Citigroup has been one of the largest mortgage servicers who has participated in the Obama home loan modification program to aid homeowners who are struggling with their mortgage. However, many homeowners believe that despite increases in the number of permanent home loan modifications, more needs to be done and mortgage servicers have not implemented the Obama home loan modification plan in a way that would have benefited the maximum number of homeowners.
Home loan modifications have been a way in which homeowners who have lost their income or seen their income drastically reduced were able to get a lower monthly mortgage payment so that they could avoid foreclosure. Citigroup, along with other lenders, are also reported to be offering in-house mortgage assistance plans to homeowners who fail to qualify for the Obama Making Home Affordable Program.
These alternative modification plans are said to have helped more homeowners than the Obama modification program but many believe that they are not as cost-efficient for homeowners. It’s understandable that homeowners who are denied a permanent or trial home loan modification are quite angry but many have accused major mortgage servicers of improperly denying homeowners a modification or simply using the modification program as a way to serve their own needs.
While servicers like Citigroup have offered assistance to homeowners outside of the modification program, like moratoriums on foreclosures in certain cases, many homeowners are still waging criticism against the modification program and mortgage servicers who are charged with helping homeowners.
Again, there have been increases in the number of permit modifications made each month, but there are homeowners who feel more must be done. There are many troubled individuals who are turning to the Making Home Affordable website and HOPE Hotline to voice their concerns or find extra assistance in dealing with mortgage servicers through the Obama modification plan.
Aside from homeowners who are angry with mortgage servicers, there is hope that more homeowners are now able to avoid foreclosure thanks not only to the modification program but in-house alternative modification plans directly from lenders and extension programs that have been made available from the Making Home Affordable program.