Federal housing assistance options from the Obama home loan modification program have been used by mortgage servicers like Citigroup over the past months to help homeowners obtain a more affordable mortgage payment. Citigroup has seen increases in the number of permanent home loan modifications they have made from month to month but there are homeowners who believe that more needs to be done in terms of providing mortgage assistance to homeowners on a wider scale.
Federal housing assistance has been a lifeline for many homeowners who have seen financial difficulties arise over the past months. Citigroup, along with using the Making Home Affordable Program, has also offered homeowners in-house mortgage assistance plans like alternative modifications and has offered foreclosure moratoriums in cases where homeowners were greatly distressed, like those who were suffering from the Gulf oil spill.
However, many homeowners still believe that mortgage servicers like Citigroup have not implemented these federal housing assistance plans as effectively as they could. There are accusations that many mortgage servicers, Citigroup included, are not offering modifications to every homeowner who may qualify. Also, complaints from homeowners typically revolve around topics like disorganization and what is described as a lack of concern on the part of many banks to help homeowners.
It’s understandable that homeowners are frustrated in a situation where they are facing the loss of their home without mortgage assistance. Animosity remains between mortgage servicers and homeowners despite the fact that these federal housing assistance plans are still available and increasing, as well as, mortgage servicers like Citigroup offering alternative modification plans for homeowners who do not qualify for the Making Home Affordable Program.
While no mortgage servicer has been perfect in their implementation of these mortgage aid plans, it’s hoped that more homeowners will find the aid they need to save their home from the continuation of the federal housing assistance modification plans and in-house modification options directly from servicers like Citigroup.