Citigroup has made efforts to help homeowners avoid foreclosure through a variety of efforts like foreclosure moratoriums in specific cases, modifications from the Making Home Affordable Program, and private modifications made directly to homeowners. While numerous mortgage servicers have implemented similar plans, foreclosures still remain a problem for many of these top financial institutions as homeowners continue to struggle with their mortgage payments.
However, there is some hope that the number of foreclosures which have been seen will begin to slow as more homeowners take advantage of either the governmental modification program or private modifications directly from servicers like Citigroup. There may also be positive signs according to the Making Home Affordable servicer report for the month of August.
According to this report, Citigroup had 1,048 foreclosure completions, as of July 2010, and 3,046 foreclosure starts. Many may say that these numbers are far too high and prove that homeowners are not getting the assistance they need, but on a positive note, these numbers decreased from the previous month. The July 2010 Making Home Affordable servicer report stated that Citigroup’s foreclosure completions, through June of 2010, numbered at 4,265 while there foreclosure starts for the same timeframe numbered at 10,640.
Understandably, there have been homeowners who have had trouble with servicers like Citigroup and feel that more needs to be done on the part of financial institutions to help homeowners find affordable mortgage payment solutions. Yet, there are those who hope that with private modifications available and increases in modifications from the Making Home Affordable Program, more homeowners will find the foreclosure prevention assistance they need.
There are alternate foreclosure prevention programs in place and foreclosure alternative plans that may be made available to homeowners who will inevitably lose their home, but it’s hoped that with these modification plans in place and reports that private businesses are adding more jobs, homeowners will soon find a more affordable solution for their mortgage or at least return to an income that will allow them to meet their home loan costs.