Citigroup has offered home loan modifications for certain individuals who have suffered in the area of their home loan mortgage payment. Factors like unemployment have attributed to the difficulties that many homeowners have faced when it comes to meeting their monthly mortgage obligation, but the Making Home Affordable Program has offered solutions to some through these modification initiatives.
While there have been criticisms levied against the modification program and mortgage servicers in general, Citigroup has seen an increase in the number of permanent home loan modifications they have made through the Making Home Affordable Program. However, many homeowners have pointed to various cancellations that have taken place within the Making Home Affordable Program from mortgage servicers.
As an example, the August 2010 Making Home Affordable servicer report indicates that, as of data through July 2010, Citigroup has canceled 82,697 trial modifications. While there have been homeowners who have faced foreclosure or bankruptcy as a result of these cancellations, there may be alternative forms of assistance available.
Citigroup offers homeowners foreclosure alternative options in some cases where a homeowner has attempted to save their home but has been unable to find a program that provides affordable, long-term mortgage solutions. In cases where homeowners have suddenly come upon financial hardship but previously had an excellent mortgage payment history, these foreclosure alternatives may be offered so that homeowners can forgo the foreclosure process, which can allow them to rebuild their finances in a timelier manner and possibly reenter the housing market sooner.
Also, there is hope for some homeowners as reports indicate servicers like Citigroup are offering in-house alternative modification plans, which have helped many homeowners avoid foreclosure. Homeowners who may be unable to take advantage of modifications made from the Making Home Affordable Program could use these alternative modification plans as a way to obtain foreclosure prevention assistance through affordable home loan payment options.