Homeowners with Citigroup who are delinquent on their mortgage but seeking some sort of mortgage payment assistance do still have options from the federal modification program as there are indications that the number of delinquent homeowners with Citigroup decreased between June and July, according to data released here in early October. Obviously, homeowners across the nation are falling behind on their mortgage payments in a variety of ways but this does not mean that many will have to fall into foreclosure as a result, as a variety of programs not only available to Citigroup homeowners but many men and women in a variety of situations are still in place to help, alongside these traditional options like those from HAMP.
Furthermore, since we have seen some decreases in the number of delinquencies that are being reported by major mortgage servicers, this is hoped to be a positive sign in terms of homeowner recovery when it comes to their ability to either qualify for mortgage assistance or continue to make their home on payment. In the month of June it was reported that Citigroup had 74,560 homeowners who were estimated to be eligible for a home loan modification program simply because they had fallen behind on their payments, but July brought a lower number of 68,815, which is quite a drop in terms of homeowners behind on their home loan.
Obviously, this decrease is not solely due to modification efforts and other foreclosure prevention programs, but some homeowners have indeed fallen into foreclosure or lost their home, before any type of assistance could be helpful. Yet, homeowners have resources at their disposal that may help with financial troubles that have led to missed mortgage payments, among other payments, in the lives of these individuals, as some homeowners have seen issues like health care costs or their overall debt, like personal loans or other forms of unsecured credit also hindering their ability to pay even a modified mortgage payment.
Yet, as we continue to see programs made available and improvements in some areas of the federal modification program, homeowners are also being able to take advantage of state plans and even proprietary modification and payment assistance programs, that are made directly from these private servicers through in-house efforts. Understandably, not all homeowners will benefit from these resources like housing counselors or alternative plans but it’s hoped that with the continuation of these programs and even proposed program changes in some areas that may arise for Citigroup homeowners, among many others, who are dealing with specific problems like negative equity, more will be able to afford their home, avoid foreclosure, and even get themselves back to a stable position when problems like delinquency may have arisen in the past.