Homeowners with Citigroup who have faced foreclosure after being denied assistance from the Making Home Affordable Program have seen relatively little movement according to reports which were released here in August which tracked data through the month of May of this year. While there were some areas where increases were seen in the number of foreclosures, there are also some areas where decreases in foreclosure starts were seen. However, Citigroup is not the only mortgage servicer who continues to see homeowners fall into foreclosure as there are numerous men and women who are still facing the loss of their home at the present time and reports indicate that this will likely continue to be a problem throughout the rest of 2011 and possibly even into next year.
Yet, some mortgage servicers have seen higher foreclosure rates not only in general but in the Making Home Affordable Program than others but Citigroup reported that for homeowners who were not accepted for a trial modification, the number of total foreclosure starts that have been seen as of May stood at 7151, which was up from 7364 from the month prior. Also, foreclosure completions for this group of homeowners who were denied a trial modification increased from a program total of 6165 in April to 6574 in May.
Yet, the data from the Treasury Department that tracks these homeowners also indicated that homeowners who had their trial modification canceled saw fewer starts and completions with Citigroup as the foreclosure starts for this group of homeowners in the month of May stood at 9603, which was down from 9634 from the month before, and foreclosure completions dropped from a total of 2091 to 2085. While some of these dips in this data may be the result of servicers writing off certain home loans that faced foreclosure, it is seem by some to be somewhat of a positive for homeowners especially when foreclosure starts in some areas are beginning to slow.
Homeowners do need to remember though that there are still numerous problems being faced across the nation and as a result foreclosure is not necessarily going to be avoided in every case, so addressing problems early will be necessary so that a homeowner stands the best chance of avoiding the loss of their property. Yet, some homeowners may have also been in a situation where their servicer is simply in a position where they must delay foreclosures for a set period of time due to backlash that is still present from scandals related to the foreclosure practices of many major banks.
However, homeowners do need to be proactive when they deal with their servicer as Citigroup and a variety of other financial institutions are in a position to help homeowners avoid the loss of their home through different programs, but some homeowners may not qualify for one form of assistance or another or could have problems with dealing with their bank, and that this is why many advisers have cautioned homeowners to act quickly so that they have the time to explore numerous options if one particular foreclosure prevention plan is not right for their situation.