More Money for Foreclosure Prevention
Many American families will have a greater opportunity to find housing or keep the homes they have because of $50 million in housing counseling and counseling training grants announced by HUD's Secretary, Steve Preston.
Housing counseling grants will assist families in becoming first-time homeowners and remaining homeowners after their purchase. HUD-approved counseling agencies provide homeownership counseling and offer financial literacy training to renters and homeless individuals and families.
National and regional agencies distribute much of HUD's housing counseling grant funding to community-based grassroots organizations that provide advice and guidance to low- and moderate-income families seeking to improve their housing conditions. In addition, these larger organizations help improve the quality of housing counseling services and enhance coordination among other counseling providers.
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The organizations that provide housing counseling services help people become or remain homeowners or find rental housing, and assist homeless persons in finding the transitional housing they need to move toward a permanent place to live. Grant recipients also help homebuyers and homeowners:
- Realistically evaluate their readiness for a home purchase
- Understand their financing and down payment options
- Navigate what can be an extremely confusing and difficult process
In addition, grantees help combat predatory lending by helping unwary borrowers avoid unreasonably high interest rates, inflated appraisals, unaffordable repayment terms, and other conditions that can result in a loss of equity, increased debt, default, and even foreclosure. Likewise, foreclosure prevention counseling helps homeowners facing delinquency or default employ strategies, including expense reduction, negotiation with lenders and loan servicers, and loss mitigation, to avoid foreclosure. To learn more visit The Hud Website today and find your local or state agent.
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