Homeowners with Citigroup still continue to struggle when it comes to making their home loan payments. Foreclosure prevention efforts have not stopped homeowners from losing their home or defaulting on their mortgage in many cases. However, there are still programs available that can assist homeowners by offering a lower monthly mortgage payment through various plans like home loan modifications.
Citigroup’s home loan modification program has had mixed results, according to some, since there have been increases in modifications made through the Making Home Affordable Program but there are still problems with homeowners facing foreclosure. Unemployment is the main cause of many mortgage difficulties homeowners are facing, and in some cases services like Citigroup have few options available to aid homeowners in this predicament.
While there are opportunities for homeowners who are unemployed to receive a forbearance from certain servicers, there are those who feel that financial institutions like Citigroup will only be delaying the inevitable with programs such as this. While governmental home loan modifications and private servicer modifications have reportedly helped numerous homeowners, there are those who feel that more effort needs to be made to prevent foreclosures on a larger scale.
Servicers like Citigroup do participate in various programs like the second lien modification program and foreclosure alternative initiatives, but homeowners who are having trouble meeting their monthly mortgage payment, even when a modification is in place, feel that these troubles are the cause of mortgage servicers. There are those who believe that if mortgage servicers would adapt more affordable modification plans, the number of defaults and foreclosures would decrease despite this being a time where many are still suffering financially.
Citigroup and other mortgage servicers do still face criticism from homeowners over the modification programs, but there are still foreclosure prevention opportunities available and alternative forms of assistance which could help certain homeowners avoid the loss of their home. While no foreclosure prevention assistance plan is a guaranteed fix, it’s hoped that with more servicers implementing various programs, foreclosure difficulties will become less of a problem over the next months, as the economy is hoped to show more signs of improvement.