Troubled homeowners who receive housing counseling are 60 percent more likely to avoid foreclosure and have their mortgage payments lowered significantly than borrowers who navigate the process themselves, according to a study to be released Wednesday.
The study, by the D.C.-based Urban Institute, examines the effectiveness of the government-funded National Foreclosure Mitigation Counseling program, established in late 2007 to counter growing foreclosure rates. More than $300 million has been awarded to 1,700 nonprofit housing-counseling agencies since December 2007 to hire staff and conduct outreach to troubled borrowers.
In the Washington area, HomeFree-USA in Maryland and the Latino Economic Development Corp. and the Greater Washington Urban League in the District have received funding through the program.
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This is something very useful and necessary. People use to get a little crazy without assistance when foreclosures come. With a counseling help, things can really be easier!