Citigroup homeowners who have been tracking the progress of this particular bank in the federal home loan modification initiative may have noticed that, according to reports that were released in the early part of June, the number of permanent home loan modifications that are currently active, as of April 2011, increased as Treasury reports have not only been tracking the actions of major financial institutions but have also begun implementing rating systems as well. Yet, questions over whether certain banks need improvement and how much the bank should change their modification practices has been individualistic, as there are some financial institutions that are faring better than others.
When it comes to Citigroup though, there was not an increase as substantial as some other financial institutions, but of course not all banks saw positive results when speaking of drastic increases in the number of active modifications they reported. Yet, from March to April of this year, it was stated that Citigroup increased their number of active permanent modifications from 44,736 up to 45,459. While the modification program also saw an overall increase in the number of permanent modifications that have been made, many homeowners are focusing now on ratings that are being reported for these major institutions being tracked within the Making Home Affordable Program.
There have been servicers who are facing the denial of incentives from the federal modification program due to their poor performance review, but Citigroup was one of the banks that did receive a rating that only suggested they make moderate improvements, which means that they will not be denied incentives at the present time, but it has also been stated that all servicers may have incentives withheld if they do not make changes to more efficiently help homeowners who are facing foreclosure. While there are numerous problems within the federal modification program, the implementation of these plans by banks, and the overall ability of some homeowners to qualify, many feel that banks can do more when it comes to helping homeowners avoid the loss of their home, as the housing market still continues to limp along and, with high levels of unemployment, many homeowners will likely need foreclosure prevention aid for quite some time.
Understandably, Citigroup homeowners are not the only ones who have faced problems, yet they are also only a few of the numerous men and women who have been helped by modification efforts and extension programs. Homeowners who may be new to the modification effort and foreclosure prevention initiatives that are currently in place can talk with their servicer about federal modifications, but there are also extension plans to address issues like unemployment, which is becoming more necessary for homeowners, and even proprietary modifications that may be used in certain cases when a federal plan is unavailable. Homeowners do need to remember that not all banks are able to offer modifications, but if a homeowner is unsatisfied with the modification process when dealing with a particular bank, there are appeal processes which can be used if they feel there foreclosure can be prevented and they should qualify for a modification.