Citigroup home loan modifications from the federal Making Home Affordable Program have seen increases in the number of permanent modifications that have been made throughout 2010, which many believe to be a positive for foreclosure prevention efforts overall. Many financial institutions across the nation have been using these federal mortgage assistance plans as a way to offer lower payments to homeowners in need, but there are still questions as to whether these modifications are preventing as many foreclosures as they could.
No servicer has escaped criticism by homeowners as many are being accused of simply not doing enough to implement permanent modifications or provide homeowners with alternative mortgage assistance which will help them prevent the loss of their home. Despite the fact that some homeowners have received foreclosure moratoriums, like those planned during this holiday season, there are still many who face the loss of their homes through foreclosure in 2011 due to their inability to find an affordable mortgage modification plan.
Yet, Citigroup is one of the many financial institutions that offer not only federal modification programs but in-house, proprietary modifications to homeowners as well. However, when it concerns federal modifications, some reports indicate that the number of foreclosures are gaining on the number of permanent modifications which are being made each month. On the other hand, servicers have been quick to point out that proprietary modifications are greatly outnumbering the amount of federal mortgage assistance plans being offered to homeowners and these alternative modifications can provide affordability that homeowners seek.
Obviously, factors like unemployment and negative equity remain a problem for many homeowners, but extension plans from the Making Home Affordable Program may be available to homeowners as well, as there are plans which could help prevent foreclosure for homeowners in particular situations. While there are still problems which remain not only with proprietary modifications but with the federal modification program overall, homeowners do still have opportunities in December 2010 and 2011 to find a mortgage payment modification plan from servicers like Citigroup.
Understandably, there have been difficulties that homeowners have faced and various accounts within the modification program that has many questioning whether changes need to be made in the federal mortgage assistance program. Yet, homeowners are still in a position to benefit from these modifications be they from federal programs or directly from mortgage servicers. Homeowners may still contact the financial institution that services their home loan, consult resources like the Making Home Affordable Website, or seek out reputable housing counselors that may help them find a solution to their mortgage payment needs. While no servicer has been perfect in their modification efforts, homeowners are still being prompted to seek out foreclosure prevention options before their financial situation become too dire to correct.