Citigroup homeowners who were delinquent on their mortgage reportedly increased according to the most recent Making Home Affordable reports that were released here in August. This data which we have goes through the month of May, but there are a variety of servicers in this Treasury Department report who saw increases in some cases but there are others who saw decreases in delinquency as well. What this has pointed to for some homeowners not only with Citigroup but all of the major financial institutions in this program is that missed payments on the part of homeowners and falling into delinquency is still a problem that has required homeowners to be in need mortgage assistance help.
Some homeowners may have fallen into delinquency even after being offered a mortgage modification payment plan, but there are homeowners who are new to the world of delinquency, which may be a problem for those who are unaware of what types of opportunities are still out there from programs like HAMP. Yet, for Citigroup, the number of delinquent homeowners in April stood at 69,605 but increased to 70,953, which was not the biggest increase in the number of homeowner delinquencies reported in this most recent data but it still goes to show that homeowners are seeking foreclosure prevention assistance as a result of being behind on their mortgage payments.
When missed payments occur homeowners are often urged to contact their mortgage service or as quickly as possible or speak with reputable housing counselors as the Making Home Affordable Program has certain housing counseling resources available that will help homeowners avoid scams and better understand what all options are available for their particular situation. Obviously, modifications are not helpful for all homeowners but there are extension programs that could be beneficial for homeowners in need as many of the top servicers in HAMP not only will offer assistance through these extension plants but may offer private home loan modification options as well or other loss mitigation efforts to specifically address their homeowner’s needs.
Also, Citigroup has seen increases in the area of permanent home loan modifications that are currently active, and this data is more recent as it was tracked in the month of June. Yet, there have been some lower numbers reported in the area of active trial modifications for Citigroup and others, though it may be necessary for homeowners to explore options beyond federal modifications if this particular plan is not right for their situation. No matter what the case may be though, homeowners are still being advised to speak with a representative from their servicer or a housing counselor so that they can have enough time to look at foreclosure prevention efforts that may be right for their situation.