Foreclosure Counseling Improves Modification Chances

The foreclosure process is overwhelming and stressful for anyone involved. Why are so many homeowners struggling to find a solution on their own? Perhaps they are afraid of becoming victim of a foreclosure alternatives scam. Or maybe they lack the knowledge and understanding about their options and how to proceed. In either case, reports show that homeowners who received foreclosure counseling are more likely to successfully find help with their mortgage debts.

A Little Help

A report issued by NeighborWorks America suggests that homeowners who received counseling from the National Foreclosure Mitigation Counseling Program were twice as likely to receive mortgage relief compared to those who did not receive counseling from the program. Many of these homeowners were able to successfully receive loan modifications and nearly 67 percent were more likely to stay out of mortgage default. The report also stated that homeowners who were able to secure a loan modification obtained an average of $176 savings on their mortgage payment per month.

These findings highlight the necessity for homeowners to seek help when navigating the mortgage relief process. Whether they find help through a non-profit agency or a foreclosure lawyer, it is becoming clear that homeowners stand a better chance at success when they get educated and find good representation in the negotiation process.