Homeowners with Citigroup may have noticed that there have been decreases within the Making Home Affordable Program in terms of the number of short sale and deed in lieu of foreclosure programs that have been offered to those who were not successful at acquiring a permanent modification, as recent Treasury Department reports have shown that between May and June of this year, these programs have seen a decrease in cumulative totals. Yet, this does not mean that homeowners are unable to acquire either a short sale or deed in lieu of foreclosure plan available from Citigroup, as recent reports from Citigroup state that in the upcoming Road to Recovery Tour that Citigroup is embarking on over the next few weeks and months, short sales will be one area that homeowners may be able to explore.
Yet, there were some slight decreases in this area for homeowners in the Making Home Affordable Program as the number of homeowners whose trial modification was canceled but were offered a short sale or deed in lieu of foreclosure plan dropped, and for homeowners who are not accepted for a trial modification there was a decrease in the total number of homeowners in this area from 1,753 to 1,679. However, this is where homeowners still question whether there are short sale and deed in lieu of foreclosure options available from Citigroup and, according to the latest reports, this is still an area of opportunity for homeowners in need.
Obviously, the benefits of a short sale or a deed in lieu of foreclosure plan usually center around the ability of a homeowner to escape a negative equity situation, particularly in the case of a short sale, when no other solutions have been presented. Also, it should be understood that homeowners who participate in these foreclosure alternative plans are not just those who do not successfully complete the federal Making Home Affordable modification program, but a short sale may be offered to a homeowner primarily when specific situations have arisen.
However, homeowners should also understand that the loss of their homes through a short sale or deed in lieu of foreclosure plan is not their only option if a modification is unavailable as Citigroup homeowners may also participate in such programs as the Home Affordable Unemployment Program, which may address issues like unemployment, or in some states homeowners can use assistance opportunities through plans like the Hardest Hit Fund.
Understandably, not all Citigroup homeowners will benefit from these loss prevention plans, as certain situations or financial factors in the lives of homeowners simply make these opportunities unhelpful or unaffordable. Some homeowners with a variety of banks have fallen into delinquency even after more affordable plans are offered, or in cases where long-term unemployment may be an issue, some homeowners have simply run out of options in terms of what foreclosure prevention plans are still available. While there are currently more ways that homeowners may find affordability on their home than in the past, these programs like short sales or the deed in lieu of foreclosure plans may still be helpful in some situations, but officials urged homeowners to explore all of their options and not simply these foreclosure alternatives.