Citigroup has offered mortgage modifications through various programs to homeowners who are having a difficult time meeting their monthly mortgage payment. Programs like the Making Home Affordable modification plan and proprietary modifications offered directly from servicers, like Citigroup, have seen increases in the number of homeowners who have been helped over the past months, but there have been questions and complaints that remain concerning these mortgage assistance plans.
Homeowners have often accused servicers of not making plans affordable enough for sustainability, as there have been a high number of defaults and re-defaults within these mortgage modification programs. Also, homeowners have accused a variety of mortgage servicers participating in these governmental modification plans of simply not offering homeowners the opportunity to modify their mortgage, which has led to foreclosures.
Yet, servicers like Citigroup have seen increases in the number of permanent modifications they have made from month to month, which has given hope to some homeowners, but there are those who feel more effort needs to be made on the part of servicers to prevent foreclosure.
Understandably, homeowners who are in trouble with their mortgage or who are simply having difficulties in their personal financial life may not know where to turn, but advisers often suggest that a homeowner speak with their mortgage servicer or a housing counselor before their financial problems become too burdensome. Obviously, Citigroup has been unable to help every homeowner who has sought out foreclosure prevention assistance, but they are still making modifications through in-house programs and HAMP.
While it is no guarantee, contacting servicers like Citigroup as soon as mortgage problems arise may offer homeowners a better opportunity for finding the assistance they need or they may have more time to consult alternative assistance plans if a traditional modification is unavailable.