Banking News: Citigroup’s (NYSE: C) Home Mortgage Affordability Program Data for December 2009 Released
Citigroup’s (NYSE: C) numbers under the Making Home Affordable loan modification program through December of 2009, showing an increased number of temporary modifications, but still relatively few permanent loan modifications.
Previously, the number of permanent home loan modifications that Citigroup made under the Making Home Affordable Program showed that Citigroup’s CitiMortgage had made just 271 modifications for permanent homeowners. The newly released data indicates that Citigroup has made 4,999 permanent home loan modifications under the Making Home Affordable home loan modification program, which is an improvement, but Citigroup has a long way to go..
Citigroup had 100,126 active trial modifications in place in November of 2009 and increased that number to 107,999 in December of 2009. The company has done a relatively good job of getting homeowners into trial modifications, but like many other banks in the Making Home Affordable Program, has failed to turn any significant percentage of those modifications into permanent modifications.
The number of homeowners that qualify for the program increased slightly during the month of December. 241,981 homeowners that have CitiMortgage loans now qualify for the Making Home Affordable Program, which is an increase of about 4% from November’s data.
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Great post but complicated to understand since I am from Faroe islands ;-) 
What would be your top three tips for anyone new to this topic?
Regarding Citigroup-By government stats, Citi has received in excess of 2 BILLION dollars to facilitate loan modifications for homeowners. To date they have 4,999 permenant modifications and 107,999 “trial” modifications completed. This all sounds great until you do the math. 2 billion/112,998 calculates out to over $18,500 PER modification that Wells has received. Keep in mind that government stats also indicate that 75% of “trial” mods fail.
The simple fact that everyone wants to ignore is this- When it comes to a loan modification you need PROFESSIONAL help. And I don’t mean some sketchy “lawyer” based (this is a scam) company.
There is a great article about illustrating this at
http://www.pmcloanmodification.com/loan-mod-ind...
People don’t seem to understand that taking 7 months to get (or not get as indicated in comments here) a loan modification has an associated cost. For example if your note is 200k and you payment is 1500/month but you haven’t been paying for the 7 months you have been trying to get a loan mod on your own-well you just racked up an additional $10,500 in debt. In otherwords your note is no longer 200k it is now $210,500. So the free route of “doing it yourself” is not really very free.
If you need a real loan modification do some research, some due dilligence, and hire a REAL professional. If you are considering hiring a company make sure you do a google search on them first to see if there are any complaints or scam reports against them prior to talking with them.
good luck
Regarding Citigroup-By government stats, Citi has received in excess of 2 BILLION dollars to facilitate loan modifications for homeowners. To date they have 4,999 permenant modifications and 107,999 “trial” modifications completed. This all sounds great until you do the math. 2 billion/112,998 calculates out to over $18,500 PER modification that Wells has received. Keep in mind that government stats also indicate that 75% of “trial” mods fail.
The simple fact that everyone wants to ignore is this- When it comes to a loan modification you need PROFESSIONAL help. And I don’t mean some sketchy “lawyer” based (this is a scam) company.
There is a great article about illustrating this at
http://www.pmcloanmodification.com/loan-mod-ind...
People don’t seem to understand that taking 7 months to get (or not get as indicated in comments here) a loan modification has an associated cost. For example if your note is 200k and you payment is 1500/month but you haven’t been paying for the 7 months you have been trying to get a loan mod on your own-well you just racked up an additional $10,500 in debt. In otherwords your note is no longer 200k it is now $210,500. So the free route of “doing it yourself” is not really very free.
If you need a real loan modification do some research, some due dilligence, and hire a REAL professional. If you are considering hiring a company make sure you do a google search on them first to see if there are any complaints or scam reports against them prior to talking with them.
good luck
Regarding Citigroup-By government stats, Citi has received in excess of 2 BILLION dollars to facilitate loan modifications for homeowners. To date they have 4,999 permenant modifications and 107,999 “trial” modifications completed. This all sounds great until you do the math. 2 billion/112,998 calculates out to over $18,500 PER modification that Wells has received. Keep in mind that government stats also indicate that 75% of “trial” mods fail.
The simple fact that everyone wants to ignore is this- When it comes to a loan modification you need PROFESSIONAL help. And I don’t mean some sketchy “lawyer” based (this is a scam) company.
There is a great article about illustrating this at
http://www.pmcloanmodification.com/loan-mod-ind...
People don’t seem to understand that taking 7 months to get (or not get as indicated in comments here) a loan modification has an associated cost. For example if your note is 200k and you payment is 1500/month but you haven’t been paying for the 7 months you have been trying to get a loan mod on your own-well you just racked up an additional $10,500 in debt. In otherwords your note is no longer 200k it is now $210,500. So the free route of “doing it yourself” is not really very free.
If you need a real loan modification do some research, some due dilligence, and hire a REAL professional. If you are considering hiring a company make sure you do a google search on them first to see if there are any complaints or scam reports against them prior to talking with them.
good luck