Governmental modifications have been used by servicers like Citigroup as a way to address homeowner troubles concerning mortgage payments. Various financial difficulties and trials have arisen over the past months and numerous individuals have found it difficult to meet their home loan payment, which is a problem with not only Citigroup but many of the major mortgage servicers across the nation. While the Making Home Affordable Program has offered some solutions, alternative assistance and extension programs have been implemented as a way to address specific homeowner issues as well.
There have been difficulties which have arisen though, and as a result, many homeowners have grown frustrated with the modification program and their various financial institutions. Some banks had to suspend foreclosures due to accusations that reviews were not properly conducted and, for homeowners, this pointed to a lack of detail which could have cost some homeowners the opportunity to enroll in a foreclosure prevention program like a home loan modification.
However, increases have continued in the number of permanent home loan modifications and, for servicers like Citigroup, modification plans are still being made throughout December 2010 and are set to carry over into 2011, as homeowner difficulties are sure to continue since slow economic growth and problems in the job market remain.
While there are federal modification plans still in place, alternative modifications from in house plans are also available to homeowners with servicers like Citigroup, as these proprietary mortgage assistance options have been made available to individuals who may not have qualified for a federal mortgage assistance plan or who may simply need additional support which cannot be provided from HAMP.
Some reports have indicated proprietary, in-house modifications have been on the rise and, for many, it’s believed that the source of this success is due to the fact that servicers can alter qualification guidelines to meet certain homeowner needs. Obviously, many homeowners have been frustrated at being denied permanent assistance through the Making Home Affordable Program, but financial institutions have often stated that many homeowners have simply not met federal qualifications.
Also, extension programs have been set in place from the Making Home Affordable Program to address such issues as homeowner unemployment, underwater mortgages, and even troubles related to second liens. Obviously, various housing trials and financial difficulties are present in the lives of many homeowners, and servicers like Citigroup have had a great deal of homeowners who are seeking assistance or will likely need a home loan modification or alternative form of aid in the coming months.
While there have been troubles within modification programs and between servicers and homeowners, financial advisors and housing counselors are still prompting homeowners to contact their primary servicer if financial problems arise, their mortgage payment becomes difficult, or foreseeable trouble may be on the horizon and will need to be addressed before a home loan situation becomes too dire.