The number of Citigroup homeowner delinquencies reported within the federal Making Home Affordable Program fell according to Treasury Department reports that were released here in July and tracked data for this specific category through the month of April. Obviously, the number of homeowner delinquencies that are currently present is still pointing to the burdens that homeowners are facing in terms of their ability to make their home loan payment, particularly when unemployment has seen an increase as of late and jobs may be difficult to come by for some.
However, it’s hoped that in cases where these homeowner delinquencies have dropped according to the most recent reports, this trend will continue as we gather more information during later months here in 2011, but of course there are still economic factors like joblessness and even personal problems like health that are still leading to homeowners being in a position where they are falling behind on their mortgage.
Numbers in this most recent report were positive though, as information through the month of March stated that Citigroup had 71,845 homeowners who were estimated to be more than 60 days delinquent on their mortgage, while this information that ran through the month of April stated that CitiMortgage only had 69,605 borrowers who were delinquent and potentially qualified for a home loan modification program. Also, there have been several servicers who, since HAMP’s inception, have seen increases in the number of permanent home loan modifications they are making on a monthly basis, even though some of these increases have not been very drastic in some cases.
Homeowners with CitiMortgage and other financial institutions alike do need to remember that simply because they fall into delinquency does not mean that foreclosure is inevitable, but also, there are no guarantees that homeowners will qualify for a home loan modification within the federal Making Home Affordable Program. It may be necessary for homeowners to explore alternative home loan modifications, but there are some problems which have arisen in this area as well. There are reports that state, for Citigroup, more homeowners have defaulted once again after being offered a private home loan modification, but there are a variety of redefaults that were seen with numerous banks as homeowners have argued even these in-house home loan modifications have been too costly in some cases.
Yet, homeowners need not resign themselves to foreclosure if they do fall behind on their mortgage payment as modifications are not necessarily the only option they may have. Some banks are offering forbearance for homeowners through the Home Affordable Unemployment Program and there are also programs, which have been well reported on over the past weeks, that are offered from various state housing agencies to address issues like unemployment for homeowners who cannot pay their mortgage at the present time.