Citigroup saw an increase in the number of permanent home loan modifications they have made from July to August, which continues an upward trend of modifications for the year. Many mortgage servicers have seen continued success in the number of permanent modifications that have been offered to homeowners, but there are those who argue that problems still remain within the modification program.
Yet, Citigroup, in July of 2010, had made 44,276 permanent home loan modifications, but they saw that number increase in August to 47,236 permanent home loan modifications. While there are those who feel that mortgage servicers are slowing in their progress when it comes to permanent home loan assistance that is offered, there are more homeowners who are seeing help through the modification program each month.
However, mortgage servicers and the Making Home Affordable Program have been far from perfect as many homeowners have waged complaints and criticisms against servicers, like Citigroup, over the past months. Also, troubles with trial modifications seem to be apparent as Citigroup saw a drop in the number of active trial modifications from July to August with numbers that went from 20,458 in July to 14,533 trial modifications in July.
Homeowners may have more hope though as there are reports that indicate in-house modification plans made directly from mortgage servicers are seeing just as much, if not more, success than modifications that are made from the Making Home Affordable Program. It’s believed that homeowners may now have more options when it comes to finding a mortgage modifications than simply the Obama Administration’s program as increases in both permanent home loan modifications and in-house mortgage assistance plans continue.