Foreclosure Prevention Counseling Report
2015 Foreclosure Prevention Counseling Report Tens of thousands of MN homeowners avoided foreclosure since 2008 thanks to Homeownership Advisors Network.
Foreclosure Prevention Counseling Report Shows Tens of Thousands of Homeowners Avoid Foreclosure Thanks to Homeownership Advisors Network since 2008
The Minnesota Homeownership Center has released its Foreclosure Prevention Counseling report for 2015.
This report provides a summary of demographic and outcome data from the foreclosure prevention counseling program provided by the Center’s Homeownership Advisors Network.
Just over 2,100 Minnesota households accessed free foreclosure prevention services last year, bringing the total to almost 79,000 households since the crisis began.
Most importantly, almost half of all households successfully avoided foreclosure on their home since 2008.
According to the Joint Economic Committee of the U.S. Congress, the average cost of a single foreclosure is $78,000:
$50,000 – Lenders (recent Standard & Poor’s study breaks this down)
$19,227 – Local government – shrinking tax base, property maintenance, utility cancellations, policing.
$1,508 – Neighbors – (decrease in home value, home is harder to sell or refinance.)
$7,200 – Homeowner – (loss of equity, moving expenses, legal fees, etc.)
This means that, thanks to the extraordinary efforts of the Center’s Homeownership Advisors network… foreclosure counseling has saved Minnesota (lenders, municipalities and communities) over $2 Billion.
Even more extraordinary is the fact that, according to a cost survey conducted by the Federal Reserve Bank of Minneapolis, foreclosure counseling costs, on average, just $400 per household.
To view the full foreclosure prevention counseling report for 2015, visit the Center’s website, here.