Citigroup continues to offer home loan modification plans, but there are alternative mortgage modification options outside of the Making Home Affordable modification program. While many homeowners are still having foreclosures troubles and mortgage payment difficulties, these modification programs have been successful at reducing mortgage payments for numerous homeowners.
However, homeowners with Citigroup and other mortgage servicers are still having trouble when it comes to meeting these reduced payments as factors like unemployment remain present and have caused many homeowners to default even when a modification program is in place.
Yet, the Making Home Affordable servicer report for September states that, just for homeowners who have had a trial modification canceled, Citigroup has offered 35,306 alternative modifications through the month of August. While these alternative modification plans have been helpful for some, there are still homeowners who are missing payments and eventually defaulting on their home.
In-house, proprietary home loan modification programs are said to have helped a greater number of homeowners than the Obama Making Home Affordable Plan, but homeowners are still able to pursue either of these options in the majority of cases. In some instances, homeowners who have not found the assistance they need through the Making Home Affordable Program have been offered assistance through in house plans by many of the nation’s top servicers.
While this may give homeowners multiple options when it comes to finding an affordable modification plan, there are also assistance programs like the Home Affordable Unemployment Program which may offer homeowners who are jobless a forbearance on their mortgage payment in the hopes that they can find income opportunities which may make modifications more beneficial down the road.