Citigroup homeowners have seen a drop in the number of estimated delinquent homeowners within the federal home loan modification program according to reports released in early June that tracked HAMP data earlier in the year, and this decrease may point to more positive signs in terms of the number of homeowners who are unable to meet their mortgage payment, but of course there are still issues that are being faced by men and women when it comes to unemployment and the ability to make their home loan payment.
However, for those who have been tracking the progress of various financial institutions in the ever-changing home loan modification program, Citigroup reported a big decrease in the number of estimated borrowers who were delinquent for more than 60 days according to the Treasury Department’s HAMP reports. The data stated that, as of February, more than 93,000 homeowners were estimated to be delinquent, meaning they may have been able to qualify for a home loan modification, but in the month of March that number decreased to just under 72,000 homeowners, which has been seen by some to be quite a drastic dip.
There are though, some individuals who feel that these numbers do not point to necessarily positive trends that may be present in the lives of homeowners in the housing market in general, but may be the result of more homeowners facing foreclosure or being denied home loan modification assistance and removed from various portfolios. However, there are some indications that, in certain areas of the nation, foreclosures are slowing and property values are finally beginning to stop their downward descent, yet this by no means indicates that the housing market or homeowner troubles are on the mend.
Homeowners do still find that, even though active permanent modifications have been increasing for many of the major financial institutions participating in the home loan modification program, there are issues that homeowners have faced over the past years which seem to have had little resolution even here in June. While the home modification program has had plenty of time to correct mistakes, there are still issues that are being brought to light and, even though changes like a required single point of contact were made within the program recently, some homeowners feel that the number of delinquent homeowners who are getting assistance is still far too few.
It’s hoped that with alternative programs to stave off foreclosure, more individuals will be able to avoid the loss of their home, but of course, there are servicers like Citigroup who are being singled out as those which are quite proactive in the area of alternatives like short sales, which may not keep homeowners in their home necessarily but could prevent empty homes from simply sitting in the housing market and dragging down other property values. Yet, homeowners who are fearing that delinquency may be on the horizon should make contact with their servicer or consult a federal Making Home Affordable housing counselor so that these opportunities may be explored and a solution found for their particular situation.