Counseling to Contain Repossession Homes in South Florida

The U.S. Department of Housing and Urban Development (HUD) has given its permission to Consolidated Credit Counseling Services Inc. to operate in South Florida to help stem the tide of repossession homes in the region.

The agency will provide housing and foreclosure prevention counseling to distressed homeowners in South Florida. The HUD-certified housing counseling agency was requested by local banks to help abate the growing foreclosure crisis in the region. To prepare for the task, the counseling agency took the required actions to become HUD-certified.

Families in South Florida need assistance in dealing with the impact of the increase in the number of repossession homes and unemployment. According to the counseling agency, many consumers have sought help in foreclosure prevention, debt and credit counseling.

Being a HUD-certified housing counseling agency means joining the campaign to provide assistance and help to thousands of consumers severely affected by the mortgage crisis. It will also help novice homebuyers to make informed decisions based on the right financial principles.

In an effort by the federal government to stem the tide of repossession homes across the country, the Obama Administration launched the Homeowner Affordability and Stability Plan (HASP).

Under the program, eligible homeowners may avail of loan modification or refinancing options under the Making Home Affordable plan which involves reducing monthly payments to make them affordable and help borrowers remain in their properties.

Also, the federal government has partnered with nonprofit housing counselors to provide foreclosure prevention services. As part of its foreclosure prevention service, Consolidated Credit will offer Reverse Equity Mortgage Counseling. The service is targeting to help older homeowners spend their home equity while still living at their homes.

Consolidated Credit will also help struggling homeowners through Post-Purchase Counseling. This counseling service is important in the home buying education process because it encourages and supports long-term ownership.

The counseling agency will also provide workshops on topics such as predatory lending, home buying and financial management and budgeting. These workshops are intended to provide pertinent financial information to homebuyers and first-time homebuyers to guide them in making financial decisions and getting the best possible interest rates. Consolidated Credit will also help distressed homeowners identify and avoid unregulated financial institutions and unscrupulous lenders.

Consolidated Credit believes that improving homeowners’ financial literacy may help them avoid the threat of turning their properties into repossession homes.