If you're facing foreclosure and are located in any of the cities of Chicago, Detroit, Los Angeles, Miami, New York or Phoenix then the U.S. Housing and Urban Development government agency would like to offer free mortgage delinquency and default resolution counseling. The program was developed to help those who face losing their home. Their may be other options, the first is to call your local HUD agency at (877) HUD-1515 or visit www.hud.gov. So does their counseling work? A recent HUD study noted a 55 percent increase in the number of clients receiving foreclosure prevention counseling between 2006 and 2007. Of the approximately 136,000 families that completed this counseling during 2007, 45 percent were able to remain in their homes while 14 percent ultimately lost their home through foreclosure. That's a pretty good success rate and definitely worth a phone call. To read the complete release, click here.

Labels: advice, government, housing, resource