Citigroup has seen some success in the home loan modification program as increases in permanent modifications have been present throughout 2010. However, homeowners with Citigroup have not been without complaints, nor have homeowners with a wide variety of other financial institutions in the home loan modification program. Obviously, modifications have been a primary way for homeowners to lower their monthly mortgage payment, but there have also been opportunities for homeowners to refinance their home loans throughout 2010 as low interest rates have been offered to homeowners working with various mortgage institutions.
Recently, both home loan modifications and mortgage rates have been in the news and, for homeowners with numerous mortgage servicers, these issues have been specific to homeowners with certain financial institutions. While, it must be noted, Citigroup has not been the only financial institution to offer home loan modifications or refinancing opportunities throughout 2010, as it is one of many financial institutions to offer these services, homeowners with individual servicers have been affected differently in areas of home loan affordability.
For example, recent reviews of the home loan modification program have echoed many sentiments from homeowners throughout the year, as there is an overall consensus that lackluster results have been produced. While Citigroup has not only seen home loan modifications made in an increasing amount throughout the year, but also participates in in-house modification plans, there are still foreclosures which are causing problems for homeowners across the nation. Yet, the home loan modifications are still an option for homeowners who are seeking lower monthly mortgage payments and both federal and proprietary modifications are expected to continue into 2011 in the hopes of preventing further foreclosures for homeowners.
However, another major issue in dealing with home loan affordability has centered around interest rates as many homeowners have been able to refinance their home loan to a lower rate, which has brought a lower mortgage payment for many. While homeowners with Citigroup, for example, are not required to refinance with their primary servicer and, in many cases, are even prompted to look at other offers from various financial institutions when refinancing is a available for their situation, there have been increases in these low interest rates recently, which have more homeowners and potential homebuyers looking to make a move in terms of their home loan refinancing or home buying opportunities.
Obviously though, homeowners who stand to benefit from refinancing and modifications will greatly differ, as these two options for lowering home loan costs are on different ends of the housing spectrum. Yet, Citigroup homeowners seeking a home loan modification do have opportunities still in place but will have to work directly with their primary mortgage servicer. On the other hand, homeowners who may be looking to refinance are, again, in a position where they may be able to benefit more so from working with another lender rather than their primary financial institution as they could find a lower interest rate on a refinancing offer elsewhere.