Foreclosure prevention efforts may be available through housing counseling available to homeowners from the reputable organizations which could help those in need either prioritize their budget and gain control over their finances or aid homeowners through the home loan modification process, which obviously can offer a more affordable mortgage payment and foreclosure prevention options as well.
Homeowners who are troubled with their finances due to economic factors or issues like unemployment have typically turned to the federal home loan modification program as a way to find a solution to their mortgage predicament. Yet, there are numerous homeowners who have given accounts of difficulties within the modification program, dealing with servicers, or simply qualifying for a trial home loan modification.
For this reason, grants were recently given to various housing counseling agencies and credit counseling organizations to assist homeowners with their finances in the hopes of preventing more foreclosures in 2011. There are reports which indicate that over half of homeowners who are counseled have been able to remain out of a serious delinquent situations or foreclosure, which made bode well for housing counseling to homeowners who may be struggling.
Essentially, approved housing counselors, like those from HUD or recognized by the Making Home Affordable Program, may be able to offer more homeowners not only practical information on making their mortgage payment or finding more affordability in their home loan concerning their particular situation, but when it simply comes to what is needed to qualify for a federal mortgage assistance plan or an alternative assistance program, these counselors may be able to help organize homeowners in a way that allows them to qualify for this aid in a timely manner.
Obviously though, home loan counseling is not a guarantee and should not be used by homeowners unless research has been done. There are, again, benefits which homeowners have seen from home loan counseling, but there are also fraudulent organizations which have looked to take advantage of those who are in a bad situation and have done so by falsely offering housing counseling through their company.
Resources from the Better Business Bureau, the Housing and Urban Development or the Making Home Affordable website, or even Google can offer not only suggestions for housing counselors in particular areas, but they may also be able to offer reviews or ratings on various housing counseling agencies, provide proof of accreditation or certification, and essentially allow homeowners considering a particular home loan counseling organization to see what past consumers have said.
Again, housing counseling is not a guarantee, but homeowners who are having trouble making their mortgage payment and may be facing further trouble with their home have been advised to either contact their mortgage servicer directly or speak with an approved housing counselor about getting mortgage assistance or beginning the home loan modification process.