Nonprofit credit counseling services can help consumers in a variety of ways, one of which being home loan assistance, as these services can help homeowners either find ways to make their mortgage more affordable or, in the past, some mortgage counselors have helped homeowners through the modification processes and have allowed them to enter into a foreclosure prevention program. Obviously, some homeowners have needed assistance when it comes to making their way through the Making Home Affordable Program, but others may have benefited from credit counseling simply because their counselor was able to help them formulate a budget which allowed them to meet their mortgage payments more affordably.
Since these counseling agencies have been helpful for some homeowners, there have been grants awarded to housing counseling organizations which may help when it comes to offering more assistance to homeowners in need. These grants awarded to housing counselors are also not only benefitting homeowners in terms of foreclosure prevention, but also these organizations can help renters and a homebuyers in the purchase of a new home.
Obviously, these credit counseling organizations which offer housing counseling are typically deemed as reputable organizations due to the fact that they are reviewed by the Department of Housing and Urban Development. Over the past months, there have been homeowners who were taken advantage of by fraudulent housing counselors or debt relief agencies, which have put them in a worse position concerning their home loan.
Scams related to home loan modifications also arose and, in some areas, are still a problem, so homeowners who are in a difficult financial position and are seeking counseling for their home loan situation have been advised to be either consult HUD-approved housing counselors or simply research a credit counseling organization either online or from sources like the Better Business Bureau.
It needs to be understood that homeowners who seek out housing counseling from these organizations are not guaranteed to keep their home or find affordability in their monthly mortgage payment, as there are some individuals who are simply in a position where there is little that can be done. However, when it comes to seeking guidance in the modification program or with general home loan financial concerns, these institutions have helped homeowners over the past months and, it is suggested that homeowners who wish to speak with a counselor, do so before their financial position becomes to dire and helpful solutions may be unavailable.