Citigroup has seen an increase in the number of permanent home loan modifications they made in the Making Home Affordable Program over the past months. Homeowners have been seeking modifications in order to find an affordable option for their home as financial difficulties have caused many homeowners to face foreclosure.
Despite the fact that large mortgage servicers like Citigroup have been offering home loan modifications, there are still homeowners who have seen foreclosure due to having their trial modification canceled or being denied a modification trial program completely. According to the July report from the Making Home Affordable Program, Citigroup had a total of 5,953 foreclosure starts and 573 foreclosure completions for homeowners who had their trial modification canceled. These numbers are up from the June report which indicated that Citigroup had 5,286 foreclosure starts and 509 foreclosure completions at the time of the report.
There is also the trouble of homeowners who were denied a trial modification. Homeowners in this category with Citigroup also saw foreclosures as 10,640 foreclosures had begun and 4,265 had been completed as of the July Making Home Affordable report. Obviously, homeowners who are struggling to make their mortgage payments are fighting to avoid foreclosure at all costs and, despite certain programs in place, many are still finding that they cannot escape the loss of their home.
There are foreclosure alternative plans available to homeowners who can no longer afford their home loan payment, as modifications and in-house assistance plans are being used to help homeowners who did not qualify for a Making Home Affordable modification. In-house programs have been implemented by many mortgage servicers, like Citigroup, which have benefited homeowners who were either denied a trial or permanent home loan modification.
Trouble still remains and homeowners are turning to the Making Home Affordable website and Hotline for more information and assistance, but there are more programs available through Making Home Affordable extension plans and in-house options that can help homeowners avoid the loss of their home. While lenders do have quite a bit of work left and, according to some homeowners, need to alter their modification and home loan assistance practices, there are now more options for homeowners who are facing the loss of their home than were previously available.