Citigroup Homeowners Denied A Home Loan Modification May Have Alternative Mortgage Assistance Options

09/30/2010
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Homeowners with Citigroup who are seeking a home loan modification may have noticed that the number of permanent home loan modifications have increased over the past months within the Making Home Affordable Program. However, there are still concerns as homeowners are being denied assistance through this initiative from servicers like Citigroup, which obviously puts strain on homeowners looking for foreclosure prevention plans on their home.

According to the August 2010 Making Home Affordable servicer report, 34,937 homeowners, as of July 2010, had been denied a trial modification program from the Making Home Affordable Plan. While, again, Citigroup has offered alternative assistance plans for some, there are homeowners who have faced foreclosure or bankruptcy as a result of these modification denials.

Yet, there are indications that servicers like Citigroup have offered in-house modification options for homeowners and, these alternative plans have helped more individuals than the Making Home Affordable Program. While questions remain as to whether servicers are doing all they can to move homeowners into a modification from the Making Home Affordable Program, these alternative plans have given some homeowners hope when they were denied a modification on their mortgage.

It’s hoped that Citigroup and other mortgage servicers who have seen increases in the number of permanent home loan modifications will also be able to provide assistance to those who may be unable to find modification assistance from HAMP. While no servicer has been perfect in their implementation of these mortgage assistance plans, there is hope that more homeowners may avoid foreclosure through these initiatives since various options are now available to assist struggling homeowners with their mortgage modification needs.

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