Should I Use A Housing Counselor

While not necessary they are a great resource

Housing counselors are a great resource and you can generally find one at a non-profit organization for free. They will assist you with putting together and submitting a loan modification application. The problem is the quality varies a great deal Some of this is due to the large volume of cases every housing counselor must handle and the rest is that it can be difficult to hire qualified people at non-profit salaries.  You can go to to find a local housing counselor.

Purpose, Timing, Which Ones, Tips, Things to Consider, Why the Bank Needs This

A housing counselor can help homeowners or borrowers  in evaluating their financial situation and reducing discretionary spending. A good housing  counselor examines all your outstanding debt and tries to figure out ways to make your payments and financial situation more affordable. As a result,  some housing counselors usually have the  necessary experience to negotiate loan modifications.

Should I get a Credit Counselor? How can they help?

A credit counselor is different from a housing counselor, While they can also assist with a family budget they are more experienced is assisting with a wide range of financial issues such as problems with credit card debt. A credit counselor can provide the following assistance:

✓ Review and analyze your current financial situation and assist you in setting goals to trim spending
✓ Document your current spending and separate expenses by category
✓ Determine which credit accounts to have highest interest rates and pay the off first
✓ Negotiate with creditors for workout solutions
✓ Hold you accountable, so you stick with the plan


Work with a reliable and reputable credit counselor or agency. The United States Trustee Program provides a searchable directory of reputable counseling agencies at bapcpa/ccde/cc_approved.htm. The Federal Trade Commission (FTC) offers an informative online article on how to choose a repu- table credit counseling agency at consumer/credit/cre26.shtm, or you can check out Credit Repair Kit For Dummies by Steve Bucci (Wiley).

If your state requires credit counseling agencies to be licensed or registered, contact the agency that regulates the industry, make sure the agency is licensed and certified, and check for licensing complaints or disciplinary actions.

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