Citigroup Home Loan Assistance Programs–HAMP Data For Alternative Home Loan Modifications

Citigroup home loan assistance options for homeowners through the home loan modification assistance program, like traditional modifications, new foreclosure forbearance plans, and even foreclosure alternatives programs remain some of the more popular ways homeowners have pursued foreclosure prevention over the past months.  Yet, there are homeowners who have struggled through the federal modification process with various servicers and, as a result have had to turn to alternative modifications. The 2010 Making Home Affordable Program report, for the month of November, has released data on alternative modifications which have been seen by certain homeowners within the modification program, and these alternative plans may offer more opportunities for struggling homeowners.

This November report, which has tracked data through October 2010, tracks the path of homeowners who either have their trial modification canceled or are not offered a trial modification to begin with, when they apply for a home loan assistance plan. For Citigroup, homeowners who had their trial modification canceled numbered at 36,237, as of the November HAMP report and there were 34,290 homeowners who were offered an alternative modification after they were not accepted into a federal trial modification.

Obviously, there remains continued problems for homeowners in various areas of the housing market, which has necessitated that multiple options be offered so that homeowners can avoid foreclosure. While these in-house modifications are not only available for homeowners who have either had a trial modification canceled or who were not offered an initial trial modification from the Making Home Affordable Program, there are some opportunities for homeowners who are unable to acquire a home loan modification to still save their homes from foreclosure.

Understandably, there remain homeowners who are having trouble with various servicers when it comes to the Making Home Affordable Program, but again, Citigroup and other financial institutions have modification programs and expansion plans still in place to assist homeowners in need and there are even opportunities for homeowners to benefit from traditional refinancing if affordability on their home loan payment is a problem.

While homeowners can contact their servicer directly, there are also housing counselors approved by organizations like HUD or the Making Home Affordable Program that may also be available to help homeowners through the modification process. There are still stories which have arisen of homeowners who have been facing foreclosure while attempting to acquire modification and have had a very difficult road when it comes to preventing foreclosure on their home.

For reasons such as this, the home loan modification program has come under a great deal of scrutiny and criticism lately as slowdowns in the number of modifications have been present and there are those who feel the modification program overall will simply not meet its original goal. Also, numerous servicers have had their foreclosure practices questioned, as there are homeowners who feel they were not offered a fair shot at a home loan modification or other assistance program. However, homeowners have still been prompted by advisers to pursue modification options from federal and alternative assistance plans and outside assistance through housing counselors if additional aid is needed when it comes to preventing foreclosure or simply beginning the modification process.