Homeowners with Citigroup needing a home loan modification or who are struggling with an underwater mortgage may be able to find the help they need in the Obama home loan modification program. Many lenders like Citigroup are still using plans within the home loan modification program to assist homeowners.
Trouble for homeowners range from underwater mortgages, which is where a homeowner owes more on their home then the home is worth, or simply a homeowner being unable to afford their home loan payment due to unemployment or financial trouble.
There are programs like a loan modification, principal reduction, or an unemployment forbearance option for homeowners who are having trouble, yet not all lenders are participating in all of these plans.
Some lenders are using in-house programs to deal with underwater mortgages and homeowners who are having trouble with unemployment. There have been banks that say they do not want to use principal reductions as a means of assistance.
However, Citigroup has stated that they have used principal reductions and with their continued success in the home or modification program they are helping more homeowners each month afford their home loan payment.
While there is no perfect program or lender, as some homeowners have had a lot of trouble with big banks and the modification program, homeowners or being advised to contact their lender for the best options in dealing with mortgage troubles related to unemployment, home devaluation, or if they are simply struggling to make their mortgage payment
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