Foreclosure prevention options available from servicers like Citigroup have aided many homeowners in finding affordable mortgage solutions for their home loan troubles. Homeowners have been using home loan modification programs, mostly, as a way to lower their overall monthly mortgage payment. While there have been opportunities for homeowners to refinance their home loan for a lower mortgage interest rate and monthly mortgage payment, those who are in a poor financial position have mainly relied on modification programs.
While Citigroup has seen an increase in the number of permanent home loan modifications they have made through the Making Home Affordable Program, there are reports that some homeowners are still facing difficulties even when these forms of foreclosure prevention assistance are in place. Homeowners remain critical of many mortgage servicers as modification cancellations and defaults continue, but there may be hope for homeowners who are unable to find assistance through HAMP.
Alternative home loan modifications directly from servicers like Citigroup have been reported to have offered more foreclosure prevention modification plans to homeowners than the Making Home Affordable Program. Servicers, like Citigroup, who are reported to be offering these private modifications may provide more opportunities for homeowners to save their homes from foreclosure if a homeowner’s financial situation calls for more drastic measures.
Understandably, no mortgage servicer has perfect in their implementation of these assistance plan, but it’s hoped that homeowners with financial institutions like Citigroup can find the foreclosure prevention assistance they need from either the Obama Making Home Affordable Program or these alternative home loan modification plans made directly from mortgage servicers.