Call Maison Law 24/7

Citigroup Bankruptcies See Ups And Downs In Latest HAMP Information On Homeowners Unable To Find Aid

Bankruptcies for Citigroup homeowners saw mixed results in the latest Treasury Department reports for homeowners who were not successful at finding help through the federal Making Home Affordable modification program. Yet, this cumulative total that has been tracked for two categories of homeowners did see both positive and negative results as bankruptcies increased for certain homeowners while decreasing for others. Some homeowners feel that they are in a position where bankruptcy is their only option, and while there have been servicers in HAMP who have seen different results in terms of bankruptcies servicers have been urged to consider options that may go beyond modifications when it comes to helping them avoid such actions as foreclosure bankruptcy.

In the category of homeowners whose trial modification was canceled with Citigroup, the number of bankruptcies that were reportedly in progress, which have been tracked through the month of July, decreased from 3,651 in June to 3,640 in July. Yet, for homeowners who were not accepted for a trial modification, the number of bankruptcies during in the same timeframe increased from 8,771 to 9,175. Again, these cumulative totals indicate that there are still some homeowners who are pursuing bankruptcy after failing to get a modification, but this does not necessarily mean that foreclosure or bankruptcy is the only option homeowners have when it comes to finding security in their home loan.

Yet, many homeowners often turn to bankruptcy when other financial problems are in place, not simply a mortgage payment difficulty, and this may be an instance where homeowners could benefit from pursuing specific types of assistance plans that may be helpful that go beyond simple mortgage modification aid. As an example, if a homeowner with Citigroup or any other financial institution happens to be struggling with their mortgage payment, a modification can be beneficial but if credit card debt, personal loans, or other financial obligations may be causing homeowners financial problems as well, speaking with these lenders can potentially offer solutions that will make assistance plans available and helpful when it comes to aiding homeowners to avoid the loss of their home or other missed payments on certain debts.

While homeowners may be able to pursue options with their home loan payment needs through alternative plans or even state-specific plans, officials are still urging men and women who are struggling financially to make sure that they not simply rest on one specific program if they are unsuccessful and then resign themselves to bankruptcy or foreclosure, but speak with their servicer or other counseling agencies to inquire whether there may be ways to find a more affordable payment on their home loan or in other areas of their financial life as well.

Injured in an Accident?

Free consultation. Call Now.

Get a Free Police Report

"*" indicates required fields

Please let us know what's on your mind. Have a question for us? Ask away.
This field is for validation purposes and should be left unchanged.