to enter alternative modification programs, alternative payment plans, or have taken advantage of short sale and deed in lieu of foreclosure plans.
While there are many critics of the modification program, and difficulties and troubles between lenders and homeowners have been well documented, there are opportunities for some homeowners to gain assistance through the Making Home Affordable Program. Countless homeowners still struggle to find the help they need and many are denied the assistance they are seeking through a modification plan, there are home loan modifications and alternative payment options available that may help some keep their home. It’s understood that no mortgage servicer is perfect, but homeowners have various options which may be used in order to prevent the loss of their home or allow them to simply avoid the foreclosure process if they are unable to continue to afford their home.