Homeowners who are facing foreclosure with Citigroup’s CitiMortgage have been among many individuals across the nation, with a variety of mortgage servicers, who have been frustrated with their home loan situation. Recently, some of the major financial institutions who service mortgages suspended foreclosures, but stated that homeowners who had lost their home did so as a result of missed payments or being in a position where they could simply no longer afford their home loan.
Yet, servicers like Citigroup have stated that they are reviewing foreclosure documents which may have been processed by questionable means. Reports state that Citigroup is reviewing a set number of foreclosure affidavits to assure their correctness and ensure homeowners that these papers are in order.
Understandably, homeowners are still facing troubles related to home loan payments, which stem from factors like unemployment, but foreclosure prevention efforts seem to be unhelpful in certain cases as many homeowners are still losing their home despite the availability of mortgage modification programs.
However, questionable practices over foreclosure documentation have been seen across a wide number of financial institutions, and simply as a precaution, Citigroup is reviewing some of these foreclosure cases as they may not have had a notary present when these documents were signed, which has led many homeowners to question the validity of these foreclosures. Yet, it seems that many homes which were foreclosed, even with improper foreclosure processes in place, were cases where foreclosure was inevitable due to the homeowners inability to make payments or being delinquent on their mortgage obligations.
While there have been questions not only of Citigroup’s foreclosure practices, but servicers like Bank of America, J.P. Morgan Chase, and GMAC mortgage, officials at Citigroup have stated that they feel foreclosure practices by their organization are up to par and, as a result, Citigroup did not suspend foreclosures like other banks a few weeks ago.
However, no matter if mortgage servicers do continue to tighten their foreclosure processing efforts, there is still a problem that many see in the housing market with homeowners who actually are in line for a foreclosure. While it’s understandable that homeowners will face foreclosure in certain cases, many believe that servicers like Citigroup must do more to prevent the loss of homes as the housing market and economy are still struggling because of foreclosure and the subsequent financial troubles homeowners are facing in their personal lives.