"Counseling Helps Borrowers Avoid Foreclosure"... that's the headline from the Washington Post yesterday, reporting on a new study conducted by the Urban Institute of Washington D.C.
The study has found that borrowers who sought out counseling, even though they were already seriously delinquent on their mortgages, were SIXTY PERCENT MORE LIKELY to avoid foreclosure after meeting with a counselor than those who don't.
In addition... those clients that worked with a non-profit housing counselor, and received a loan modification from their lender, had their payments reduced... on average $454.00 MORE than those homeowners that received a loan modification without the assistance of a counselor.
None of this surprises us here at the MN Home Ownership Center. The Center's Executive Director, Julie Gugin says:
We've known through our extensive work with foreclosure prevention that personalized counseling is the most cost-effective way to address the mortgage crisis. This report underscores the work of dedicated non-profit counselors throughout the country.
If you, or someone you know, is struggling with to keep up with their mortgage payments, or is worried about a FUTURE payment... don't delay contact a Housing Counselor that specializes in foreclosure today! To contact your local Counselor, click here.