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Iowa program helping homeowners facing foreclosure with a form of consumer credit counseling
By Sam Craine on Jul 19th, 2010
Since 2008, troubled homeowners in Iowa have had the chance to try and avoid losing their homes through a program offered by the Home Ownership Education Project.
Iowa Mortgage Help has assisted more than 8,500 people since February 2008, and the group's hotline receives approximately 100 referrals every week. The group's rate has been rather high, as only 1.24 percent of those who have taken part have ended up in foreclosure.
A number of factors are playing into why Iowans are seeking assistance. According to the group, 23 percent of participants cited a reduction in income, while 17 percent said they lost a source of wages entirely.
Consumer credit counseling is offered by the group once a week in Des Moines and is designed to help both people already in foreclosure or those facing delinquencies on their mortgage.
"The two-hour session covers the Iowa Mortgage Help initiative, time lines, the options available to avoid foreclosure, the legal process in Iowa, and the Making Home Affordable program," IHOEP said.
The MHA program offers assistance from the government with the Home Affordable Modification Program, which puts consumers into trial-loan modifications.
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