Housing Counseling Program

delinquency, default, and foreclosure, with the primary objective to preserve homeownership. Counselors provide guidance and advice to help families and individuals meet the responsibilities of homeownership and modify or refinance their loans. Counselors also help borrowers avoid inflated appraisals, unreasonably high interest rates, unaffordable repayment terms, and other conditions that can result in a loss of equity, increased debt, default, and eventually foreclosure. Counselors can also assist homeowners with inquiries related to mortgage scams, and reporting instances of potential mortgage scam victimization. Applicants funded through this program may also provide Reverse Mortgage Counseling to senior homeowners who seek to convert equity in their homes into income that can be used to pay for home improvements, medical costs, living expenses, or other expenses. FUNDING: Housing counseling funding is distributed over four applicant categories Local Housing Counseling Agencies $10,250,000, Intermediaries $25,800,000, State Housing Finance Agencies $2,800,000, and Multi-State Organizations $1,200,000.