The Department of Housing and Urban Development (HUD) is offering homeowners a resource designed to help avoid foreclosure.
Officials said the agency’s Homeowners Guide to Success serves as part of a public-private partnership between federal agencies and industry partners, providing homeowners with information on the first steps to take if they are at risk of missing a mortgage payment or facing foreclosure.
“This guide arms consumers with easy to understand, reliable information about the assistance available to help them keep their homes,” HUD Secretary Ben Carson said. “Valuable information like this can make a tremendous difference in the lives of homeowners who may be faced with foreclosure.”
As families recover from recent hurricanes and are more likely to be targeted by scams, a HUD-approved housing counselor can assist them through the process of purchasing or keeping a home, officials said. Independent research showed borrowers working with a HUD-approved housing counseling agency are more likely to avoid foreclosure than borrowers who do not seek housing counseling.
“Steering consumers away from fraudulent schemes is especially important when they are already facing the difficult situation of not being able to make their mortgage payment,” Sarah Gerecke, HUD’s deputy assistant secretary for the Office of Housing Counseling, said.
HUD officials said the guide ensures homeowners would have resources at their fingertips, covering the value of HUD-approved housing counseling agencies, who offer free assistance to consumers and help borrowers find housing counselors and avoid scams.