Homeowners with Citigroup have been able to use home loan modifications offered from the Making Home Affordable Program as a way of lowering their mortgage costs and avoiding foreclosure. However, troubles between homeowners and mortgage servicers have arisen as there have been numerous homeowners that have been unable to obtain a modification through the Making Home Affordable Program.
Yet, in-house modification plans available directly from mortgage servicers like Citigroup are also offered to homeowners who may be unable to take advantage of a modification from the Making Home Affordable Program. Reports indicate that numerous homeowners have found foreclosure prevention assistance through these modification programs that come directly from mortgage servicers rather than the Obama Administration’s modification plan.
There are some who believe that these in-house mortgage servicer modifications are not as affordable as a modification from the Making Home Affordable Program and may use different criteria from homeowner to homeowner to see who qualifies. However, there are indications that suggest these in-house modifications may have helped more homeowners than the Making Home Affordable modification plan, which is something that can be beneficial for homeowners who may have been denied a home loan modification from HAMP.
No mortgage servicer has been perfect in their implementation of these modification plans and Citigroup has not been without their share of criticism. However, it’s hoped that more homeowners can avoid foreclosure since modifications and extension plans are both available from the Making Home Affordable Program and these in-house modifications are also in place to help certain homeowners who may face the loss of their home without assistance.