Citigroup’s mortgage assistance plans vary from governmental home loan mortgage modifications to private, in-house assistance plans, which is common among most of the nation’s top mortgage servicers. While there have been some successes in the modification area from servicers like Citigroup, homeowners have still struggled with foreclosure and other mortgage difficulties related to factors like the loss of their job.
Recently, reports have indicated that in-house modifications, made directly from mortgage servicers, have been aiding more homeowners than the Making Home Affordable modification program. While this has proved beneficial for many homeowners who may have been unable to find assistance through the governmental modification plan, there is still the problem of defaults which have made these assistance plans unhelpful.
Despite the fact that Citigroup has seen growing numbers in the modification efforts, there are also reports that homeowners are still facing problems like foreclosure or even bankruptcy as a result of being unable to meet home loan modification program requirements. While private institutional modifications, like those made directly from Citigroup, do not have a wealth of information associated with how they are implemented, there are homeowners who complain modifications are not a long-term solution since defaults have been problematic.
Recent questions over the validity of foreclosures that were made by some mortgage servicers have outraged homeowners, but servicers like Citigroup continue to work with homeowners in the area of modifications and alternative assistance plans. While, again, private modifications have been counted as more successful than governmental modifications, there are also some indications that a higher redefault rate may be associated with these type of mortgage assistance plans.
Yet, Citigroup and other mortgage servicers continue to offer modifications in the hopes of preventing foreclosure in cases where homeowners are struggling in their personal financial life. However, homeowners continue to ask that more be done so that affordable, long-term mortgage assistance solutions can be made available and perhaps lower the number of foreclosures that are being seen.