Citigroup’s CitiMortgage has been a participant and the federal making home affordable program and has offered home loan assistance from modification plans and other programs available from the federal foreclosure prevention initiative. Yet, there are homeowners who have been able to benefit from alternative modification plans from servicers like Citigroup as they bring alternate options for homeowners to find more ability in their monthly mortgage payments.
Obviously, many homeowners who are facing strains in their financial life often are seeking ways to lower their monthly mortgage payment, and throughout 2010 there were opportunities for homeowners to refinance with mortgage with servicers like Citigroup, among others, as a way to find lower payments in their home loan due to lower interest rates which have been available. Yet, many homeowners have not always been in the financial position to benefit from traditional refinancing and turned to modification plans as a result.
However, there have been troubles for homeowners who were attempting to acquire a modification from the Making Home Affordable Program, but programs from in-house plans made available through servicers directly to homeowners are reportedly bringing about more options and offering homeowners a chance at preventing foreclosure.
Reportedly, servicers who were offering in-house modifications have been using alternative modifications as a way to help homeowners and have begun to outpace conversions from the federal modification program. While there had been problems within these in-house programs, as numerous homeowners have waged complaints against servicers in both federal and proprietary modification programs, and there are still many homeowners who have benefited from these alternative modification plans and received a more affordable mortgage payment as a result.
Understandably though, not all Citigroup homeowners may qualify for a home loan modification program, be it a federal modification or a proprietary modification made from in-house plans, yet, these in-house options made through various mortgage servicers are hoped to offer more foreclosure prevention opportunities in the coming year as there are reports that the federal home modification plan has begun to slow.
Factors like unemployment and other financial strains are still present and causing difficulty in the lives of homeowners but advisers still prompt these individuals to contact a mortgage servicer or talk with a HUD-approved housing counselor for information on preventing foreclosure or options which may help them find more affordability in their home loan payment. While, again, not every homeowner may qualify for mortgage assistance, these alternative home loan modification programs, which are still seeing a higher number of conversions in terms of homeowners offered assistance, has been what many deem to be an excellent supplement to the federal modification and extension programs.