The latest round of funding will go to support the Homeowner Protection Program (HOPP), which is a statewide network of nearly 90 housing counseling and legal services agencies that provide free, high quality assistance to help struggling homeowners avoid foreclosure and stay in their homes.
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Nearly $6 million of the total $42 million will directly support the housing counseling services provided by 33 national and regional organizations, six multi-state organizations, 20 State Housing Finance Agencies (SHFAs), and 248 local housing counseling agencies.
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Housing counselors‒‒which can be the lenders themselves‒‒can provide advice on buying a home, renting, defaults, foreclosures, and credit issues at little or no cost to consumers. The Dodd-Frank Act of 2010 included a requirement that mortgage lenders provide applicants with a list of local housing counselors, which consumers are to receive shortly after they apply for a mortgage.
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