Many lenders have seen a decrease in the number of modifications they have made through the Making Home Affordable Program. While Citigroup did see an increase in the number of permanent home loan modifications, as of September 2010, they also saw a drop in the number of active trial modifications from August to September.
Yet, homeowners with Citigroup do still have opportunities for mortgage assistance through not only the Making Home Affordable Program, but there are also in-house home loan modifications available in some instances and extension programs offered through HAMP as well.
Factors like the loss of one’s job or a reduction in income have often led to difficulties within the housing market and personal financial lives of certain homeowners. Over the past months, Citigroup has worked to provide mortgage assistance to homeowners which will allow them to avoid foreclosure, but these efforts have not always been met with success.
While homeowners are still critical of many servicers, and servicers do indicate that homeowners have made mistakes which have cost them assistance opportunities, mortgage aid programs are still in the works hoping to provide homeowners with the means to keep their home while overall economic conditions slowly improve.
Homeowners with Citigroup have criticized their servicer, and other financial institutions as well, as there are many who feel that mortgage servicers are not doing all they can to help homeowners in need. Yet, advisers are still suggesting homeowners contact their primary mortgage servicer if they are having financial troubles which could affect their ability to make their mortgage payment.
While home loan modification plans an alternative mortgage assistance options are no guarantee, homeowners who contact servicers like Citigroup early, before financial troubles get out of hand, typically have a better chance at getting an affordable mortgage payment solution than those who wait until their situation has become bleak.