Homeowners with Citigroup have seen success in certain areas of the home loan modification program which is part of the Making Home Affordable Program. Yet, traditional modifications for Citigroup homeowners, among others, have not always met the needs that homeowners have, and for this reason extension programs from the Making Home Affordable Program have been made available to address issues that go beyond the needs of homeowners who can benefit from a simple modification.
There are homeowners with Citigroup and other financial institutions who were in need of a more affordable monthly mortgage payment but may have been unable to take advantage of refinancing opportunities available from low mortgage interest rates that have been seen throughout 2010. Also, factors like unemployment and underwater mortgages caused strain in the lives of many homeowners and necessitated the creation of modification assistance plans and extensions.
Some of the extension programs which are part of the Making Home Affordable Program offer modifications on second liens, may offer homeowners who are unemployed the opportunity to participate in forbearance plans, and for homeowners who may not find the affordability they need in their home loan, there are opportunities for foreclosure alternatives like short sales and deed in lieu of foreclosure plans.
However, some homeowners have still had difficulty when it comes to finding assistance with their home loan troubles. Individuals who may have had a long and difficult road in the modification program often cite that either plans were not affordable or they may have been unaided by a simple interest rate reduction or mortgage term extension. Yet, in some cases factors like second mortgages or underwater homes are the problem for homeowners, but it’s hoped that these extension programs will begin to address more these issues in 2011.
Yet, Citigroup and other mortgage servicers offer in-house modification plans which may be helpful for homeowners who are unaided by the Making Home Affordable modification programs or these extension plans. Addressing issues like second liens or underwater mortgages have been a priority for some financial institutions, but homeowners are still facing foreclosure despite having these assistance programs available. While Citigroup homeowners are not guaranteed assistance through these federal or private foreclosure prevention initiatives, they do still have options when it concerns avoiding foreclosure through foreclosure alternatives programs.
There are some homeowners who may qualify for a short sale or deed in lieu of foreclosure plans which will allow individuals who are facing the loss of their home due to economic struggles, personal financial hardship, or an underwater mortgage to rid themselves of their mortgage situation without facing a formal foreclosure. While this too may not be available to all homeowners, individuals who have been unsuccessful at finding affordability in their home through modifications and extensions plans may have this option available from their servicer if they qualify.