Making Home Affordable Citigroup trial modifications have reportedly seen some improvements but there are also areas where we have seen decreases as Citigroup and other servicers are seeing some areas of decline specifically when speaking of active trial modifications. However, homeowners with Citigroup who are looking for mortgage assistance do still have the opportunity to qualify for trial modifications within the federal program, which is the first step for many homeowners who fall behind on their mortgage payments, meet with financial distress, or are simply looking for a way to avoid future financial problems that may arise as a result of their situation.
Yet, the number of active trial modifications reported between August and September for Citigroup decreased from 4,910 to 4,692, but there was also an increase in the number of active permanent modifications reported during this timeframe as well. However, Citigroup did also see the number of trial modifications that were reported since August 2011 come in at 2,533, within the September report, so this shows that there are still homeowners taking advantage of this particular type of assistance plan when mortgage payment aid is needed.
Homeowners do need to be aware of the fact that a trial modification is not a guaranteed solution, as some homeowners have had a variety of troubles when it comes to either qualifying for a trial, transitioning from a trial modification to a permanent plan in a timely manner, or there are also some individuals who have had trouble meeting their mortgage payment even when one of these reduced payment trial plans are in place. At the end of the day though, homeowners do need to address payment issues quickly as even a trial modification is not helpful homeowners do have alternative options from major servicers that can potentially benefit them when it comes to avoiding foreclosure.
Citigroup is one of the major servicers and that does participate in various loss mitigation efforts and assistance programs, but again, a federal home loan modification is not always going to benefit homeowners who are in need and it may require a private plan or a state program within a homeowner’s particular area to help them find affordability and avoid the loss of their home. Yet, some Citigroup homeowners may have alternatives to foreclosure as well, as there are some who are looking for short sale options when negative equity and financial distress happen to be in place and, for these Citigroup homeowners, there seems to be no plans that will be beneficial for their particular situation.
As always though, Citigroup homeowners who are currently pursuing a trial modification will need to make sure that they have their paperwork in order, focus on other areas of their financial life so that they can meet this trial payment option successfully, or homeowners and do need to speak to counselors if they are having trouble with the modification process and foreclosure prevention options that are in place from major banks that may potentially help them with their home loan situation.