Financial Guidance: More than Just Getting Your Mortgage on Track
Within the last two weeks, more than four million families who were hurt by unfair foreclosure practices and had requested remediation through the OCC’s Independent Foreclosure Review (IFR) program received postcards about anticipated settlement checks to compensate them for some portion of their loss. HPF’s HOPE Hotline is listed as a source of information for anyone who might have questions about the IFR program.
But there’s another reason IFR letter recipients — or anyone looking to get their finances back on track — should consider calling our housing counselors at 1-888-995-HOPE for assistance.
Although many people know about HPF for the foreclosure counseling work we do, our mission is quite broader than that. It’s about helping homeowners get all their finances back on track. After all, rarely is it just the mortgage keeping distressed homeowners awake at night. It’s also the maxed-out credit cards, dwindled savings account, high-interest-rate store credit card balances, the unavoidable student loan payments, the unpaid utility bills, and past-due car loan obligations, too. Such daily financial stress is an all-too-common reality for many American households.
Ideally, to help fix the one is to address the others — and that’s what HPF counselors do through our comprehensive counseling service (which is also free of charge). And it truly can help.
What exactly is comprehensive financial counseling (or as we prefer to call it, “financial coaching”)?
At HPF, it means working with a trained, professional financial coach over the phone to figure out a realistic budget and action plan that takes into account all your expenses and gets you to your financial goals at a pace that makes sense for you. HPF’s coaches can help you figure out which bills to pay down first, which credit cards to use only in emergencies, and help create a realistic monthly budget that allows homeowners to remain current on all of their monthly obligations. The coaches’ insights can be of particular benefit to consumers who receive one-time, lump-sum funds — such as an IFR settlement check, to bring this discussion back full circle — and aren’t sure how best to allocate them across their financial obligations.
While the coach helps with the immediate need of making a workable plan, it’s equally important to point out that he or she also gives you the insights and financial wisdom you need to make better educated decisions on your own about your personal finances for the long term.
If financial coaching sounds like it can help you, please give us a call. There are no lectures or harsh judgments on how you’re spending your money — just independent, confidential guidance and support.