Foreclosure prevention and home loan modification programs are a top priority for numerous homeowners with Citigroup at the present time. Many mortgage servicers, like Citigroup, have participated in the Making Home Affordable modification program over the past months and have, for the most part, seen success when it comes to helping homeowners find affordable mortgage solutions.
Citigroup has been one of the top servicers who has offered modification plans to homeowners, but there are still difficulties that remain within these mortgage payment assistance plans. Homeowners are still defaulting and facing foreclosure in numerous cases, despite modification programs being offered from governmental plans and in-house proprietary modification initiatives as well.
Homeowners with Citigroup, and critics as well, have accused servicers of not doing all they can to provide affordable foreclosure prevention aid to homeowners who may benefit from modifications which could either lower a homeowner’s mortgage interest rate, expand their mortgage terms, or offer a principal reduction. Yet, servicers are quick to point out that many homeowners simply cannot pay their home loan payments, even in cases where a mortgage assistance plan is in place.
Redefaulting is still a common problem for some homeowners who are offered mortgage assistance through a home loan modification plan. Yet, Citigroup is still working to offer home loan mortgage modifications and plans from extension programs available through the Home Affordable Modification Program. While factors like unemployment remain a problem and servicers like Citigroup feel that housing difficulties will remain until more job opportunities are created, there are still modification options available to Citigroup homeowners who may have difficulty meeting their monthly mortgage payment obligation.