Citigroup homeowners who are more than 60 days delinquent on their home loan do still have modification options from the federal Making Home Affordable Program, and there are those who feel that recent reports may reflect positively on the state of homeowners who are behind on their mortgage and may qualify for a home loan modification plan as a result. Obviously, Citigroup homeowners are just one group of many who have been facing mortgage difficulties and have sought out foreclosure prevention assistance through home loan modifications in the hopes of getting a lower monthly mortgage payment.
According to the Making Home Affordable servicer report for December 2010, Citigroup saw a decrease in the number of estimated homeowners who were 60 days delinquent on their home loan, as there were 113,843 delinquent homeowners as of October 31, 2010, but by the end of November, Citigroup saw only 96,909 delinquent homeowners who potentially qualified for a home loan modification. Sadly, approximately 77% of homeowners who entered into a trial home loan modification were in default while the remaining homeowners were simply at risk.
There are numerous individuals who have faced the loss of their home due to foreclosure because they simply cannot continue making their payments at their current mortgage rate and costs. Yet these modification plans which have been in place over the past months have been able to lower both interest rates and the overall payments homeowners must make from month-to-month, which has allowed some to avoid the loss of their home thanks to a more affordable home loan agreement implemented by their servicer.
While there are still some problems within these modification plans, as homeowners continue to default on their mortgage payments even when a reduced rate is given, Citigroup is also offering assistance through unemployment forbearance plans, the Home Affordable Foreclosure Alternatives program and there are options for homeowners to either short sell their house or participate in a deed in lieu of foreclosure plan if their homeowner delinquency becomes too problematic and they cannot afford their mortgage payment even when an assistance plan is offered.
These modification efforts are no guarantee as both alternatives, in-house home loan modification plans and the federal modification assistance program have had mixed results despite the fact that more homeowners are seeing permanent modifications in proprietary home loan agreements than the federal modification initiatives. These opportunities are still open to homeowners in need, but it’s hoped that with a decrease in the number of delinquent homeowners as reported by the Making Home Affordable Program that either more is these individuals are able to return to making their home loan payment or the housing market is beginning to stabilize and seeing less homeowners who are missing their mortgage payments.