Citigroup is reportedly using a variety of mortgage assistance methods to aid homeowners who may be delinquent in their home loan or face defaulting on their mortgage. Citigroup has been one of the top mortgage servicers in the Making Home Affordable Program and has seen an increase in the number of permanent home loan modifications they have made over the past months for homeowners who are in trouble with their mortgage.
Yet, in-house alternative home loan modification programs have been made available by numerous mortgage servicers, like Citigroup, which have been reportedly helping a greater number of homeowners than the Making Home Affordable modification plan. Numerous homeowners have waged complaints against a variety of mortgage servicers in relation to the Making Home Modification Plan, but as increases continue in the modification program and alternative options through these in-house modification plans are available, it’s believed that more homeowners may find the aid they need to make their home more affordable.
No mortgage servicer has been perfect in their implementation of these modification programs and Citigroup has had its fair share of complaints and criticism over the past months. Yet, unemployment have continued to wreak havoc on the housing market as some homeowners have simply been unable to afford their homes even if a modification is in place. While there have been some concerns over criteria that mortgage servicers use when considering homeowners for the Making Home Affordable Program, in-house modification plans are said to be using various qualifications and criteria which may differ from homeowner to homeowner.
This process, which has been the complaint of many homeowners concerning the Making Home Affordable Program, may work to the benefit of homeowners who are looking for in-house modifications from lenders like Citigroup. In-house modifications that are not using a specific set of qualifications may tailor modifications to meet individual homeowners’s needs, which could be more beneficial in helping homeowners avoid falling into delinquency again or defaulting on their home.
While modifications and mortgage servicers are still drawing the disdain of many homeowners, it’s hoped that with the Making Home Affordable modification plans still in place, the extension programs offered from HAMP, and in-house home loan modification plans available from servicers like Citigroup, more homeowners may find the foreclosure prevention assistance they need as they wait out this difficult economic time.