Many of the people we have covered with mass amounts of debt have turned to credit counselors to pay off their debt. So why not do the same to avoid foreclosing on your home?
A study released today revealed that housing counselors are helping troubled homeowners avoid foreclosure and lower their monthly payments.
The study found that homeowners facing foreclosure are 60% more likely to hold onto their homes if they received counseling. The study performed by the Urban Institutes also discovered that borrowers who received counseling were able to obtain loan modifications with payments $454 lower than those who did not use a counselor.
So far 750,000 people have received counseling under the program, which is administered by Neighbor Works America.
Remember if you are approached for counseling to help prevent you from a foreclosure be sure the counselors are approved by the federal Department of Housing and Urban Development. Counselors who are approved do not charge for their services.
Are you facing a foreclosure? Have you reached out to a counselor to help you avoid foreclosure? Tell us about your experience.
No comments:
Post a Comment