Why turn to expensive loan modification companies when you can get free trusted assistance from HUD-approved housing counseling agencies? Here’s a side-by-side comparison.
|Service Loan Modification Companies||HUD-approved Housing Counseling Agencies|
|Contact||Generally limited to phone contact||Local face-to-face contact|
|Services||Loan modifications submission||Comprehensive housing counseling, including any and all workout options available to prevent foreclosure|
|Lender Partnerships||No established partnerships||Nationally established partnerships with all major lenders|
|Training||No standardized training required for Foreclosure Prevention||Nationally standardized training certifications, HUD-required protocols and procedures|
|Counselors – Average Years in Foreclosure Prevention Industry||1-2 years||7-8 years|
|U.S. Government Endorsement||No support or endorsement on a national level and no national licensing requirements||Every HUD-approved agency is subject to a standardized bi-annual review and audit by HUD representatives|