Homeowners with Citigroup have sought out foreclosure prevention through home loan modifications which have been implemented from the federal Making Home Affordable Program, but some homeowners have had trouble finding lower mortgage payments through this mortgage assistance plan and have sought out assistance through either extension plans or alternative homeowner assistance options. As there are indications that permanent home loan modification programs from the Making Home Affordable Program had begun to slow, coupled with the fact that predictions for 2011 state that more foreclosures may be seen than the previous year, more homeowners are calling on servicers to offer lower mortgage payments and foreclosure prevention aid.
Yet, homeowners do have opportunities to qualify for alternative home loan modifications from in-house initiatives made available from servicers. There are reports that more homeowners have been able to acquire a proprietary modification when they were in need of lower mortgage payments. Obviously, in-house home loan assistance programs are available from top mortgage servicers, like Citigroup, but there are concerns that with continued troubles homeowners may need more foreclosure prevention options.
Extension programs from the Home Affordable Modification Program are available to address these very issues, but some homeowners may be unaware of their options. For this reason, advisers have often counseled homeowners to either contact their servicer or seek out homeowner guidance from approved housing counselors when they feel that their mortgage payment may become problematic or factors like unemployment becomes a problem.
Unemployment assistance and alternative modification programs, like the Second Lien Modification Program are available to offer more affordability to homeowners who are in a situation where their home loan payment has become problematic. While homeowners with a variety of servicers do still have options to refinance their mortgage for a more affordable monthly mortgage payment, understandably this has not been an opportunity that every homeowner has been able to either afford or benefit from.
While there are still troubles between homeowners and servicers like Citigroup, with extended unemployment still dragging down many homeowners and the availability of alternative modification programs directly from servicers and extension plans to address needs, like unemployment, homeowners may need to explore more options in the coming months to avoid foreclosure. Again, there are homeowners who have had trouble qualifying for these programs, but since there are more routes for foreclosure prevention available it’s hoped that homeowners will be able to avoid the loss of their home through these efforts in the coming months.
Again, homeowners can contact their servicer directly or speak with an approved housing counselor from either HUD or the Making Home Affordable Program to begin the foreclosure prevention process, but there are also some foreclosure alternatives options available to homeowners who face the inevitable loss of their home but would, obviously, wish to avoid a formal foreclosure process.