Assistance for Citigroup homeowners in May who happen to be pursuing a home loan modification is still available this month as the ongoing modification program have continually seen increases in the number of active permanent modifications according to Treasury Department reports that have been released over the past months. Early in May a report tracking data for the month of March was made public and is stated that Citigroup saw an increase in the number of permanent home loan modifications they had made from February to March, which is a positive sign for homeowners who are looking for the assistance they need to avoid foreclosure.
While there are still mixed results being seen from the modification program, the most recent reports show that Citigroup has a total of 44,736 active permanent modifications, which again was an increase from February to March, and since homeowners are still in a position where certain factors happen to be making it difficult for them to pay their home loan, it’s understandable that even at the present time, there are still homeowners seeking this form of aid despite the modification program having been in place for quite some time.
However, for not only Citigroup homeowners, but many others with a variety of financial institutions as well, the stubbornly high unemployment rate is still what happens to be the main source of difficulties that homeowners are facing when it comes to paying their mortgage. Over half of all homeowners who are having to cite hardship reasons as to why they need modification have reported that the loss of income due to unemployment or simple reductions in their wages are among the factors that are causing these difficulties. While some homeowners are also facing negative equity or situations where they have simply purchased a home they cannot afford, troubles in the housing market and foreclosures are closely tied with unemployment and, as some still struggle to acquire more affordable payments through the home loan modification, homeowners are still growing frustrated at the process.
Changes are coming for the modification program, though, most notably in the form of a single point of contact requirement, which is hoped to be in place around September, but there are still issues homeowners may face when pursuing a modification. Yet, the use of housing counselors and carefully tracking paperwork, like hardship letters, can help some homeowners cut down on the problems they will face when going through the federal modification plan.