Citigroup homeowners who may have been unsuccessful when seeking a home loan modification have, according to Treasury Department report released here in October, seen mixed results when it comes to foreclosure starts and completions, which were tracked through the month of July in the Making Home Affordable Program. Yet, foreclosures are still an issue that many homeowners have and, as a result, homeowners are still being prompted to explore modification programs, along with other loss prevention plans, that may be available from servicers like Citigroup, which may also help with a wide variety of financial ailments that homeowners have in their lives that may hinder their ability to pay their home loan.
Yet, the number of homeowners who had their trial modification canceled within HAMP from Citigroup decreased slightly in both the area of foreclosure starts and completions between June and July of this year, but these were minimal decreases for this particular category. Yet, homeowners with Citigroup who were not accepted for a trial modification did see some slight increases in the area of starts and completions as the foreclosure starts for this category of Citigroup homeowners increased by a total of five between June and July, but the number of total foreclosure completions that had been tracked throughout Citigroup’s participation in the program increased during this timeframe by around 404 homeowners.
Since foreclosures do still remain a problem in the lives of many homeowners, it has been a case where not only are financial officials are urging these men and women to look into multiple program opportunities, like extensions available from Citigroup or states, but homeowners may need to look at their financial life as well since some of these foreclosures may have resulted in homeowners simply missing payments or not being able to pay their mortgage even when a modified plan is in place.
Obviously, homeowners do still have issues to overcome, like unemployment, but as we have seen problems with homeowners falling into delinquency within the modification program, servicers like Citigroup may only be able to do so much in certain cases, despite the fact that Treasury officials have called on some of these banks to improve their modification practices as there could be more done to help homeowners when it comes to getting and sustaining a modification payment plan. However, homeowners do need to, once again, make sure that they have their finances under control as the inability to pay these modified mortgage payments has sometimes simply stemmed from a homeowner over leveraging themselves when it comes to multiple debt obligations, which would obviously make even a reduced mortgage payment less likely to help if other areas of a homeowner’s financial obligations are not addressed as well.