Homeowner Options For Housing Counselors When Seeking A Home Loan Modification

Homeowners who have attempted to avoid the loss of their home through a home loan modification have had trouble in some cases as there are homeowners who have had a difficult process concerning a home loan modification and foreclosure prevention efforts. However, a recent article on Housingwire.com made mention of the report which has stated that homeowners who work with a housing counselor were twice as likely to receive a modification and have a better chance at avoiding a redefault on their home loan.

The process of acquiring a home loan modification can be quite complex and troubling for homeowners who are also dealing with the stress related to having missed payments on their home loan, financial troubles and the possibility of foreclosure. Some financial institutions have been criticized by homeowners for losing paperwork, keeping homeowners in an extended modification trial, or simple disorganization concerning a homeowner’s personal modification process, but these issues may be corrected or properly combated through proper housing counseling.

While a housing counselor who may be able to assist a homeowner with a home loan modification is no guarantee when it comes to finding affordability in one’s mortgage payment and avoiding foreclosure, this form of assistance has helped homeowners when it comes to simply dealing with the requirements of applying for and wading through the modification process.

Organizations like the Homeownership Preservation Foundation and housing counselors approved by the Department of Housing and Urban Development are just a few of the options homeowners have when it comes to seeking assistance for their home loan modification needs. Understandably, these counselors may provide more insight and organization for homeowners who are simply at a loss for what steps to take to acquire a home loan modification or what options may be available to make their home loan more affordable in particular situations.

However, housing counselors are available from a wide number of sources, but homeowners have been cautioned against scams which may be perpetrated by fraudulent organizations. Typically, homeowners who deal with approved housing counselors should have little trouble, yet an organization outside of the Making Home Affordable Program or other federal government agency should be researched by homeowner to avoid any troubles related to foreclosure scams.

Again, housing counseling has helped homeowners avoid the loss of their home through a modification or other form of assistance, but there is no guarantee and homeowners have been prompted to contact counselors early if they foresee financial troubles related to their mortgage on the horizon or in the very near future, as this may help counselors find an affordable solution before a situation becomes too overwhelming.