The total number of trial modifications that have been offered by Citigroup have increased according to the most recent Treasury Department information we have, and while active trial modifications may vary from one servicer to another, improvements in the area of trial offers that are extended and started may indicate that homeowners who are struggling and seeking one of these foreclosure prevention options may have a higher likelihood of at least getting into one of these trial plans than they may have seen in the past. Yet, homeowners do need to make sure that they are in a position to take advantage of these trial modifications when they are offered as some may not have their finances in order to the point that a modification will be beneficial for their mortgage payment needs and, as a result, these modifications may be unhelpful.
Yet, homeowners with Citigroup did see an increase between July and August in the number of trial plans offered as 182,010 trial plans were reportedly extended to homeowners as of July but this number increased in August to 185,249. Furthermore, the number of trial plans that were started between July and August increase by 903, which again may be seen in a positive light by some despite the fact that many homeowners still want more to be done by the servicers who are charged with keeping homeowners in a position where they can avoid foreclosure.
Officials have pointed out that they want more benchmarks set for various servicers when it comes to the federal modification plan as some have the opinion that if more pressure was put on these banks to up their efforts, if incentives were withheld, or more accountability were on these banks, it might help press a greater number of modifications into the system as some homeowners simply are having trouble when it comes to making their way through a trial modification plan and dealing with their servicer.
Not all major banks are falling into the category where they are deemed to need a substantial amount of improvement, but when it comes to assisting homeowners there are improvements that can be made in numerous areas with these things as communication, lost paperwork, or affordability issues have all been hindrances to the success of the program in some ways. Simply put, many officials and homeowners want these banks to set themselves in a position where more modifications will be made and the original goal of the federal home a modification program may draw nearer, despite the fact that many feel the program will fall drastically short of the 2 to 3 million homeowners it was originally intended to help.
However, Citigroup homeowners among many others do need to remember that their servicer has various loss mitigation plans in place that may go beyond a federal modification and, as a result, need to make sure that they fully understand what options are out there so that they can better implement a plan to avoid the loss of their home, find more affordable payments on their mortgage, and hopefully ride out these periods of personal financial difficulty for many who are struggling across the nation.