Trial Plans For Citigroup Homeowners In Making Home Affordable Program–Mortgage Assistance On CitiMortgage Home Loans

Citigroup homeowners seeking assistance for their home loan do have options when it comes to affordability in their the mortgage payment, but many are still attempting to find the chance to receive a trial modification in the hopes of gaining a more affordable permanent home loan assistance plan from the Making Home Affordable Program. Many homeowners who have seen difficulties in their life and are having trouble making their mortgage payment have turned to the federal modification program which has been used by various financial institutions over the past months, but complaints that some modifications have either been difficult to obtain, have been canceled, or have been far too long have remained present as servicers continue to further modification efforts.

Understandably, each mortgage servicer in the Making Home Affordable Program has had their share of homeowners who are upset with their experience and modification process, and again, there are homeowners who have been kept in a trial modification well beyond the three-month standard which was set in the program guidelines. Yet, servicers have continued to make permanent modifications and increases for financial institutions like Citigroup have been present throughout 2010.

However, there are homeowners who feel foreclosures are outpacing these permanent modification conversions as, again, there are still many homeowners who are fighting to get out of the trial modification program and move into a permanent modification plan. Yet, data from the Making Home Affordable servicer report has shown that, Citigroup’s CitiMortgage had 8,538 active trial modifications as of the October HAMP report and this number increased to 8,580 active trial modifications as of November.

Despite the fact that Citigroup did see an increase in the number of permanent modifications they made there are still homeowners who feel that these increases are simply not enough. Yet, arguments have been made that servicers like Citigroup and other financial institutions who participate in the Making Home Affordable Program are focusing more on proprietary modification opportunities rather than federal mortgage assistance plans.

While Citigroup homeowners who are struggling with their home loan do still have opportunities for a federal modification assistance plan, extension programs and proprietary home loan modifications available directly from certain servicers are still available and may be more accessible to provide the affordability that homeowners need in order to avoid foreclosure. Obviously, servicers can tailor modifications to fit a homeowner’s particular situation easier if the modifications are from in-house programs as opposed to the federal modification plans which has a set of specific guidelines.

Yet, homeowners, no matter what route they choose to pursue, are still being prompted to contact a certified housing counselor which is approved by the Making Home Affordable Program or directly speak with their servicer about foreclosure prevention assistance that may be helpful for their particular situation.