Citigroup Home Loans And Programs To Lower Homeowner Payments–Information On Alternative Home Loan Modifications

Homeowners in need of assistance for their Citigroup home loan have had numerous programs that are set in place to help lower homeowner payments, but some of the more popular methods for avoiding foreclosure, like the federal modification program, have not always been available to certain homeowners and, as a result, many have turned to alternative home loan modification programs available directly from their mortgage servicer. Citigroup is one of these financial institutions that have been able to offer alternative modifications for homeowners who have failed to acquire a permanent home loan modification within the Making Home Affordable Program.

Yet, data that has been tracked within the Making Home Affordable initiative has shown that over the past months, alternative modifications have seen mixed results as some servicers are offering more of these alternative modification programs, while others may have seen less success. Homeowners with servicers like Citigroup who are having difficulty acquiring a federal modification may have a better chance with alternative home loan modification programs as reports have indicated many servicer-direct modification initiatives are outnumbering federal home loan mortgage modification plans, as of reports from the latter part of 2010.

However, data from the Making Home Affordable Program has stated that Citigroup had mixed results from these alternative modifications as the November 2010 report from HAMP stated that, for homeowners whose trial modification was canceled, a total of 36,237 alternative modifications have been made for this group of homeowners, but December’s data showed that only 33,159 alternative modifications have been made as of the report.

Also, homeowners who were not accepted for a trial modification totaled 34,290, as of the November 2010 report for Citigroup, but in December’s HAMP report stated that 34,369 alternative modifications have been made as of that report. While many may see this in a negative light, these homeowners are not the only individuals who are being offered alternative modifications, but this data only tracks alternative modifications for homeowners who have failed to receive a permanent home loan modification program from the Making Home Affordable initiative. Citigroup, among other financial institutions, have also removed some loans from their portfolio, which could attribute to the drops in certain areas.

No matter what this data indicates, homeowners who are attempting to avoid the loss of their home and are in need of a more affordable monthly payment have still been prompted to talk with their mortgage servicer directly or consult a reputable housing counselor on the Making Home Affordable Program or HUD in order to find either the financial assistance that may help them avoid missing mortgage payments or simply may offer them guidance through a modification program to ensure a higher likelihood of success.