Citigroup Trial Home Loan Modifications From HAMP–Reports In June Show Decrease But Can Homeowners Find Help To Qualify?

Citigroup’s home loan trial modifications within the federal HAMP initiative did see a decrease according to reports released here in the early parts of June, which tracks data through the month of April of this year. This has led some homeowners to question whether there are still opportunities to qualify for these trial modification, as some servicers have seen decreases in the number of active trials that have been tracked over the past months. However, help that has been offered to homeowners may be the route to a more streamlined modification process, or at least the opportunity to explore alternatives to a home loan modification which may offer foreclosure prevention.

Yet, despite the fact that Citigroup did see any increase in the number of active permanent modifications, which was reported on earlier, the number of trial modifications that are currently active fell from March to April, dropping from 6032 to 5811, according to the Treasury Department reports. While Citigroup was one of the servicers who did not fall into the category of needing substantial improvement to their modification efforts, it was reported that this particular bank was listed in the category of servicers that did require moderate improvement to their federal home loan modification program.

One aspect of the modification program that seems to be going overlooked though, typically centers around the opportunity for homeowners to take advantage of free housing counseling available from the HOPE Hotline. While this particular resource has been mentioned throughout various reports on the federal modification program, and while there are continued changes and information that are being made available related to particular servicers and HAMP, this option for homeowners has remained in place for quite some time and may offer assistance to those who are simply unsure of whether they can make it through the modification process alone.

The total number of homeowners who received free housing counseling assistance from the HOPE Hotline in the month of April stood at almost 33,000, but there are still many who are unaware of these opportunities which may help them find more success in the modification plan. Citigroup, as an example, may have a variety of homeowners who are facing different situations and as a result may not qualify for the exact same kind of foreclosure prevention opportunities that are available. Some homeowners may be having problems making their mortgage payment due to negative equity while others may be facing a situation where unemployment is the cause of their hardships, and these homeowners will have particular plans available to them that may differ.

It needs to be understood though, homeowners who are striving to acquire a trial modification simply may not qualify, but in cases where there have been reports of homeowners facing trouble in dealing with their servicer, these counseling options may be available to help them find a less frustrating road to foreclosure prevention aid.