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Lack of funding for HUD counseling creating a road block for those who need it the most
As we enjoyed our weekend October 1st came and went marking the beginning of the fiscal year 2012 and more importantly the date when funding from the government for mandated HUD counseling stops. This is creating delays in scheduling counseling and even worse may prevent lower income homeowners without the money for upfront counseling fees from moving forward. Either way you slice it, this is hurting the potential borrower the worst.
Ironically when the government created the HECM (Home Equity Conversion Mortgage) program, counseling was a built in requirement. Why does congress fail to fund a requirement for a federal program they created in the first place? Politics aside it appears we may have some hope of seeing funds restored at some level in the future.
What are your thoughts? How would you propose HUD counseling be funded outside of the government. Leave your comments below.