Citigroup, like many other financial institutions participating in the Making Home Affordable Program, have aspects of their particular home loan modification efforts that are being tracked and can be explored by homeowners on a monthly basis as the Treasury Department has not only been keeping watch on the number of modifications that are being made, but areas like homeowner delinquency and the end result of a homeowner’s modification pursuits may be if they are denied this form of assistance. Sadly, there have been numerous banks that are seeing decreases in the number of active trial modifications that are currently being made, but homeowners must question whether this is a result of fewer modifications being made available or if there are other causes.
Information released in July has given us the most recent data on the Home Affordable Modification Program which tracks these servicers through the month of May, and it was reported that in April of this year Citigroup had 5811 active trial modifications and in May only saw 5705 active trials in place at the time. Yet, between April and May, it was stated that 509 trial modifications were reported for CitiMortgage, so this is a sign that, even for those servicers who may have seen a decrease in their active trail modifications, there are still assistance plans being offered.
While there are some banks who are simply doing a better job than others, homeowners with Citigroup and other major financial institutions must remember that there are programs that are made directly from a servicer, known as proprietary modification plans, that may be helping homeowners as well, and in the past these proprietary home loan modifications outnumbered federal modification plans.
Understandably though, there are numerous men and women who have grown frustrated with the modification process, but there seems to be, as a result of various changes that have been implemented, less difficulty for the majority of homeowners who are looking for this particular type of foreclosure prevention aid. Homeowners have, according to officials, then seeing a shorter time in the trial phase of the modification program, a rating system was also set in place by the Treasury Department which could hold servicers more accountable if they do not help homeowners as defined by the federal modification agreement, and there are also changes like a single point of contact that could cut down on confusion that homeowners may face.
Problems do still remain, but homeowners have resources outside of their servicer that maybe able to help address any issues that may arise, so it needs to be remembered that housing counselors can be of assistance in this area. Still though, there are no guarantees when it comes to foreclosure prevention assistance from the federal modification plan, so homeowners may need to speak with their servicer about alternative plans or even consult their state’s housing agency to inquire if any options may be made available through resources like the Hardest Hit Fund or the Emergency Homeowners’ Loan Program.