Home Loan Modification – CitiMortgage of Citigroup Tops the List
Posted on | January 24, 2010 | 1 Comment
The home loan modification program was created by Pres. Obama to help homeowners avoid foreclosure and stay in their home. At the present time CitiMortgage of Citigroup is topping the list of mortgage lenders who are modifying home loans. The Making Home Affordable loan modification program has had much criticism over the last several months but lenders are working hard to modify home loans.
CitiMortgage of Citigroup has has some of the best performances when it comes to modifying home loans. Many major mortgage lenders have struggled and no lenders are hitting it out of the park but currently CitiMortgage tops the list of major lenders that are completing home loan modifications.
One of the largest criticisms of the Making Home Affordable program was that lenders and borrowers did not understand the paperwork that had to be submitted. Once homeowners are in a temporary modification they must submit paperwork for up to six months. During the six-month period of many homeowners did not submit the proper paperwork and lenders did not know what options they had.
Many lenders have publicly stated that they are going to work much harder in 2010 to get homes permanently modified. All major lenders are expected to participate in this program so no one should be left out. If you have had trouble getting your home loan modified then you might want to access the Making Home Affordable website.
The Making Home Affordable website is quite extensive and will give you all the information you could possibly need. By devoting several hours of time to this website you will likely find the mistakes you have made and the possible errors that your lender has made. This will greatly help you to get your home loan permanently modified and help to avoid foreclosure in 2010.
Author: Jeremy North
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One Response to “Home Loan Modification – CitiMortgage of Citigroup Tops the List”
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February 1st, 2010 @ 1:39 pm
I have to strongly disagree with you. I originally submitted a HAMP app 4/29/09. On/about 5/19/09, after calling several times, I talked to someone, who took all app info again (took about 2 hours-system went down). During this process, I was given erroneous information by several individuals (could skip 1 trial payment, could only mail trial payments, for examples) was notified that my 140 paper app was lost in 9/09 & had to be resubmitted and found that I did not qualify on 12/4/09 when I called to make my payment. I also perform property inspections as an independent contractor (secondary income) and basically get the similar feedback from the many homeowner contacts I’ve made. By the way, one of the options listed on the Making Home Affordable website is a reduction in principle by your lender. I was told flatly “that CitiMortgage does not do this” when I asked about this in early Dec. And, before I entered into this program, I had no 30 day lates, but now I DO and have received preliminary foreclosure paperwork due to this. I know there’s two sides to every story, but I wish I had taped every phone conversation w/Citi, so that I could legally make a big stink about my situation!