Citigroup homeowners are in a category like many others with a variety of banks who are still suffering from financial setbacks that have resulted in a need to seek out a modification plan that may offer them a lower monthly mortgage payment. While there has been some good news in the area of foreclosures and delinquencies, this may be limited when compared to the overall problems that still face many homeowners, particularly in the area of unemployment and the inability to pay their home loan at the present time.
Yet, here in September we have reports on data from the Making Home Affordable Program that run through the month of July and have shown that, for Citigroup’s CitiMortgage, there has been an increase in the number of active permanent modifications. Obviously, homeowners are ultimately seeking a permanent modification status on their mortgage payment due to the fact that active trial modifications have caused trouble for some homeowners in the past, in terms of homeowners being kept in a trial period for much too long or being denied a permanent modification after a trial has been offered.
While not all of the problems fall on the shoulders of these mortgage servicers, there is a great deal of improvement that the Treasury Department feel needs to be made on the part of many of these big banks, but Citigroup has fallen into a category where moderate improvement is said to be needed, as there are some financial institutions that have been called on to make more substantial improvements, while others only may require minor adjustments.
However, there are still positive results in the area of permanent modifications for many of these major banks, with Citigroup seeing increases in active permanent modifications from June that stood at 46,634 to the active permanent modifications in July that registered at 47,048. Yet, the homeowners may still need to speak with representatives from their mortgage servicer or housing counselors in order to better explore a wider range of options that could potentially help them at the current time. While Citigroup is one of the servicers that participates in extension programs within HAMP and may also be able to help homeowners through in-house modification efforts, this does not mean that every available option in the foreclosure prevention arena will be available or helpful to each homeowner.
It should be kept in mind that there are no guarantees when it comes to these foreclosure prevention efforts but some homeowners are seeing better results when working with their servicer thanks to programs that go beyond simple modifications, resources like housing counselors that can help homeowners better organize their application or understand what these plans entail, and there are also options available directly from state housing agencies that could be of help to Citigroup homeowners and many others in need of foreclosure prevention aid.