Homeowners with Citigroup have been able to use a variety of methods over the past months in order to obtain a more affordable home loan payment. While the situations homeowners have faced vary, mortgage assistance through home loan modifications and lower home loan payments from refinancing have been able to provide some with a more affordable monthly mortgage payment.
Citigroup has been one of the many mortgage servicers who has participated in the Making Home Affordable home loan modification program over the past months. While there are difficulties that remain between home loan servicers and homeowners, increases in the number of Making Home Affordable Program modifications have allowed many homeowners to avoid foreclosure by gaining a more affordable home loan payment. Yet, not every homeowner has been able to benefit from the Make Home Affordable Program, but there are cases where homeowners can use a Citigroup in-house modification plan to lower their monthly mortgage obligation.
Yet, low mortgage interest rates have also provided homeowners with the opportunity to refinance for a lower mortgage payment. Some homeowners who may be struggling financially can still afford the costs that come with refinancing and, thanks to low interest rates that are being offered at the present time, have seen a lower monthly mortgage obligation after they refinanced their home loan.
Some homeowners have also refinanced to a shorter-term mortgage which has allowed them to reduce the overall mortgage costs they pay thanks, again, to interest rates. However, homeowners with Citigroup are not required to refinance with their primary mortgage lender but may find a more affordable rate from another bank. However, homeowners with a Citigroup home loan who are in need of a home loan modification are often advised to begin the process by contacting their mortgage servicer.
While not all mortgage lenders have been helpful to homeowners who are seeking a home loan modification, outside sources like the Making Home Affordable program website and Hotline may also be beneficial if trouble with their lender arises. While Citigroup homeowners may be in different financial situations, there are ways in which they can get a more affordable home loan payment, provided they qualify and can benefit from using one of these methods.