Options for home loan modifications and foreclosure prevention programs from Citigroup remain available to homeowners who may still struggle to meet their monthly mortgage obligation. Citigroup is just one of a number of mortgage servicers who continues to see foreclosures and defaults when it comes to home loans, but there are assistance options available to homeowners in a difficult financial position.
Recent news over foreclosure suspensions brought to light the fact that many mortgage servicers were processing a high number of home loan foreclosures, which had many wondering if home loan modifications and foreclosure prevention efforts were either being offered or, if so, were they helpful. While Citigroup has seen success in various modification programs, there are also alternative foreclosure prevention programs which may be available to aid some individuals.
Understandably, many homeowners turned to home loan modifications first in the hopes of getting a more affordable monthly mortgage payment, but the Making Home Affordable Program also offers assistance to homeowners who may be in a specific situation where particular assistance might be needed. For instance, servicers like Citigroup also may be able to assist homeowners through second lien modification programs or the Home Affordable Unemployment Program.
There have also been indications that in-house modification programs available directly from servicers like Citigroup can be made available in instances where homeowners may not qualify for the Making Home Affordable modification plan. While there are alternative options for foreclosure, like short sales and deed in lieu of foreclosure plans, homeowners need to be aware that there are a variety of opportunities which may be available for their situation and foreclosure is not inevitable in all cases.