Many homeowners have attempted to work with lenders like Citigroup in order to obtain a permanent home loan modification so that they may avoid foreclosure. Various economic and financial difficulties have caused many homeowners trouble in their personal lives and as a result there are those who cannot make their mortgage payment. For this reason, the Making Home Affordable Program was implemented in order to help homeowners who were struggling with their home loan.
However, there have been difficulties for many homeowners who are in the modification program, specifically when dealing with trial modifications. For example, according to the July Making Home Affordable servicer report, Citigroup had canceled a total of 77,502 trial modifications. Also, 96,142 homeowners were simply not accepted for a home loan trial modification from the Making Home Affordable Program.
This has created a great deal of frustration and anger for homeowners who claim that mortgage servicers are unwilling to help those who are in need. While there have been increases in permanent home loan modifications, there are many homeowners who are either stuck in a trial modification or who are denied the possibility of a permanent modification from mortgage servicers.
Yet, there have been reports that indicate in-house programs from mortgage servicers may provide assistance for those who are denied a home loan modification from the Obama Administration’s Home Affordable Plan. As an example, July’s Making Home Affordable servicer report states that Citigroup has made 33,948 alternative modifications for homeowners who had their trial modification canceled and 35,202 alternative modifications for homeowners who were not accepted for a trial plan from the Home Affordable Modification Program.
There are in-house assistance options available from a variety of mortgage servicers, like Citigroup, that may be helpful to homeowners who are denied a permanent home loan modification. While troubles do remain for many homeowners and accusations still abound over the ineffectiveness of both servicers and the Making Home Affordable Program as a whole, these in-house assistance options may be available to help homeowners who still face foreclosure and are denied a permanent modification from HAMP.