Recent difficulties concerning foreclosures have come upon many mortgage servicers, and has raised questions concerning others as to whether home loan modification plans and other foreclosure prevention assistance opportunities have been helpful. While Citigroup is one servicer who has not suspended foreclosures, they are still offering foreclosure prevention assistance through governmental and private, in-house modification plans.
Suspensions of foreclosures by certain mortgage institutions were due to questionable paperwork and foreclosure proceedings associated with foreclosed homes. Citigroup has, in the past, issued moratoriums on foreclosures, but they were cases where Citigroup allowed homeowners to stay in their home through the 2009 holiday season and stopped foreclosures temporarily on homes where owners were troubled by the Gulf oil spill.
Despite certain servicers like Citigroup not suspending foreclosures, many homeowners argue that the loss of homes across the board is still too great, especially when various modification plans could be offered. Homeowners argue that not all financial institutions that are implementing these modification plans are doing everything they can to make sure homeowners find an affordable solution to their mortgage troubles.
Understandably, many homeowners have been frustrated with their experience in the Making Home Affordable Program and reports indicate that a greater number of homeowners are defaulting in private home loan modification plans. Despite the fact that Citigroup and other services have seen increases in modification data, more homeowners are facing foreclosure, it would seem, then those who are benefiting from assistance.
While foreclosures do remain a problem, Citigroup has assistance plans still in place to help homeowners with various mortgage troubles. There are homeowners that remain angry with servicers, but some feel that factors like unemployment is the overall cause of homeowner troubles and not all foreclosures can be traced back to servicer error. There is fault on both the part of homeowners and mortgage institutions, in many cases, but until difficulties like unemployment are less prevalent, there are those who feel that no matter what assistance plans are offered, homeowners may still struggle with the possibility of foreclosure.