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Housing Counseling Saves Homes

Posted on 24. May, 2012 by

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This recently released HUD study, Foreclosure Counseling Outcome Study: Final Report, shows that foreclosure prevention counseling helps homeowners keep their homes. This backs up what we at the Fair Housing Action Center have been saying for years: housing counseling works, and more funding needs to be made available for programs like the Homeownership Protection Project that help prevent unnecessary foreclosures.

According to the study, most homeowners attempted to contact their mortgage company when they fell behind on their mortgage, but were unsuccessful in negotiating with their mortgage company on their own. With the help of a certified housing counselor, 69% of participants were able to resolve their delinquency and become current on their loan. Homeowners who sought counseling before becoming delinquent had the best chance of staying current on their mortgage, with nearly 70% still in their homes 18 months later.

The results of the study match what our counselors see every day. Almost every client who walks through our door says they have tried unsuccessfully, sometimes for years, to get their mortgage company to help them. When they come to us often they are tired of the hassle and the repeated requests for the same information. They want to know what we, as housing counselors can do. Well, here is your answer. We can help get the mortgage companies to respond, and to offer reasonable assistance to homeowners.

While we can’t guarantee that a homeowner will receive a loan modification (only a mortgage company can make that decision), we can assure each client that working with our counselors will likely give them the best opportunity to qualify for a loan modification and be able to remain in their homes.

 

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