Citigroup was one of the servicers who recently saw only a slight increase in the total number of trial modifications that have been started since the beginning of the Making Home Affordable Program, as the cumulative number of all trial modifications started can give some homeowners a better overview of how their particular servicer is faring, in terms of the number of trial modifications that are being offered, and also they may compare these numbers with the permanent modifications that are currently active. Yet, not all financial institutions have seen leaps and the number of trial and permanent modifications they made, but homeowners or do still have options in cases where there may be slowdowns in the number of trial and permanent modifications being offered or converted.
For Citigroup homeowners, the April 2011 Treasury Department report stated that there were 130,438 total trial modifications that had been started by Citigroup, but that number rose to 130,947 in the month of May. However, homeowners did see 509 trial modifications reported between April and May of 2011, which goes to show that there are still from modifications being offered from not only Citigroup but most of the major financial institutions being tracked within the Making Home Affordable Program.
Homeowners have still seen the total number of permanent modifications increase but for the total program overall, not just Citigroup, the number of active trial modifications have decreased, but the number of trial modifications that have lasted six months or longer, meaning homeowners who were stuck in a trial plan, did decrease as well. So, what homeowners may be seeing is that the number of active permanent modifications is on the rise despite the fact that there are fewer increases in the number of these trial plans, and homeowners who previously had trouble when it comes to transitioning from a trial modification department plan have decrease slightly as well.
In some cases though, homeowners do still have options directly from their servicer in terms of the number of alternative modifications that may be offered if they are denied a trial modification plan. However, Citigroup has once again seen decreases in some of these areas, but this does not necessarily mean that homeowners are not in a position to use alternative foreclosure prevention plans that may be available as homeowners with this particular servicer or other mortgage servicers have opted to either short sell their home in some cases, take advantage of unemployment assistance programs when modifications may be unavailable, or use state-specific plans to help meet their mortgage payment needs.
In cases where homeowners have seen totals and the number of trial modifications that have been made cumulatively for their servicer decrease, there may be some frustration or a diminished hopefulness, but homeowners do need to remember that there are these alternative options available and despite the fact that HAMP plans may be denied to some, there are still options open from many major banks to help their homeowners find mortgage payment affordability.