A growing number of government studies show that if a homeowner in distress seeks out housing counseling, the odds of the borrower receiving a loan modification or work out plan brings better and more sustainable terms. In a news release by HPF (Homeownership Preservation Foundation), an independent national nonprofit dedicated to helping distressed homeowners navigate financial challenges and avoid mortgage foreclosure released survey findings underscoring a surprising level of financial optimism among home buyers who call HPF for foreclosure prevention counseling.
Despite a majority (52%) of survey respondents reporting a significant decline in their household income compared to a year ago and 88% reporting anxiety around their ability to make payments on their debt, nearly three-quarters (71%) of survey respondents said they are confident that they will be in their home 12 months out. Nearly three-fifths of respondents (58%) said that they expect their personal financial situation to get better over the next year. An expected reduction in mortgage payments (41%), a new job (19%), or an increase in wages (12%) was the most common reason cited for the anticipated improvement to their personal finances.
The takeaway for homeowners, there is help for you. For a list of non-profit housing counseling in your area, you can visit HUD.gov.
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