Recently, Citigroup has been getting a lot of attention thanks to their Road to Recovery Tour, which is going to be offering events here in the early parts of June to homeowners who are struggling and may need a home loan modification or other foreclosure prevention programs that could be offered from CitiMortgage. Current options that are available to help homeowners and potential alternatives that may be beneficial if the federal home loan modification doesn’t help are being explored by homeowners at these events and, in general, Citigroup is in a position to offer a wide range of foreclosure prevention options for those who are still struggling due to factors like unemployment or other strains on their mortgage and personal finances.
Homeowners who are facing foreclosure have also been reportedly helped at certain events by Citigroup in specific cases, but homeowners are still able to simply take advantage of traditional modification initiatives that are being offered through HAMP or proprietary modifications that can be made available directly from programs within CitiMortgage. Citigroup has made mention over the past months that they do offer not only modifications, but short-term repayment plans that can offer mortgage payment deferments in certain cases, which essentially mirrors programs like the Home Affordable Unemployment Program that offers at least three months of mortgage payment forbearance to qualifying homeowners.
The problem, though, that many homeowners seem to be facing centers around the fact that there is not a lack of programs available but many of these initiatives are either unknown, are not available to homeowners due to the fact that they cannot meet certain qualifications, or there have also been complaints by homeowners with a variety of banks stating that the modification mortgage payments that are offered are still too expensive. Yet, banks like Citigroup are also participating in Hardest Hit Fund programs in various states which could bring about more assistance to homeowners who are particularly struggling with unemployment as these plans have only been made available in areas where joblessness and property value reductions are severe.
While Citigroup has not been the only bank to reach out to homeowners through events and information sessions, homeowners do need to understand that keeping in contact with not only representatives from their bank, but potentially consulting housing counselors made available from HAMP will all be beneficial in not only helping the struggling men and women find options currently available for their particular situation, but they can offer guidance as well. Once again, Citigroup has stated they will be hosting events in areas like Detroit and Phoenix in the coming weeks, but homeowners can also begin the foreclosure prevention process by consulting their servicer directly or looking for resources from the HOPE NOW network or HUD for guidance from qualified counselors.