Durango-based Housing Solutions for the Southwest is touting a new study, released on Sept. 9, that struggling homeowners who work with housing counselors are more likely to stay in their homes or have other positive outcomes.
The study found that homeowners who work with housing counselors are, on average, almost three times more likely to receive a mortgage modification, nearly twice as likely to get caught up on missed mortgage payments, and about 60 percent less likely to fall behind again compared to people who don't get this counseling.
The study also says owners who sell a home that is worth less than what they owe come out better when working with a housing counselor.
The research was done for NeighborWorks America, which administers the National Foreclosure Mortgage Counseling Program (NFMC). NFMC has helped more than 1.8 million homeowners since 2008.
Housing Solutions for the Southwest has been part of the NFMC program since 2008. Over the last 32 years, Housing Solutions has helped more than 32,000 individuals and families in the five county area of Southwest Colorado.
Housing Solutions has multiple assistance programs including emergency homeless prevention, utility assistance, transitional housing, homeowner rehabilitation, furnace repair and replacement, foreclosure prevention, and reverse mortgage counseling. The agency also administers the Community Emergency Assistance Coalition and the Community Services Block Grant, which combined bring in around $230,000 a year into the area.
For more information call Housing Solutions Executive Director Elizabeth Salkind at 259-1086.