Homeowners who are delinquent on their mortgage and are looking for ways to become current when they have fallen behind on these payments may be in need of housing counseling assistance to better explore all the options available for their specific situation. While this option is often mentioned when reports on home loan modifications are released, homeowners often overlook housing counseling aid as they may feel that they either do not need help from an outside service, feel that housing counseling will be costly, or are worried about scams that some homeowners have faced in the past.
Yet, the popular Homeowners’ HOPE Hotline has been made available to homeowners seeking a federal home modification and, for those who qualify, borrowers may receive free counseling assistance to guide them through programs that are currently available like home loan modification plans, options from the Hardest Hit Fund, or other initiatives that are in place within HAMP. These housing counselors can be helpful to homeowners simply because they are in a position to better analyze a homeowner’s situation and give them a broad spectrum of plans that could potentially help, as some homeowners who may simply work with their servicer could see only modifications offered as a solution for their financial troubles.
However, homeowners saw an increase in the total number of borrowers who were helped through free housing counseling assistance according to recent Making Home Affordable reports for the month of June indicated that there were a total number of 29,425 homeowners who had received this assistance, but the program total increased to 1,113,349, which was an improvement of over 29,000 homeowners from May’s program to date total.
Simply put, there are still homeowners who are seeing assistance being made available from these plans and there was even an increase in the number of calls that were taken by the Homeowners’ HOPE Hotline between May and June as well, so there appears to be a need that homeowners have still in place when it comes to helping them find foreclosure prevention help. Yet, homeowners may also want to check with their servicer or for any events that are being hosted by the FHA or HUD, as some homeowners have been able to attend housing seminars and get free housing counseling assistance through these events as well.
What homeowners want to be wary of is any assistance that may require them to pay fees up front, may ask that a homeowner sign over the deed to their home or any paperwork that may not be associated with their servicer, and it goes without saying that homeowners may want to avoid housing counselors that are not approved by resources like the HUD or the Making Home Affordable Program. Also, homeowners do need to remember that housing counseling assistance is not a guaranteed fix to their problem but with the proper research by homeowner and guidance by an accredited counselor, struggling men and women may be able to find better solutions for their mortgage payment assistance needs and avoid the loss of their home as a result.