On Wednesday, May 16th, we released two reports on the impact HUD-approved housing counseling has for those families who purchase their first homes and those struggling to prevent foreclosure. In both studies, we found housing counseling significantly improved the likelihood homeowners remained in their homes.
Specifically, we found that 35 percent of participants became homeowners within 18 months of pre-purchase counseling and only one of those buyers subsequently fell behind in their mortgage payments. The foreclosure counseling study revealed that with a counselor’s help, nearly 70 percent of those counseled obtained a mortgage remedy to retain their home. Read more about the studies.
In this week’s online resources round-up, we want to make sure you know how to reach a HUD-approved housing counselor who can help you with your specific housing situation.
- For advice on buying a home, search for a housing counselor in your area: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
- For around the clock free advice from housing experts call 888-995-HOPE (4673)
- If you’re facing foreclosure, search for a foreclosure avoidance counselor.
- To contact a HUD local field office go to: http://portal.hud.gov/hudportal/HUD?src=/localoffices
That’s it for today.