Homeowners across the nation have been questioning the foreclosure practices of many mortgage servicers as some suspended foreclosure proceedings in certain states. Yet, Citigroup is still one of the financial institutions who has been working with homeowners through foreclosure prevention programs, despite seeing foreclosures in many areas of the country.
Home loan modification plans from Citigroup have been used to offer lower monthly mortgage payments for homeowners, but there are cases where defaults and foreclosures are still present. However, despite the fact that some homeowners still feel that mortgage servicers are not doing all they can to keep homeowners in their home, some problems resulting in foreclosure can be traced back to sources like unemployment or the presence of a second lien on a home.
While not all homeowners may find a home loan modification unhelpful because of factors like unemployment or a second mortgage, there are programs from the Making Home Affordable Plan which are set to address these issues.
Modification and extension plans offered from the Making Home Affordable Program are being used by financial institutions, like Citigroup, in the hopes of helping homeowners who are having trouble making their mortgage payments. Modifications on second mortgages, unemployment forbearance plans, and a proposed principle reduction program may be used more heavily in the coming months as servicers like Citigroup continue to see homeowners face the loss of their home.
Difficulties between homeowners and servicers do still remain, but for homeowners with Citigroup, home loan modification plans are still available and mortgage assistance may be obtained before foreclosure becomes inevitable. There has been no perfect financial institution within the Making Home Affordable Program and some homeowners have seemingly been denied aid when they should qualify, but increases in home loan modification plans offered do show positive signs for homeowners with servicers like Citigroup.
Understandably, not every homeowner may get the assistance they seek, but there is hope that more aid will be available as extension programs and traditional modifications continue to be offered to homeowners who are struggling with their home loan payments.