Several federal agencies have joined forces in launching new public service advertisements designed to inform and assist homeowners at risk of foreclosure.
The ads are part of an ongoing Foreclosure Prevention Assistance campaign sponsored by the Department of the Treasury, Department of Housing and Urban Development and the Ad Council that aims to increase public awareness about free foreclosure prevention assistance available to them through the Making Home Affordable Program.
The program offers various solutions, including lower monthly mortgage payments for struggling homeowners, unemployed or underemployed homeowners, and so-called underwater homeowners who owe more than their homes are worth. Since its launch in 2009 the program has helped more than 1.5 million homeowners.
Driven by current data showing nearly one in 17 homeowners delinquent, regulators recently extended the program through at least Dec. 31, 2016.
“Many homeowners still struggle to make their mortgage payments,” Deputy Treasury Secretary Sarah Bloom Raskin said in a press release. “This new PSA campaign is our latest effort to raise awareness of the free government resources available through Making Home Affordable.”
The new campaign will broaden the reach of MHA and extend the message of its benefits to more financially distressed Americans, said David Selby, president and managing partner of SCC.