Homeowner assistance through home loan modification programs by Citigroup have been offered over the past months as part of the federal Making Home Affordable Program and have been implemented as a way to help homeowners who may be nearing default on their mortgage or who have already fallen behind on their payments. Citigroup is just one of the many financial institutions who happen to be participating in this modification plan, but homeowners may have more than just traditional home loan modification options to address their mortgage payment difficulties.
Citigroup and other major financial institutions have not only seen increases in the number of permanent modifications they have made in 2010, but have implemented in-house, proprietary home loan modification efforts as a way to aid homeowners outside of the federal mortgage assistance plan or to help those who may not qualify for HAMP.
Yet, difficulties still remain between homeowners and these financial institution as there are ongoing financial troubles in the lives of many homeowners which have prevented them from taking advantage of assistance plans offered from servicers or federal programs. In some cases, homeowners have placed the blame for these difficulties on the shoulders of servicers like Citigroup, as homeowners with a wide range of financial institutions have waged complaints against their mortgage servicer.
However, extension plans which had been implemented by Citigroup and other financial institutions to address problems like second liens are hoped to provide more foreclosure prevention assistance to homeowners in the coming months even if economic conditions do not improve. Obviously, financial troubles related to unemployment or underwater mortgages may still wreak havoc in the housing market and could cause widespread foreclosures to continue.
Some homeowners who have had a fairly easy, and successful process, within the Making Home Affordable program, but there are still some homeowners who are struggling within trial modification plans or who have had to turn to alternative mortgage assistance options once being rejected from the federal modification program. Homeowners are still being prompted to contact their servicer, or for example, homeowners with particular servicers like Citigroup may turn to their financial institution’s website for more information on mortgage assistance. However, homeowners can still consult sources like the Making Home Affordable Website or receive counseling from HUD-approved housing counselors concerning their particular mortgage predicament.