Citigroup In-House Modification Plans–Alternate Modification Plans May Help Bring Lower Mortgage Payments

Modification plans for Citigroup homeowners may be available in a variety of forms and assist those who have been denied a modification from the Making Home Affordable Program. Citigroup is one of the mortgage servicers who is reported to be offering in-house modification plans for homeowners who face foreclosure.

These alternative modification options available directly from lenders are using a variety of methods and criteria in order to bring homeowners the mortgage assistance they need. While many argue that in-house modification plans from lenders like Citigroup may not be as cost-efficient as those offered through the Obama modification plan, some feel that mortgage assistance options directly from lenders may in fact be more beneficial.

While there have been trouble between mortgage servicers and homeowners, there are also officials who feel mortgage servicers are not using the same means for qualifying homeowners who are seeking a home loan modification through HAMP.  Yet, this method may make in-house mortgage modification plans more helpful since they can be tailored to meet a homeowner’s needs.

Accusations that inconsistent criteria is being used in the Making Home Affordable Program, which disqualifies some homeowners from a modification but allows others the foreclosure prevention they need, may actually benefit in-house modification plans. Since lenders like Citigroup use varying qualifications for these modification plans, more homeowners who are in need of foreclosure prevention assistance may be able to have a foreclosure prevention option tailored to their specific situation.

While mortgage servicers and modification plans have not been perfect over the past months, it’s hoped that with the ongoing increases in the Making Home Affordable modification program and these new in-house initiatives for mortgage servicers, more homeowners will find the help they need when it comes to avoiding foreclosure and finding a more affordable home loan payment option.