Nearly four million homeowners will face foreclosure this year. Research shows that housing counseling offers the best chance of homeownership preservation and that struggling homeowners who participate in housing counseling services are 60% more likely to avoid foreclosure. That’s why thousands of financially distressed homeowners call HPF’s Homeowner’s HOPE Hotline at 888-995-HOPE™ every single day to get reliable, free foreclosure prevention counseling and advice.
Did you know:
- Seventy-one percent of those homeowners counseled by our Homeowner’s HOPE Hotline reported that they were still in their home one year later.
- Homeowners who receive counseling are 1.7 times more likely to cure their foreclosure (return the loan to good standing) than those who do not receive counseling.
- Housing counseling consistently increases the likelihood that the homeowner will be granted a loan modification (200 percent higher probability).
- Counseled borrowers received more favorable terms on their loan modifications compared to uncounseled borrowers (on average, $110 lower monthly payment and five basis points lower interest rate).
- Homeowners already seriously delinquent on their loans were 60% more likely to avoid foreclosure after meeting with a counselor.
- Homeowners who received modified loans after being counseled had their mortgage payments lowered an additional $267 more than those who got modifications without being counseled.
Click here for more compelling reasons to seek foreclosure prevention counseling from HPF.