Citigroup home loan assistance plans from the Making Home Affordable Program through modification efforts did see a slight increase according to the most recent report released from HAMP, as many servicers have continued to further their modification efforts and offer more homeowners assistance from month to month. While there have been speed bumps on the road to a modification for many homeowners, increased numbers in the modification program are still a hopeful indication that more homeowners are finding the help they need that will allow them to avoid the loss of their home.
Data from the most recent Making Home Affordable report showed that Citigroup was one of these financial institutions to see an increase as the December 2010 Making Home Affordable report stated that CitiMortgage had 42,746 permanent modifications that were currently active, but the January 2011 report stated that there were 43,286 active permanent modifications in place. Understandably, there are some officials who feel that these increases in permanent modifications are simply not enough and, as a result, there have been proposals to terminate the federal modification program.
However, despite setbacks and troubles that have been seen, there are still homeowners finding the aid they need to avoid the loss of their home through these modification plans, and even if a homeowner may be unsuccessful at a federal modification plan, there are still alternatives through proprietary home loan modifications and state-specific programs that can help homeowners avoid foreclosure.
While proprietary modifications directly from servicers can offer similar benefits to federal modification plans, programs like the Hardest Hit Fund can also offer state-specific assistance in conditions where a homeowner may be facing unemployment, delinquency on their home loan, or who may simply be in an underwater home loan situation that is causing financial strain concerning their mortgage payment.
Understandably, not all of these financial institutions that have implemented the Making Home Affordable plan have done so perfectly, as there are still homeowners who are complaining about issues related to paperwork, the affordability of these modifications, and what many feel to be instances where a servicer may have simply disqualify them from a modification without just cause. There have been no home loan servicers who have escaped criticism, but homeowners do need to realize that there are plans outside of federal modifications if this route has proved to be a dead-end in terms of their home loan affordability needs.
Again, alternative assistance programs are available, but homeowners may also use resources like the Making Home Affordable website to find counselors that may be helpful in guiding them through the modification process or exploring alternatives that could be present within a homeowner’s particular situation, which may also allow them to avoid the loss of their home even if a formal modification has been denied.