Going it alone may not be the way to go if you want to hang on to your home in tough financial times, a new national survey says.
Homeowners working with certified housing counselors like Central Ohio non-profit Homeport are three times more likely to obtain a money-saving mortgage modification, according to a 240,000 households survey conducted for NeighborWorks America.
Individuals seeking help from housing counselors like those at Homeport are also twice as likely to catch up on missed mortgage payments – and 60 percent less likely to fall behind again, the study shows.
“The data confirms what we know locally, that organizations such as ours can make a major difference in keeping people secure in what is often their most important investment for a stable life,” said Homeport President/CEO Amy Klaben.
“Nearly 78 percent of our potential foreclosure clients we served in 2012 are still in their home,” said Laverne Price, Director of Homeport’s department of Learning and Engagement. “Another 4.2 percent of our clients were able to vacate in good standing through regular sales, short sales or deed-in-lieu.”
The NeighborWorks America survey was conducted by Washington, DC-based Urban Institute based on outcomes observed through June 2013. More than 1.8 million homeowners have been helped by NeighborWorks administered programs since 2008.
Homeport is a charter member of NeighborWorks America and a HUD-certified Housing Counseling Agency. Its Housing Advisory Center offers free counseling and programs on a broad level of financial matters including home buying, budgeting, financial planning, savings, banking, credit, taxes and insurance. To learn more how Homeport can assist you on home or other financial fitness matters, call 614-221-8889, ext. 134.