HUD Secretary and Congressman Discuss Refinancing Solutions

Housing and Urban Development Secretary Shaun Donovan and Congressman Alcee L. Hastings convened a roundtable discussion at Consolidated Credit on June 15, 2012 to announce President Obama’s proposal to help millions of homeowners who are underwater on their mortgage.

At the meeting, Donovan outlined the main points of the housing bills proposed to Congress, emphasizing that if approved, they will lower foreclosure rates and improve Florida’s economic situation. The roundtable included a diverse group of community stakeholders and focused on the Obama Administration’s actions to address the housing crisis.

The proposal focuses on extending refinancing opportunities for homeowners. President Obama has asked Congress to make things simpler for responsible homeowners as part of his “To-Do List” for lawmakers. Part of the proposal will allow responsible homeowners to save thousands of dollars each year by lowering monthly payments and foreclosure rates, and propelling property values throughout the nation. The proposal will give families access to simple, low-cost refinancing and help rebuild home equity lost during the housing crisis.

“It’s crucial that homeowners seek professional housing counseling when faced with foreclosure,” Joseph Cvelbar, director of Consolidated Credit”s housing counseling department, said. “There is a variety of options that could help homeowners keep their homes.”

Although the percentage of homeowners who are delinquent is decreasing, there are more than five million homeowners who continue to require assistance from various housing programs, according to Garth Graham, an analyst for Statmor Group Mortgage Consulting Firm.

Research shows that most homeowners have trouble understanding the new rules, and having an adviser is sometimes the key to being successful. Also, when working with a housing counselor, homeowners can see a complete picture of their financial situation, not just their mortgage.

While the federal government provides billions in mortgage relief programs, the housing market won’t improve if homeowners are not aware of their available options. To prevent families from losing their homes, it is essential to provide financial education and literacy about their available housing relief programs.

For more information about Consolidated Credit’s housing department, visit our website: /housing/ or call 1-800-435-2261.

About: Consolidated Credit is certified by the U.S. Department of Housing and Urban Development (HUD) as a housing counseling agency to help people manage their mortgage, foreclosure, reverse mortgage and/or purchase of a home.

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