Inquiries slow during holidays making it a good time to call for free counseling

FARMINGTON HILLS, Mich., Dec. 9 /PRNewswire-USNewswire/ -- GreenPath Debt Solutions, a nonprofit consumer credit counseling service headquartered in Farmington Hills, recently released data related to concerns from Michigan home owners about mortgage delinquency.

GreenPath, with 25 offices across the state, found that Michigan clients with past due mortgages jumped 32 percent from January to November 2009, compared to the same period in 2008.

"The increase is due, in part, to the adjustment in the Michigan foreclosure law that went into effect in early July," said Kathy Conley, GreenPath housing counselor. She remarked that the law required lenders to give a notice to delinquent homeowners that included a list of approved housing counselors. "To initiate a ninety day stay on foreclosure, homeowners could contact a counselor for help on working with the lender to save their home," she continued.

The number of Michigan residents with past due mortgages has trended upward throughout 2009. This can be interpreted as a strong indicator that Michigan is still lagging in economic recovery.

"Based on our findings, we also are projecting a twenty percent increase in clients with past due mortgages for the entire fourth quarter 2009, which is a sign that Michigan homeowners are still struggling in this trying economy," said Conley. She also added that mortgage inquiries typically slow down during the last quarter due to the holidays.

Statistics related to Michigan client inquiries

Michigan clients who completed a counseling session with GreenPath Debt Solutions and were past due on their mortgage.

                               May 2009 - 1,320
                               June 2009 - 1,360
                               July 2009 - 1,469
                               Aug. 2009 - 1,698
                              Sept. 2009 - 1,588
                               Oct. 2009 - 1,625
                               Nov. 2009 - 1,378

GREENPATH OFFERS HOUSING SOLUTIONS

GreenPath reminds Michigan residents that they can receive free counseling on the following topics:

Mortgage Default and Delinquency Housing Counseling. GreenPath's certified housing counselors can help homeowners get back on track, if they are behind on their mortgage payments. Counselors work with clients to establish a budget, set priorities and determine strategies for saving their home.

First-Time Homebuyer Housing Counseling. GreenPath can help consumers prepare for buying a first home. Certified counselors will educate on the home buying process, and help prepare for the requirements and responsibilities of home ownership.

Reverse Mortgage Housing Counseling. Available for homeowners over the age of 62, reverse mortgages use the home's equity to increase monthly income. GreenPath's certified housing counseling experts will explain reverse mortgages, analyze the consumer's situation, and help determine if it is an option for consideration.

Home Equity Loan Housing Counseling. Home equity loans can look quite enticing when you are searching for a way to pay down your debt. GreenPath can help you determine if a home equity loan is the best solution for your personal situation. If it is, our housing counselors can provide valuable information to help ensure that you don't run into a similar predicament in the future.

For more information, contact GreenPath Debt Solutions at (866) 648-8122.

GreenPath Debt Solutions, a nationwide nonprofit consumer credit counseling service, has been helping people resolve financial problems and achieve goals through financial counseling, debt management and education since 1961. Headquartered in Farmington Hills, Mich., GreenPath operates 38 full-time branch offices in Michigan, New York, Wisconsin, Illinois, Indiana and Arizona and delivers licensed services throughout most of the United States over the Internet and telephone. More company information is available at www.greenpath.com or by calling (866) 648-8122.

SOURCE GreenPath Debt Solutions

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