Citigroup homeowners who were pursuing a federal home loan modification, in some situations, have fallen into foreclosure but according to the most recent Treasury Department reports that were released here in November more positive data has been seen. While foreclosure starts and completions are something that countless homeowners are attempting to avoid, it does need to be remembered that homeowners are still struggling in a variety of ways and, as a result, starts and completions in the foreclosure process have continued to edge up for many major financial institutions when it comes to homeowners who were unsuccessful at getting a modification.
Yet, there are still opportunities for Citigroup homeowners, and many others with a variety of servicers, to find the assistance they need, despite the fact that we have seen some increases in foreclosure starts, completions, or even homeowners filing for bankruptcy. However, Citigroup did see some potential positive movement, as foreclosure starts and completions did decrease for homeowners whose trial modification was canceled as the data given to us showing activity between July and August indicated that foreclosure starts with Citigroup decreased from 9,428 to 9,410, and completions during the same timeframe decreased from 2,047 to 2,043.
However, the number of foreclosures completed for homeowners who are not accepted for trial modification with Citigroup did increase from 7,184 to 7,397 between July and August 2011, but the number of foreclosure starts decreased from 7,025 to 6,955. Obviously though, homeowners in these specific categories within the modification program are not the only ones with Citigroup, or any other servicer, who are seeing foreclosures as a problem, as numerous homeowners who may not even qualify for a modification, may not apply for home modification plan, or who may pursue an alternative mortgage assistance program may also find themselves in a position where they face foreclosure as well.
Since foreclosures are predicted to rise in the coming months, it does need to be understood that homeowners may not be in a position to benefit from assistance plans, despite the fact that there are a wide range of programs that are currently in place, have been improved upon, and may potentially offer the benefits that homeowners need when it comes to avoiding the loss of their home. Yet, homeowners are still being urged to act quickly if financial problems arise as those with any servicer participating in a modification plan and do not necessarily have time to waste, in terms of attempting to stay afloat when financial problems have arisen, and in the past homeowners may have drained their savings or saw financial setbacks in other areas of their life as a result of attempting to pay their mortgage.
While the modification program is still in place to help homeowners and has become one of the primary resources that homeowners turn to, many officials feel that more needs to be done by way of helping homeowners for this initiative, and despite the fact that there are some servicers still seeing positive results and are being deemed by the Treasury Department to have an efficient program, homeowners do need to understand that they have to look at all aspects of foreclosure prevention, in terms of plans available, so they can make the best decision for their specific situation.