Citigroup Home Loan Foreclosures–Assistance After HAMP And Homeowners Being Denied A Mortgage Modification

Homeowners with Citigroup who have faced foreclosure may have found that this result came from the inability to find the assistance they needed through the federal modification program, as the number of foreclosure completions tracked within the Making Home Affordable Program has increased for a number of servicers over the past months despite the fact that there have been increases in the number of permanent modifications as well. While the issue of home loan modifications has been highly debated, homeowners with Citigroup have options that may allow them to avoid facing foreclosure, as there are various routes which may be taken for homeowners who are in a financially distressed situation in terms of their mortgage.

Data from the most recent Making Home Affordable Program has shown that Citigroup had a total of 2,232 foreclosure completions in the January 2011 report for homeowners who had their trial modification canceled, while the total foreclosure completions for homeowners who were not accepted for a trial modification was reported to be 4,650.

Obviously, there have been ups and downs in the number of foreclosures that homeowners have seen and when it comes to reporting the data, some servicers and had old foreclosures that were either removed from their records or are still in question, but for homeowners who are facing the possibility of foreclosure on their home, there are opportunities that may go beyond simple federal modification plans implemented by servicers. As an example, Citigroup is one of the financial institutions that participates in proprietary home loan modifications, which obviously has been helpful to a greater number of homeowners than the federal modification plan, according to HOPE Now reports.

Yet, there are still problems in the modification program, from both federal and in-house initiatives implemented by a variety of financial institutions that center around affordability, simply meaning that some homeowners feel that even with a modification program in place, they cannot meet their monthly mortgage payment and have defaulted after a lower mortgage payment option was offered. Some have been unable to qualify for the federal modification initiative, but there are still issues that many homeowners have when it comes to this form of foreclosure prevention, as again, lenders have been accused of either not properly implementing programs or the programs themselves had been deemed inefficient in terms of keeping homeowners out of foreclosure in the long-term.

While homeowners with Citigroup and other financial institutions can still contact their servicer directly to begin the modification process or inquire about options that may be available for their particular situation, housing counselors are also being consulted as a way to help homeowners not only with their personal finances, in relation to how they may be able to more easily afford their mortgage, but some of these counselors have been able to guide homeowners through the modification process. Understandably, some homeowners may benefit from state-specific plans available to address issues like negative equity and unemployment, but for those who may face foreclosure with their servicer, talking with either a counselor or a representative from their servicer early may offer options for a modification that could help lower payments on their mortgage until they can find a more financially stable ground from which to continue making their home loan payments.