Homeowners who are working with Citigroup to obtain a home loan modification have found that, in some cases, they have either been denied a permanent modification or a trial modification, which has obviously caused animosity between mortgage servicers and homeowners. However, there have been options made available to homeowners outside of these federal home loan modification plans that have reportedly been helping more homeowners obtain the aid they need to avoid foreclosure.
Citigroup has been one of the top mortgage servicers in the Making Home Affordable Program over the past months and has seen an increase in the number of permanent home loan modifications they have made. However, many angry homeowners still accuse lenders like Citigroup of not doing all they can to provide the home loan assistance that homeowners need in order to keep their homes.
It is understandable that a homeowner may become irate if they face losing their home but there has been mention of alternative modification programs available directly from mortgage servicers. Reportedly, these in-house modification plans have been helping more homeowners than the Making Home Affordable Program, since some homeowners simply failed to qualify for the federal modification plan.
There are arguments against these in-house modification efforts as dissenters say they will not be as affordable in some cases as a modification would be if provided from the Making Home Affordable modification plan. Yet, it’s hoped that these in-house programs made directly from servicers like Citigroup will provide homeowners more options in terms of foreclosure prevention.
While Citigroup has made leaps in their foreclosure prevention efforts, homeowners feel that more needs to be done across the board from mortgage lenders. It’s understandable that not all homeowners will find assistance that will allow them to keep their home, but it’s believed that with federal modification plans and alternative home loan modification options available, more homeowners will be able to benefit from some form of mortgage assistance that shall allow them to save their home from foreclosure.