Home Loan Assistance And Foreclosure Prevention Through Housing Counseling Programs

Assistance for homeowners through home loan aid and foreclosure prevention programs provided by various housing counseling agencies may be more available as housing counseling organizations have been offered additional funding from the Obama Administration as a way to assist more homeowners who are facing the loss of their home. A recent report has shown that $73 million in housing counseling grants were made to over 500 housing counseling agencies across the nation at various levels. Obviously, it’s hoped that these grants will go a long way in helping these institutions provide the foreclosure prevention assistance that homeowners need as housing difficulties and troubles within the employment sector still continue for many.

Options like the Making Home Affordable modification program and in-house home loan modification initiatives have helped homeowners in the past avoid the loss of their home by restructuring their payment obligations and giving them the opportunity to meet a lower payment from month to month. Obviously, by either extending a homeowner’s terms or lowering their interest rate, these programs have been beneficial for many who face foreclosure without some form of intervention on the part of their servicer.

However, it’s no secret that many homeowners have had difficulty when it comes to acquiring a home loan modification and there has been plenty of blame which has been thrown around. There are many homeowners who feel that the financial institutions who are charged with implementing modifications have simply not offered home loan assistance at a level that has helped the maximum numbers of homeowners who could have possibly avoided the loss of their home. Yet, there are many financial institutions who are having to cancel modifications during various parts of the process because homeowners are unable to make payments even with a reduction in their obligation.

Yet, home loan counseling has been helpful for numerous homeowners as there are different methods which have been used to address homeowner issues or assist individuals within the modification process. While home loan counseling is not a guarantee to preventing foreclosure, there are those who have reported that homeowners who receive home loan counseling do stand a better chance at acquiring a modification or finding affordability in their mortgage payment thanks to assistance from an outside source.

Also, these grants which were provided so that more housing counseling organizations can provide services are also hoped to benefit homeowners by simply helping them at different points along the homeownership road. Advice and guidance for individuals who are planning to purchase a home is available, money management assistance to help struggling families meet their mortgage payment and aid when it comes to navigating modification programs may also be beneficial to those who are facing financial struggles within their life. While, again, housing counseling cannot stop foreclosure in all cases, many of these counselors can not only help homeowners with their financial situation, in terms of aiding homeowners who are seeing difficulty related to various factors, but for those who are seeking out assistance from programs like modifications, there are reputable counselors available which may be able to guide these individuals through a foreclosure prevention program and help them avoid the loss of their home.