Delinquency assistance for homeowners with Citigroup may still be an issue for many due to the fact that there are reports from the most recent Treasury Department releases that show Citigroup saw an increase in the number of homeowners who were delinquent on their mortgage payment between May and June of this year, which puts them in a category where a modification may be necessary. While there are some reports that are stating that homeowners are in a more positive position in terms of their mortgage payment here in September than they have been in the past, issues in the housing market and personal financial lives of consumers remain.
Yet, the number of homeowners who are estimated to be delinquent with Citigroup and possibly qualify for a federal Making Home Affordable assistance plan increased by a little under 4,000 between May and June, which is something that some servicers have continued to see. However, to show that there is some instability still in whether homeowners can afford their mortgage or are falling behind, these Treasury Department reports have indicated that some servicers are seeing decreases in the area of delinquency but others still continue to see increases in terms of homeowners who are behind by 60 days or more on their mortgage payment.
If some of these homeowners who are falling behind are new to the modification arena, it needs to be known that Citigroup and other banks offer a variety of foreclosure prevention options that can benefit homeowners in a variety of positions, no matter whether they are simply unemployed, seeing decreases in their income, or have fallen behind on their mortgage payments for a short period of time but are now in a position where they need help sustaining their mortgage payments despite the fact that they may have recouped some of their income that was lost.
Citigroup also may be able to offer homeowners foreclosure prevention assistance from in-house plans, as there are some servicers who are making greater strides in the area of private modifications than the federal modification program and extension plans. Homeowners do need to understand that there are no guarantees when it comes to preventing the loss of their home, but as delinquencies continue to be a problem for some, it’s believed that since homeowners have more options at the present time and servicers are also looking out for their best interests, in terms of keeping fewer homes off of their books that are simply sitting empty, there are potential options that may be available presently to help homeowners in need.
Yet, just because there are a variety of programs available and banks are attempting to avoid adding to inventory of empty homes that are already present, this does not necessarily mean that homeowners will either qualify for or benefit from foreclosure prevention plans as some homeowners have fallen into delinquency even after a modification is offered. However, officials are still urging homeowners with Citigroup, or any mortgage servicer for that matter, to explore the opportunities currently in place, speak with housing counselors if needed, and take the initiative to start pursuing the best plan for their situation when it comes to preventing foreclosure.