New reports which have updated information for Citigroup’s permanent home loan modification initiatives within the Making Home Affordable Program have shown an increase in the number of permanent modifications which are currently active, as of the most recent HAMP report tracking data through November. Many homeowners are still questioning whether modification assistance is available through servicers like Citigroup as reports have stated modification efforts may have begun to slow.
However, there are still options for homeowners within the federal modification program, as well as in-house modification efforts available directly from servicers, in order to find more affordability for homeowners struggling in their personal financial life. While there are still homeowners who are struggling within modification programs and there have been problems with defaults, modification assistance is currently available and, again, there have been increases by some servicers within the modification program.
Citigroup, according to the most recent Making Home Affordable report, presently has 52,856 active permanent modifications, which again is tracked by the Making Home Affordable Program through the month of November. This number of permanent modifications for Citigroup has increased from 51,899, which was the total through October and, for the year so far Citigroup has increased from 10,929 permanent modifications which were reported in January 2010.
Understandably, there are still concerns by many who feel that home loan modification efforts are beginning to slow as foreclosures remain a problem for many. Obviously, there are still troubles related to factors like unemployment and underwater mortgages which many homeowners are facing with a variety of servicers, not just Citigroup, but these issues have attempted to be combated through programs like the Home Affordable Unemployment Program and plans set to address underwater mortgage difficulties homeowners are facing.
While there are still federal and in-house modification programs from Citigroup and other financial institutions which may be beneficial for homeowners, advisers are still suggesting that individuals who are struggling to make their monthly mortgage payment contact their servicer or an approved housing counselor in order to begin the process of seeking a modification or exploring opportunities for other foreclosure prevention programs. There are still homeowners who are having problems within modification plans and defaulting as a result, but homeowners are prompted to address financial concerns early so that the best course of action may be charted when it comes to preventing foreclosure on their home.