Citigroup Home Loan Modifications For Lower Mortgage Payments–How Are Private And Government Modifications Helping?

Homeowners with Citigroup who have been attempting to either gain home loan mortgage assistance through a private or governmental modification may have found that these options are available to homeowners in certain cases. While most homeowners choose a modification from the Making Home Affordable Program, some are denied assistance through these foreclosure prevention plans for various reasons.

However, Citigroup has offered homeowners who have been unable to benefit from a governmental modification the opportunity to modify their home loan through private programs. Homeowners have, in the past, become angry when they were denied assistance through the Making Home Affordable modification plan, but this may have resulted from the fact that many homeowners simply did not know that servicers like Citigroup could offer assistance from direct plans.

Yet, reports indicate that homeowners with a variety of mortgage servicers are still having difficulty when it comes to home loan modification payments. Some homeowners are denied a trial modification for reasons like having a debt-to-income ratio which is too low, but homeowners that have their trial home loan modification canceled usually have defaulted even when an assistance plan is in place.

There are some who have stated that private home loan modifications have helped more homeowners than the governmental modification program, but there have also been a higher number of defaults within these private plans as well. Obviously, if a greater number of homeowners are in these plans, a higher number of defaults may be likely, but the fact that homeowners do continue to default in both types of modification plans has concerned many.

Citigroup continues to see success in certain areas of the foreclosure prevention efforts they are participating in, but homeowners still remain critical and antagonistic against financial institutions. However, despite troubles in the modification programs, which have caused some homeowners to face foreclosure, there are still assistance options available from servicers like Citigroup to help homeowners with a variety of mortgage ailments.

No mortgage servicer has been perfect in the implementation of these assistance plans, but it’s hoped that with these plans still available and new revelations on improper foreclosure processes implemented by certain financial institutions, more homeowners may have the opportunity to avoid the loss of their home in the near future.