Homeowners with Citigroup saw a decrease in the number of permanent home loan modifications made between November and December 2010 as was reported by the most recent Making Home Affordable home loan modification report. Many servicers saw an overall increase in modifications throughout 2010 within both proprietary and federal modification programs, but there have been indications that modifications have begun to slow compared to the number of foreclosures being processed.
According to the most recent report from the Making Home Affordable Program, Citigroup had a total of 42,746 active permanent modifications as of December 31, 2010. This number was a decrease from the previous month where it was shown that 52,856 permanent modifications were currently active as of November. Despite the fact that there was an overall increase in the number of permanent modifications made by Citigroup in 2010, there are concerns over the fact that some homeowners are finding it more difficult to acquire a permanent home loan modification as, again, more foreclosures are being seen in relation to the number of homeowners finding permanent aid for their financial struggles.
Yet, Citigroup is one of the servicers who does continue to offer these assistance plans, but there has been legislation proposed to repeal the home loan modification program as many feel the struggles being faced by homeowners and lackluster performance warrant the program’s termination. While Citigroup does offer in-house assistance plans, there are extension programs that homeowners may use from the Making Home Affordable Program as well, like the Unemployment Forbearance plan, second lien modification initiatives, and foreclosure alternatives.
While there are troubles within the modification program and changes that servicers could make to bring more homeowners into the fold, there are still foreclosure prevention plans available that may aid homeowners struggling with their mortgage payments, but contacting a servicer early or working with a reputable housing counselor early may offer a homeowner a better opportunity at finding the help they need.
Obviously, homeowners and servicers alike have made mistakes within HAMP, but there are officials who feel that making changes to the program’s guidelines, rather than ending the program altogether, could be more helpful by making modification assistance more accessible to a greater number of homeowners. Yet, there are those who feel HAMP has hindered the housing market from finding the bottom and delayed recovery, but homeowners who face foreclosure are still asking that aid be offered. While HAMP is still available, there are in-house plans and even state-specific modification programs that may be of help to those still struggling to make their home loan payment.