Citigroup Home Loan Assistance And Help To Avoid Homeowner Bankruptcy From HAMP Plans

Citigroup home loan assistance has been targeted to a number of homeowners who are facing various financial difficulties in their life, especially related to making their mortgage payment. Understandably, they Making Home Affordable Program has helped those who have suffered from financial distress, but there are also preventative efforts for homeowners who may be facing bankruptcy or considering filing bankruptcy as a way to alleviate their financial burdens.

Obviously, some homeowners have had few choices for their situation when it comes to meeting their monthly mortgage payment at an affordable level. However, some homeowners have suffered from bankruptcy as a result of these financial strains, which may be alleviated through the Making Home Affordable Program. Yet, there have not always been success stories that have came from both the federal and proprietary home loan modification programs, and there are mixed reports when it concerns the total number of bankruptcies that have been seen for Citigroup homeowners within the Making Home Affordable Program.

December’s HAMP report stated that a total of 4,057 homeowners fell into bankruptcy after their trial modification was canceled, which was up from the previous month’s report where only 3,912 total homeowners had been reported to have fallen into the bankruptcy process after the cancellation of their trial modification plan. Yet, December’s report also stated that 7,280 bankruptcies had been reported as of the report’s release, but this number was down from the previous month report which had Citigroup standing at 7,736 total bankruptcies in progress for homeowners who were not initially accepted for a trial modification.

Understandably, there are home modifications that have been helpful for some, but have done little to help other homeowners find solutions to their financial distress. Yet, it’s hoped that homeowners who face foreclosure or bankruptcy can find the solutions they need as there are proposals for restructuring the modification program to help homeowners that feel they should have qualified for one of these modification plans but may have been rejected an unknown reason. Homeowners have complained they had been unjustly denied a home loan modification, but in-house modifications directly from mortgage servicers have seen a higher rate of success according to data from industry reports, which have led many to feel that the federal home loan modification program could use some improvements so that more individuals can find the aid that is required for them to avoid loss of their home.

Home loan modifications are not perfect and there are some difficulties which have arisen between servicers and homeowners, but home loan counselors and resources available directly from these servicers are still available to assist homeowners who may need help with bankruptcy or foreclosure avoidance and are simply at a point where they are unsure of how they can continue to afford their home without some form of outside aid.