| May 25, 2016

Home Retention Options Help You Avoid Losing Your Home

Families facing foreclosure have real options that can really save their homes.

If you’re financially distressed right now and worried about foreclosure, a new report from the Federal Housing Finance Agency has some good news about the future of your home. According to their 2016 Foreclosure Prevention Report released this month, you’re more likely to find a way to save your home than you are to actually lose it through forfeiture.

How so?

Since the start of the real estate crisis in September 2008 through February 2016, for every one home lost to forfeiture, five homeowners were able to find a home retention solution that allowed them to keep their homes and regain control of the runaway mortgages.

During the time period stated:

  • 03 million homeowners worked with Fannie Mae and Freddie Mac to find home retention solution that allowed them to keep their home. These solutions include loan modification, forbearance plans and repayment plans.
  • By contrast, only 664,846 homeowners used a solution that required the owner to forfeit their home. These solutions include short sales and deeds-in-lieu of foreclosure.

So for every one homes forfeited to avoid foreclosure, five were saved from foreclosure and the homeowner was able to stay put – in other words, most people ended up with the best case scenario.

“It’s fabulous to see so many homeowners finding retention solutions that give them the best result possible to avoid foreclosure and keep their family in the home,” says Maria Gaitan, Housing Director for Consolidated Credit. “And this shows how beneficial it can be to work with a HUD-certified housing counselor when you’re facing a period of financial distress that puts your home at risk of foreclosure.

Housing counseling is a service provided by HUD-authorized counselors who are certified to work with homeowners in your state. Counselors provide everything from homebuyer education to home retention counseling.  In home retention, they’re specifically trained to help homeowners understand and explore options for home retention that the owner may have struggled to find on their own.

“As a lay person, you may not be aware of all of the options available for home retention when you get into a period of financial distress, particularly all of the federal and state programs available these days to help homeowners save their homes,” Gaitan explains. “So a HUD-certified housing counselor can be invaluable to help you explore options and identify the right solution to use in your circumstances.”

If you’re currently struggling to save your home from foreclosure, don’t do it alone. Call 1-800-435-2261 to get a free, confidential consultation with a HUD-certified housing counselor today.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

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