When it comes to trial home loan modifications, there are different pieces of information that we have in terms of a servicer’s particular performance, and for Citigroup, mixed results have been typical with many major banks when it comes to not only active trial modifications but the cumulative total of trials that have been offered. Data released here in September for Citigroup shows that, through the month of July, there have been some changes for both the positive and negative when it comes to these trial modification plans that are currently available for homeowners but these options are by no means no longer helping as homeowners continue to see a need for mortgage payment assistance opportunities.
Obviously, there are those who feel that the modification program has not helped as much as it could have, but there are still increases in the area of permanent modifications being seen, which is hopefully going to lead to more stability over the next couple of months, and until the program’s completion in 2012. Yet, when it comes to the number of active trial modifications for Citigroup specifically, there was a decrease between June and July of 61 trials, but decreases have been common in this area for most servicers over the past few months. Yet, we also saw that the number of permanent modifications Citigroup had increased substantially during this same timeframe, and the cumulative number of trial modifications that were offered and started by Citigroup also increased between June and July as well.
Yet, homeowners need to remember that there are still resources available to help troubled men and women with their mortgage payment by allowing them to explore what options are available or providing guidance and assistance through the modification program, if it is deemed that a traditional home loan modification will be best. While Citigroup homeowners may benefit from in-house modification programs, more homeowners are becoming aware of alternatives that are not only available to address mortgage payment needs but problems like joblessness that may require options like forbearance or payment assistance programs.
Simply getting a reduction on a homeowner’s mortgage payment is not always a solution to their problem so it has been helpful for homeowners in need to consult with their servicer or certain resources online, like the HOPE Hotline, as a way to better review their situation, understanding what options are available, and in some cases even getting guidance when it comes to pursuing certain foreclosure prevention plans. While trouble in the housing market and job market continues, it’s hoped that proposals that have been made over the past months, along with foreclosure assistance plans that are already available, will lead to more stability when it comes to areas like employment and housing and allow homeowners to make better use of foreclosure prevention plans so that they can avoid the loss of their property during a tough time in their personal life.