Tuesday, November 15, 2011

Congressional Cuts Hurt Struggling Homeowners

Add the MortgageKeeper gang to the 445+ housing counselors asking Congress to restore the HUD funding for counseling.

Now we understand that cutting has to happen somewhere. The U.S. budget is a bit too big to remain viable forever. But cutting funds for counseling in the midst of a housing crisis such as our country's never seen? Seems a bit off to us.

And to the research that says "housing counseling doubles the likelihood of receiving a loan modification"? Please add our stats to the mix...

One of our top 20 servicing clients wanted to be sure they saw results with MortgageKeeper. They conducted a study in July 2010, comparing clients who had access to MortgageKeeper's local resources and counseling, vs. those who weren't given this access. 38% of their borrowers who were referred by MortgageKeeper to local resources improved their mortgage loan's performance. Only 15% performed better without access to these resources.

Now, the MortgageKeeper folks aren't necessarily the rabble-rousing types, but if you feel as passionate about these cuts as we do, we encourage you to contact the Congressional leaders involved. You can find their name, and the letter sent by the 445 agencies here.


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