If you or someone you know is having trouble paying each month’s mortgage payment, you may want to consider foreclosure prevention counseling.
Data released by NeighborWorks American finds that a homeowner working with a housing counselor is nearly two times more likely to avoid foreclosure than those who don’t. Counseled borrowers also tend to lower their monthly payments by nearly twice as much and are less likely to re-default after a mortgage modification.
Housing counselors are a part of the National Foreclosure Mitigation Counseling (NFMC) Program, which was created by Congress as a way of addressing the nationwide foreclosure crisis.
What do you think–will counseling help those who have difficulty paying their monthly mortgage bill?
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