MarketWatch tells MHProNews NeighborWorks America, a non-profit which bills itself as the foremost trainer of affordable housing professionals, says research shows that homebuyers who receive pre-purchase counseling from them are almost one-third less apt to get behind in their mortgage 90 days or more within the first two years of the loan. The study was conducted by Neil Mayer and Associates and Experian, and is based on 75,000 mortgages 2007-2009. Although estimates vary, according to a report from the Joint Economic Committee of the U.S. Congress, a foreclosure can cost up to $50,000 or more, running into the hundreds of millions of dollars nationwide. Eric Belsky, managing director of the Joint Center for Housing Studies at Harvard University, says evidence of the value of pre-purchase education is compelling. The study also found that repeat buyers may benefit from the counseling.
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