While it’s often stressed when speaking of foreclosure prevention assistance programs, some homeowners overlook housing counseling assistance that may be available to homeowners who are looking to explore programs that may range from the Making Home Affordable Program, state-specific housing assistance initiatives, or other forms of loss prevention aid that can help homeowners in a financially distressed situation, so the Treasury Department and the Department of Housing and Urban Development have stressed these resources here in September in the hopes that more homeowners will find the information they need.
Obviously, homeowners who have been financially troubled for quite some time may be well-versed in programs like HAMP and exactly how a home loan modification will work. Yet, as we continue to see homeowners fall into financial problems resulting from issues in the housing market or job market, there are those who are simply unaware of the numerous programs that servicers may be able to offer specific homeowners to address needs that will help them avoid foreclosure.
Homeowners may be able to contact representatives from the HOPE Hotline or research aid online from reputable websites like the Making Home Affordable site or directly from resources like HUD. For some reason though, there are homeowners who do not take advantage of these plans, which has been confusing for some officials due to the fact that homeowners may qualify for free housing counseling that could potentially save their home through lower mortgage payments or even forbearance periods to help those homeowners who are unemployed.
Yet, homeowners may also want to contact their mortgage servicer as many of the major banks who are addressing homeowner payment issues have had different conferences held throughout the country in major cities that can allow homeowners to address issues or speak with a representative one-on-one. Some of these housing counseling events can not only help homeowners by putting them directly in contact with resources from their bank but there are some cases where representatives from the FHA or HUD will also be available to address any homeowner questions.
While housing counseling is not a guarantee, many officials want consumers to be aware of these resources, which is one of the reasons that the Treasury Department and HUD are trying to make more homeowners aware of these options, as each situation a homeowner may face could be different and not all programs offering loss prevention assistance will help, so homeowners can get more informative guidance from these resources that will potentially point them in the right direction, answer questions they may have, or help them begin the process of applying for one of these foreclosure prevention plans.