Citigroup homeowners have had various options for obtaining a more affordable home loan over the past months. Many homeowners are seeking lower mortgage payments for a variety of reasons and, as a result, programs have been implemented and opportunities made available to assist homeowners who are either struggling to make their mortgage payment or who are in the financial position to alter their mortgage in a way that will make it more affordable.
For homeowners who are troubled and dealing with problems like unemployment, home loan modifications have been made available. While there are many homeowners who believe the modification program and mortgage servicers are not doing all they can to assist those in need, there have been various opportunities available to individuals who potentially face foreclosure as a result of financial troubles.
While no lender has been perfect in their implementation of mortgage assistance plans, Citigroup has been one of the large mortgage servicers in our nation who has offered mortgage modifications from the Making Home Affordable Program and in-house alternative modifications for homeowners who may not qualify for HAMP. Numerous homeowners have been able work out a more affordable mortgage payment arrangement through these modification plans, but again, there are those who feel that more effort needs to be made on the part of mortgage servicers to assist homeowners with their foreclosure prevention efforts.
Yet, there are some homeowners who were lucky enough to avoid unemployment or other financial difficulties that have arisen as a result of the recession and, thanks to low mortgage interest rates currently being offered, have refinanced their home loan for a more affordable mortgage payment. Some homeowners have been able to lock in a lower mortgage interest rate, which has brought about a lower monthly mortgage payment obligation, while others have refinanced to a shorter term on their home loan which can help erase their mortgage debt faster and at less cost overall.
It’s understandable that the homeowners who will be able to take advantage of either one of these options will differ, but it is hoped that through these various mortgage assistance initiatives and refinancing opportunities that more homeowners will find an affordable solution to their home loan problems and avoid foreclosure in the future.