Homeowners Don't Have to Go it Alone

By: Ellen Frick, Outreach Coordinator, NHS of Baltimore

Today, NPR’s Morning Edition featured a story concerning how busy banks are getting in dealing with foreclosure prevention.

The mortgage crisis has affected thousands of homeowners over the past year. With so many people facing foreclosure, many lenders are now considering loan modifications. Preventing foreclosures not only benefits homeowners and families, it is also beneficial for businesses, real estate and the economy. Some banks, such as Bank of America have hired thousands of new employees to deal specifically with foreclosure and delinquency mitigation.

Unfortunately, some homeowners who want to modify their loans have experienced problems when it comes to actually getting the modification. This emphasizes the importance of utilizing free resources in order to advance the process of loan modification or refinancing. Many people are having difficulties achieving a loan modification from their lender by themselves and it is a good idea to consult a free, responsible, HUD approved counselor for help.