Citigroup is one of the large mortgage servicers who has offered home loan modifications to homeowners through the Making Home Affordable Program and over the past months has seen an increase in the number of permanent home loan modifications that have been made. However, there have been troubles between homeowners and mortgage servicers in the Making Home Affordable Program and, as a result, homeowners are still seeking ways to find affordable mortgage payment options.
There are those who argue that home loan modification plans are not helpful to homeowners as many have either been denied a permanent modification or booted from the program. While mortgage servicers state that improper paperwork, missed payments, or a low debt to income ratio has disqualified many of these homeowners from obtaining home loan modification assistance from the Making Home Affordable Program, homeowners believe mortgage servicers are simply not doing all they can.
While there have been some homeowners who have missed payments even during a modification plan or have defaulted while a home loan modification was in place, there are those who believe that mortgage services are not using the same criteria on all homeowners, which has made the modification program unhelpful for some. However, Citigroup has been one of the large mortgage servicers who has offered alternative modification plans for those who were denied a permanent modification from the Obama Administration’s plan.
Alternative modifications directly from mortgage servicers are said to be helping more homeowners than the Making Home Affordable Program but these alternative modifications are believed to be less affordable than modifications from the Obama modification plan. While Citigroup has continued their efforts to prevent foreclosures, criticism remains from many homeowners who believe modification and foreclosure prevention efforts should have helped a greater number of individuals by this time.
Yet, home loan modification plans from the Making Home Affordable Program are still available, as well as, alternative modification plans directly from lenders and extension programs from HAMP. It’s hoped that since homeowners now have more than one option for foreclosure prevention or mortgage assistance, more homes will be saved and fewer homeowners will face foreclosure as a result of financial difficulties that are being experienced at the current time.