Citigroup Home Loan Modification
Despite the reported increase in mortgage modifications in the recent months, thousands of homeowners still feel shortchanged in certain services provided by their lenders.
Homeowners have carped on lenders like Citigroup Home Loan Modification for calling off trial modifications in their housing loans. The frustrated homeowners have figures to back up these claims.
In Citigroup alone, according to the Making Home Affordable servicer July report, the numbers of cancellations of trial modifications have escalated to 77,502, from 68,818 in June. Furthermore, lenders’ trial modifications are accused of putting the mortgage provider first, over the homeowners.
While homeowners may be outright denied of the benefit of a trial modification; some of those who were granted temporary modification may also still lose because they cannot catch up with the stringent pay requirements on the issued trial period.
Still, troubled homeowners can look at some hopeful options. Homeowners can run to the “Making Home Affordable Program” which offers alternative payments and other home loan modifications.
Outside this program, they can assume alternative payment schedules, if they are denied of trial modifications. Alternately, they may also jump at the chance of a short sale and deed, instead of diving into foreclosure plans that will risk them their homes.
Photo credit: The Truth About Mortgage
