Delinquent Citigroup homeowners may have options for foreclosure prevention through the Making Home Affordable Program as there are still reports indicating that homeowners are finding home loan assistance that can bring about lower monthly payments on their mortgage, but there have been some struggles homeowners have faced when qualifying for trial modification programs. According to the December 2010 Making Home Affordable Program Report, the overall number of active trial modifications increased from November to December, which has set some homeowners on a path to qualify for a more affordable home loan payment through a permanent modification plan.
Yet, Citigroup did see a decrease in the number of active trial modifications between November and December as the November 2010 HAMP report indicated that there were 8,580 active trial modifications in place while December’s report stated that there were only 7,415 active modifications.
While there have been some slowdowns in the modification program, there are still opportunities for homeowners to not only acquire home loan modification aid from various mortgage servicers, but there are also in-house modification efforts and extension programs which may address specific issues like unemployment. There are many who feel that the home loan modification program has begun to slow and recent legislation was even proposed that would repeal the Obama Modification Program, yet there are still homeowners who feel that they can benefit from a federal modification assistance plan despite the fact that the initial goal that was felt to be achievable by HAMP will not be reached.
Obviously, homeowners with Citigroup who are delinquent on their home loan are in a difficult position and, as a result, many advisers often suggest that homeowners contact their servicer as soon as these problems begin to arise or consult a reputable housing counselor for additional assistance. While homeowners can simply begin the modification process with their servicer, housing counselors may provide not only financial assistance that could help the homeowner better manage their money and avoid missing home loan payments, but there are counselors which can help guide homeowners through the modification process, which obviously may increase their likelihood of finding success.
While modification programs are no guarantee and there have been problems seen on the part of both servicers and homeowners, there are still options for foreclosure prevention to homeowners who are struggling, but delaying the pursuit of these assistance plans could create more difficulties for a homeowner who is in a bad financial position.