Citigroup has been participating in the Making Home Affordable Program by making home loan modifications for troubled homeowners, but what some homeowners may not know is that there are also in-house mortgage modifications being made by various mortgage servicers. While Citigroup has seen an increase in the number of permanent home loan modifications they have made through the Obama Administration’s modification program, there are reports that mortgage servicers are helping a greater number of homeowners through in-house assistance plans.
As with any modification program, there are critics and controversy since many homeowners feel that in-house initiatives are not as helpful as modifications made through the Making Home Affordable Program. While Citigroup has not been a perfect servicer and complaints from homeowners have arisen against many servicers, Citigroup has provided various forms of mortgage aid to homeowners who may be struggling. In the past, foreclosure moratoriums were offered to homeowners in certain circumstances, but it’s hoped that with in-house, servicer-direct modifications available to homeowners, as well as HAMP modifications, more assistance may be offered.
Understandably, homeowners wish to avoid foreclosure at all costs but there have been many who are simply unable to qualify for a modification in the Making Home Affordable Program. In cases such as this, servicers like Citigroup have been able to offer alternative modifications which have helped homeowners find an affordable monthly mortgage payment alternative outside of the federal government’s modification plan.
While these in-house modification plans vary, it’s hoped that more homeowners with Citigroup and other mortgage servicers across the nation will be able to find the foreclosure prevention opportunities they need through these assistance plans since more options are available than simply one program. Troubles remain as many homeowners accused servicers of not offering modifications that are as affordable as those from the Making Home Affordable Program, but officials feel that if more homeowners can benefit from these in-house modification plans, the housing market may reach a more stable position until unemployment decreases and homeowners can gain a firmer ground in their personal financial life.