Citigroup may have more than one way which they can assist homeowners who are seeking a home loan modification in order to obtain a more affordable mortgage payment. While the Obama Making Home Affordable Program has offered some homeowners a home loan modification in efforts to prevent foreclosures, there have been troubles between servicers and homeowners.
Yet, servicers like Citigroup who offer home loan modifications have also reportedly been using in-house home loan modification plans to aid homeowners who either did not qualify for a Making Home Affordable Program modification or who simply chose to work with their mortgage servicer directly. These modifications have aided numerous homeowners who, without assistance, may have lost their home due to various economic factors, like unemployment.
While Citigroup has not been without criticism, there are homeowners who feel that modifications need to be made more available to individuals who are struggling with their mortgage payments. There are some troubling stories from homeowners who were denied a permanent home loan modification from the Making Home Affordable plan, but reports also state that more homeowners are being helped through in-house mortgage assistance plans than from the Obama modification program.
There are those who believe these in-house modification programs are not as beneficial to homeowners, since they may come with higher monthly payments or a higher interest rate than a modification from the Making Home Affordable Program, but these alternative modifications do offer another avenue for struggling homeowners. Foreclosure prevention efforts on the part of servicers like Citigroup have aided numerous homeowners, even though there have been difficulties, but it’s hoped that with more plans available to homeowners that individuals who are having trouble making their mortgage payments will be able to find the help they need so that they may keep their home.