Riverside, CA (PRWEB) June 08, 2012
Springboard Nonprofit Customer Credit Management, Inc., (Springboard) commented nowadays on study findings released by the U.S. Department of Housing and Urban Improvement (HUD) that validate the worth and effectiveness of housing counseling at facilitating sustainable homeownership.

By way of counseling, HUD discovered property owners are far more most likely to remain in their residences, even when facing foreclosure. The HUD study reports on two sorts of counseling: pre-buy and foreclosure prevention. In each research, HUD discovered housing counseling drastically improved the likelihood homeowners would stay in their residences.

The 18-month study examined the influence of HUD-authorized housing counseling for households taking into consideration the buy of a 1st time home and for these facing foreclosure. According to independent research, housing counseling substantially improved the likelihood of continued homeownership for both study groups. Practically seventy % of those counseled for foreclosure prevention obtained a mortgage remedy, with a lot more than half subsequently becoming present on their mortgages. In addition, thirty-5 % of these getting pre-obtain counseling became homeowners, with only one homeowner eventually falling behind on their mortgage payments, a drastically improved outcome over prevailing delinquency prices inside the general population.

Another important discovering released by HUD revealed the value of the expansion of telephone counseling throughout the foreclosures crisis as an critical option resource for folks and communities.

Established in 1974, Springboard is a HUD-authorized 501 (c)(three) nonprofit community service organization that functions to strengthen communities and boost the lives of consumers by offering solutions that promote financial literacy, stable homeownership and a healthier economy. Springboard is the biggest HUD-approved housing counseling agency on the West Coast.

In addition, Springboard is a network counseling companion of The Homeownership Preservation Foundation (HPF), an independent national nonprofit that has received much more than six million telephone calls from distressed home owners looking for to keep away from foreclosure. By means of its affiliation with HPF, Springboards housing counselors give financial education and details to distressed home owners calling HPF’s Property owners HOPE Hotline at 888-995-HOPE. Independent investigation underscores the efficacy of telephone-based counseling for homeowners in require. With the housing crisis still amongst us, property owners require to have selections on where they can turn for assist and the findings released by HUD confirmed that those counseled via the phone had optimistic housing outcomes in terms of loan modification, principle reduction, and general likelihood to remain in their property and be current on their loans.

These findings are optimistic and confirm the worth of counseling. The results of these research reinforce the need to have for housing counseling, said Todd Emerson, Springboard President and CEO. As a HUD-approved housing counseling agency, we give a valuable service to homeowners that operates and is confirmed to tremendously boost the likelihood that individuals and families can remain in their properties, said Emerson.

The study tracked the characteristics, experiences, and outcomes of 824 property owners who sought foreclosure mitigation counseling and 573 clientele who sought pre-purchase counseling. The final reports from the study were published in May and are offered on HUDs website: Pre-Acquire Counseling Outcome Study and Foreclosure Counseling Outcome Study.

This study supplies info on who accesses counseling solutions when facing challenges in paying their mortgage loan, what solutions these clients obtain, and identifies the outcomes the customers skilled in the following 18 months. Please note that this study was designed to figure out the correlation among the data, but was not created to predict causation among the information. The reports findings incorporate: