Tag Archives: Housing Counseling

HUD and NeighborWorks have extended the deadline for homeowners who have experienced a loss of income to apply for the Emergency Homeowners' Loan Program (EHLP). The new deadline is Wednesday, July 27. The cut-off date had originally been set for Friday, July 22. EHLP assists homeowners who are at risk of foreclosure due to involuntary unemployment or underemployment as a result of the economy or a medical condition. Qualifying homeowners are awarded an interest free loan to pay a portion of their monthly mortgage for up to two years.

Financial Literacy Solutions LLC (FLS) is providing a video solution for loan mediation to Consolidated Credit Counseling Services, Inc. FLS offers Web-based custom videos and automated forms and materials that enable the borrower to learn about the mediation process. Consolidated Credit says as more states across the nation enact regulations that require mediation as part of the default process, it has seen demand for counseling services rise dramatically.

Housing counseling increases the likelihood that a homeowner will be granted a loan modification by 200 percent, according to a research study from the Federal Reserve. The central bank also found that counseled borrowers received more favorable terms on their loan modifications compared to borrowers who go it alone. The Homeownership Preservation Foundation says these, among other findings, show that mortgage counseling works, but the availability of these services are in jeopardy due to federal budget cuts.

Wells Fargo will host a home preservation workshop in Irvine, California, this week to assist Wells Fargo and Wachovia customers in Southern California who are facing financial hardships. The two-day event begins Wednesday. Borrowers attending the event will meet with home retention team members to obtain loan modifications or pursue other foreclosure prevention options. Bilingual representatives are also available to assist borrowers.

Unemployment has pushed many homeowners to the brink of foreclosure. Housing analysts have become especially vocal about the effect of extended periods of joblessness on mortgage performance. The average duration of unemployment was 40 weeks in May. On Monday, HUD and NeighborWorks announced the roll-out of the Emergency Homeowners' Loan Program (EHLP) to 27 states and Puerto Rico, extending over $800 million to assist homeowners at risk of foreclosure because of a reduction in income.

CitiMortgage and the North Texas Housing Coalition, a non-profit organization dedicated to improving and increasing affordable, working class housing in North Texas, are hosting a free homeowner assistance event in Dallas for distressed homeowners Tuesday. Part of the Citi Road to Recovery Homeowner Assistance series, the event is open to all homeowners struggling to make mortgage payments.

Iowa Attorney General Tom Miller wants lawmakers to extend a state law that requires creditors to provide notices of free, confidential mortgage counseling services to homeowners in the state facing foreclosure. Under a law that expires July 1, lenders must inform delinquent borrowers about Iowa Mortgage Help, a provider of counseling and mediation services for struggling homeowners to help them pursue an alternative to foreclosure.

Equi-Trax Asset Solutions LP says it has surpassed industry expectations with the high percentage of right party contacts (RPCs) it achieves during its first visit to a borrowers home. An RPC is a successful effort by a loan servicer to speak with a borrower about resolution of a delinquency. The company says its success hinges on hiring qualified and skilled people to work as field agents who also have knowledge of the mortgage business.

NeighborWorks America announced this week that $67.7 million has been awarded to 37 state housing finance agencies, 17 HUD-approved housing counseling intermediaries, and 84 community-based organizations to provide counseling to homeowners facing foreclosure. Demand for this latest round of grant money exceeded the amount of funding available, with more than $212.7 million requested from eligible applicants. NeighborWorks estimates the money will support assistance for nearly 184,000 families facing foreclosure.

IndiSoft announced Tuesday that its workflow technology now assists housing counseling agencies with internal operations and communications. Housing counselors provide consumers with advice on housing options as well as information regarding defaults, foreclosures, and credit issues. IndiSoft explained that its RxOffice Premium Counselor Edition provides case and document management features customized for counselors and allows them to more effectively communicate with both financially troubled consumers and servicers.