Citigroup is one of the top lenders who has been working within the Making Home Affordable modification program to provide homeowners with foreclosure prevention assistance. While there are homeowners who are still angry with many mortgage servicers, increases in the number of permanent modifications continue for many lenders like Citigroup.
Yet, there are concerns over the amount of cancellations that have been seen within the modification plan and analysts say that the Obama modification program is beginning to slow. Citigroup, as of August 2010, has 14,533 active trial modifications in place. Yet, the cumulative amount of trial modifications which were started by Citigroup numbers at 149,400. With Citigroup having 47,236 permanent modifications in place, again as of August, there are indications that many homeowners are not finding the assistance they need.
While it’s understandable that not all homeowners will find aid from the Making Home Affordable Program, there have been continued complaints from homeowners who say they are being unjustly denied a trial modification or are not given the opportunity to receive a permanent home loan modification plan.
However, Citigroup has been one of the servicers who has offered homeowners alternative modification assistance through in-house modification initiatives. These servicer-direct home loan modification plans are reported to be helping more homeowners than plans made from the Making Home Affordable Program.
Citigroup has continued to make more permanent home loan modifications from the Making Home Affordable Program, but homeowners who may not find aid through this plan could have other options from foreclosure assistance programs like in-house modifications. It’s hoped that with these various modification plans that homeowners may use, more will find the foreclosure prevention assistance they have been seeking.